Pension schemes newsletter
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics:
- Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request the pension advice allowance from their scheme by email. HMRC has confirmed that the member can make this request by email, however, it’s up to the pension scheme administrator to decide if they will accept requests by email.
- Relief at source – annual returns. A reminder that filing deadline for the 2016-17 return is due by 5 July 2017 and any subsequent interim repayments will be held pending receipt of the outstanding information. Historically, the deadline was 5 October but this has been brought forward to 5 July from this year.
- Scottish rate of Income Tax. HMRC published a newsletter in May 2017, for pension scheme administrators about the Scottish rate of Income Tax and how this affects registered pension schemes operating relief at source. A reminder of what was contained in the newsletter has been reprinted.
- Tax Return for the Trustees of Registered Pension Schemes (SA970). An SA970 is only required to be submitted by trustees of registered pension schemes if there has been a claim for tax paid or in the case of a first claim. This is separate to the pension scheme return (PSR) that provides HMRC with information about the scheme. A PSR only needs to be completed if HMRC issues a notice for you to do so and will be required even if you have already submitted the SA970 tax return.
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes the following topics:
- Fixed protection. HMRC have introduced a new form of protection called ‘fixed protection’ for individuals with a pension pot which exceeds £1.5 million. Fixed protection helps reduce the lifetime allowance charge but an application to use fixed protection must be sent to HMRC before 6 April 2012. All applications must be made in writing to HMRC using the APSS227 form available on HMRC’s website.
- Registered Pension Scheme Return (PSR). A reminder from HMRC that penalties will be incurred if a PSR is not submitted on time. The deadline for submission was 31 January 2012. Appeals against any penalties will only be considered once the required PSR has been filed.
- Tax Return for the Trustees of Registered Pension Schemes (SA970). An SA970 is only required to be submitted if there has been a claim for tax paid or in the case of a first claim. The filing date for the return was extended to 2 February 2012 due to the possibility of industrial unrest.
- Relief at source (RAS). HMRC’s Pension Schemes Services (PSS) department have been reviewing the way RAS claims have been administered. The PSS team is currently holding a number of workshops with pension providers and a further update will follow when HMRC has fully considered the findings of the workshops.
- HMRC introduce new Customer Liaison Managers (CLMs). A new HMRC team has been established dedicated to managing the relationship between PSS and large pension schemes. To begin with, the new team will be issuing a limited number of invitations offering the services of a CLM.
- Automatic enrolment. Major changes to pension schemes are being introduced under which employers will be required to ensure that employees are either a member of their pension scheme or of the National Employment Savings Trust (NEST). The change are being introduced over four years, starting with the UK’s largest companies in 2012 and with other employers between 2013 to 2016.