“It’s clear the status quo is not working, with savers left puzzled by the complex, sprawling, jargon -filled statements commonly used by the pensions industry.
Simpler statements will set a new standard for how pension companies communicate with their members.
With more people saving for their retirement than ever before thanks to the success of automatic enrolment, it’s vital they can understand what’s g oing on with their hard- earned money and actively plan for their future.”
In 2019, the Government consulted on how annual workplace benefit statements could be amended but, in its response, relinquished any plans to ensure that pension providers detailed costs and charges. It was decided, however, that schemes would still be required to signpost members to information on charges.
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Recognised overseas pension schemes notification list 19 May 2021
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been 18 scheme names added to the list, and none removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
Bendec Superannuation Fund BPL Superannuation Fund Byers Super Fund D & J Stewart Family Super Fund Flax Lily Super
Mika Super Fund Moir Super Fund Nevin Family Super Fund
Parnell Family Superannuation Fund Roger Skelsey Superannuation Fund SB Howe Superannuation Fund Semon Retirement Fund Tudor Powell Super
Guernsey
S & D A Williams Pension Trust
Jersey
Retirement Annuity Contract: Jade Pensions Limited/ G P Smyth
Netherlands
Exact Group B.V. by Brand New Day IG&H Consulting B.V. by Brand New Day Nearfield Instruments
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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