These Regulations will come into force from 6 April 2022.
It is currently mandatory for pension payers making payments of PAYE pension income to send certain data relating to those payments to HMRC, but these Regulations extend that requirement to payments of certain non-taxable payments, not covered by the current requirements.
An associated policy paper has been published by HMRC.
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HMRC Pension Schemes Newsletter 129 – April 2021 5 May 2021
HMRC has published the latest Pension Schemes Newsletter – number 129, for April 2021, in order to update stakeholders on the latest news for pension schemes.
This edition includes content relating to:
Pension flexibility statistics
• • • • •
Registration statistics
Relief at source
Pension scheme returns
Winding up pension schemes
• Enrolling on the Managing Pension Schemes service • Signing in to online services • Annual allowance calculator • Non- taxable payments following a member’s death and Real Time Information reporting
Pension flexibility statistics
The official statistics for the quarter of 1 January 2021 to 31 March 2021 relating to flexible payments from pensions have been published.
HMRC has processed the following number of forms in that period:
4,226 P55 forms 2,365 P53Z forms 787 P50Z forms
• • •
• The total value repaid equates to £23,183,421.
Registration statistics
HMRC received 1,760 applications to register new pension schemes for 2020-21. 66% of those have been registered, with 9% being refused registration, and no decision made on the remaining schemes.
HMRC has seen an overall decrease of 88% in the number of applications made to register pension schemes since 2012-13.
Non- taxable payments following a member’s death and Real Time Information reporting
The regulations The Pension (Non-Taxable Payments Following Death)(Real Time Information) Regulations 2021 have been made and laid.
What they mean is that pension payers must send certain information to HMRC under Real Time Information (RTI) regarding some of the payments that are made in respect of members of registered pension schemes following the death of a member, where those payments are not taxable as Pay As You Earn (PAYE) pension income.
Further information is available here.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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