The second edition of the joint DWP/HMRC Countdown bulletin contains a lot of practical information – on the new Scheme Reconciliation Service and other issues.
The Bulletin has updates on various topics relating to the ending of contracting out, and – possibly the most useful feature – has a lengthy “question and answer” section dealing with practical queries from scheme administrators and others.
Further HMRC guidance on pension flexibility
21 July 2014
HMRC have published draft guidance on the transitional changes around pension flexibility in Finance Bill 2014.
The guidance covers a number of transitional issues which have no doubt been puzzling pension experts and others since the measure came into effect on 27 March 2014.
Transfers from Defined Benefit schemes and plans for impartial pension advice
22 July 2014
The government have responded to the recent consultation on how best to deliver the radical changes to how people access their pensions announced at the Budget by confirming a provision to allow certain transfers out of DB schemes, and arrangements for the promised free advice about the new pensions choices and publishing a simple outline of the changes announced in the 2014 Budget. A written Ministerial Statement confirms that members of private sector defined benefit schemes will be able to transfer to a defined contribution arrangement. The rule excludes pensions already in payment and will be subject to conditions. The other main ingredient of the government’s response to the consultation is an announcement about the promised “free and impartial” advice to help people understand the new pensions choices which will be available from April 2015. This guidance will be provided by organisations such as the Money Advice Service (MAS) and The Pensions Advisory Service (TPAS) rather than by the private sector.
At the same time the government have published a simple outline of how the new system will work and what it means for savers and pensioners.
Pension scams – a lifetime's savings lost in a moment
25 July 2014
The Pensions Regulator has launched a new campaign to warn people of the dangers of being enticed into
trying to access their pension pot as a lump sum or loan before age 55, or moving their retirement savings into unregulated high-risk or bogus investments.
Arrests have been made, and websites have been closed down, but it is clear that more needs to be done to discourage often vulnerable people from following some very dangerous advice.
The Regulator’s press release mentions that “the Victims of pension scams have warned of the devastating impact of losing thousands of pounds in retirement savings”. It notes that “the
CIPP Policy News Journal
08/04/2015, Page 382 of 521
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