Members of DC schemes will have more options as to how they take their retirement income from 6 April 2015. There will also be changes to the disclosure of information requirements from this date that mean trustees will need to change what they tell members as they approach retirement. The Pensions Regulator has produced a draft essential guide to the changes, which also includes example wordings for generic risk warnings and an example good practice process for trustees and managers to follow when their members are approaching retirement.
TPR essential guide to pension flexibilities .
Lifetime Allowance factsheets
23 March 2015
The Treasury has produced fact sheets on the Lifetime Allowance change.
It was announced at Budget 2015 that legislation will be introduced in a future Finance Bill to reduce the pensions Lifetime Allowance to £1 million, with effect from 6 April 2016. Transitional protections for pension rights already over £1 million will be introduced alongside this reduction to ensure the change is not retrospective. These protections will have the same effect as those introduced for previous changes to the Lifetime Allowance.
The Government will work with industry to ensure that these protections are implemented in the simplest way possible.
The Treasury has produced fact sheets on the Lifetime Allowance change, one pitched at the level of public understanding, and another at those working in the industry.
The factsheets are available to download through this CIPP news item .
Pension Schemes Online support for Software Developers
24 March 2015
In anticipation of the new tax year a significant number of guidance updates have been published by HMRC relating to Pension Schemes Online and specifically support for software developers working with the Pension Schemes online service.
If users have any questions concerning the specifications email sdsteam@hmrc.gsi.gov.uk .
Generic documents
Pension Schemes: generic technical specifications
Technical specifications
Pension Schemes: 'accounting for tax' technical specifications Pension Schemes: 'add administrator' technical specifications Pension Schemes: 'amend scheme details' technical specifications Pension Schemes: 'associate scheme administrator' technical specifications Pension Schemes: 'change scheme administrator practitioner details' Pension Schemes: event report 2015 to 2016
CIPP Policy News Journal
08/04/2015, Page 433 of 521
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