Payroll: need to know (Latest version)

An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.

The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.

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The Pensions Regulator releases its latest three-year plan 25 May 2021

The Pensions Regulator (TPR) has unveiled its latest three-year plan, which places a clear focus on dashboards, superfunds and on tackling scams.

TPR’s chief executive, Charles Counsell, and recently appointed chair, Sarah Smart, provide a foreword to the plan, which refers to the ongoing turbulence posed by coronavirus, along with the substantial changes that have been introduced by the Pension Schemes Act 2021. The Pension Schemes Act has awarded TPR strengthened powers, which means that it needs to make some decisions around prioritisation and where to direct resource, to achieve its overarching aim of reducing risks for savers.

TPR’s priorities fall into five areas, which are then broken down into measures for implementation in year one, and those to be actioned in years two and three.

The five categories are as follows:

Security – this includes tackling scams

• Value for money – introducing cross-industry standards • Scrutiny of decision making – this relates to employers, and a specific focus is placed on Defined Benefit (DB) pensions • Innovation – explores superfunds and pensions dashboards • Bold and effective regulation In year one, emphasis will be placed on implementing the powers that TPR has been granted by the Pension Schemes Act. Work will also be carried out with Project Bloom to establish a better approach to tackling pension scams. TPR will work with the Pensions Dashboards Programme (PDP) to set out the technological framework for pensions dashboards, aligning its communication strategy with PDP and with the Financial Conduct Authority (FCA). The regulator will also assess superfunds in year one to ensure savers are protected prior to the creation of associated legislation. In years two and three, work that commenced in year one will be continued, but there will also be other areas of focus. At this point, TPR will start exploring how to help the market to understand and, subsequently, prevent cyber risks. A new DB funding code is expected in 2022 and work that is carried out with superfunds may highlight other innovative DB models. Within the Pension Schemes Act, there are also provisions for Collective Defined Contribution (CDC) schemes and TPR will have a key role in this as it will be responsible for authorising and supervising entrants to the market.

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P55 repayment claim form for tax year 2021-22 26 May 2021

The new P55 repayment claim form has been published by HMRC for use for tax year 2021-22.

This form should be utilised to claim tax back from HMRC where:

• An individual has flexibly accessed their pension

The Chartered Institute of Payroll Professionals

Payroll: need to know

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