Pension Scheme Newsletter
A new pension scheme newsletter has been published by HMRC. The latest edition of the newsletter (issue 45) covers the following topics:
- The Registered Pension Schemes Regulations. The regulations which allow schemes to continue to apply the pre April 2006 limitsto benefits and contributions without a change to the scheme rules and override pension scheme rules requiring HMRC’s approval for any changes will end on 5 April 2011.
- The Scotland Bill – implications for HMRC and pension schemes. The Scotland Bill contains provisions to devolve to the Scottish Parliament the power to set a Scottish rate of income tax for Scottish taxpayers, with effect from tax year 2016-2017.
- Normal Minimum Pension Age (NMPA) Draft Statutory Instruments. Two draft statutory instruments have been published in connection with the increase to the normal minimum pension age from April 2010.
- Changes to Pension Schemes Online. Changes have been made to the proposed legislation to simplify the process where an individual is not entitled to a National Insurance Number (NINO). In order to apply the changes in reporting requirements, Pensions Schemes Online will be unavailable for the period 2 April 2011 until 6 April 2011.