HMRC have issued their latest Pensions newsletter which contains some updates and reminders for those involved with pension schemes. These updates will be published quarterly going forwards.
The main issues covered in the current edition are as follows:
Pension scheme details – A general reminder from HMRC to keep details of registered pension schemes up to date. Updates can be made online.
Filing deadlines – By 31 January 2009, Pension Scheme Return Event Report (if issued with a notice to file) and SA970 Self Assessment Return for Trustees of Registered Pension schemes (if you need to file).
By 14 February 2009, AFT for Quarter 3 and by 15 May 2009, AFT for Quarter 4. These only need to be filed if there is something to report.
Registered Pension Scheme Return (PSR) reminders – A reminder from HMRC that penalties will be incurred if a PSR is not submitted on time.
Tax Return for the Trustees of Registered Pension Schemes (SA970) – An SA970 is only required to be submitted is there has been a claim for tax paid or in the case of a first claim. This is a statutory requirement. However, HMRC have in the past received a large number of returns which were not required and urge trustees not to submit an SA970 except where required.
Annual & Lifetime Allowances – The lifetime allowance for pensions tax relief will increase to £1.75m in 2009-10 and to £1.8m in 2010-11. The annual allowance will increase to £245,000 and £255,000 respectively. Both allowances will remain fixed thereafter up to and including 2015-16.