31 October 2014
New official statistics about pension scheme membership reveal increases in members of workplace schemes, alongside a host of other interesting trends.
The report from the Office of National Statistics highlights for example that:
Membership of occupational pension schemes increased to 8.3 million in 2013 after a 45 year period of declining numbers. Private pension scheme membership remains higher for men than for women, but the gap is narrowing, from nearly 20 percentage points in 1996/97 to 3 percentage points in 2012/13. 29% of employees had a defined benefit pension in 2013, compared to 46% in 1997. The percentage of self-employed men belonging to a personal pension fell from 37% in 2005/06 to 25% in 2009/10, falling further to 22% in 2012/13.
Pension scheme administrators: paying tax
3 November 2014
New HMRC guidance brings together guidance about payments by pension scheme administrators.
As a pension scheme administrator you must report tax charges in an Accounting for Tax (AFT) Return using HMRC’s Pension Schemes Online service .
The guidance explains:
How to pay charges arising from your Accounting for Tax Return The time it takes for payment to reach HM Revenue and Customs (HMRC).
MG Rover settlement expected to avoid PPF
3 November 2014
The Pensions Regulator has published details of an £8 million settlement following their investigation into the MG Rover Group senior pension scheme.
The report confirms that with the payment of £8.085 million into the Scheme, it is expected that the Scheme will be able to wind up outside the Pension Protection Fund (PPF), and there will therefore be no call on the PPF levy payers to fund any of the benefits of the Scheme.
Private pensions enjoy new lease of life
4 November 2014
New official figures show the private sector industries and occupations which have seen the most significant growth in pension saving since 2012.
The Government report highlights a number of useful insights. The highest increases have been in the sales and customer service sector which has seen a leap in participation of 15 percentage points, from 27% to 42%, while those working in distribution, hotels and restaurants have seen a climb from 27% to 36%.
CIPP Policy News Journal
08/04/2015, Page 403 of 521
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