Category: Pension

Pensions: The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021

The Department for Works and Pension (DWP) have laid the draft regulations for a Pension Automatic Enrolment (AE) thresholds operational for pay reference periods commencing from 6th April 2021. The draft regulation can be found at:- The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021 And PAYadvice.UK had predicted, there is no change … Continue reading Pensions: The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021 →

New protections for small pension pot fees

Thanks to automatic pension enrolment, over 10 million employees have already been enrolled into a workplace pension. But nobody should save into a pension only to find their hard-earned savings eroded completely away by charges. Minister for Pensions @GuyOpperman: "Protecting savers and giving them value for their money is my priority. No-one should find their … Continue reading New protections for small pension pot fees →

Legislation Update 2021 for payroll – first predictive version released

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PAYadvice.UK have issued its first version of the PAYadvice Series Legislation Update 2021. This is a compilation of the changes due for 2021 for the UK and Channel Islands. Some values are predictive and not yet finalised, subject to further confirmation and change. When further information is confirmed, further editions / versions will be made … Continue reading Legislation Update 2021 for payroll – first predictive version released →

Combat Pensions Scam pledge

The pensions industry had been called on to publicly pledge to combat pension scams. Providers, trustees and administrators are urged to help protect savers thinking of cashing in their pensions by ensuring they can spot the warning signs of a scam and are informed of any risks when they look to make a transfer. The … Continue reading Combat Pensions Scam pledge →

Extension of the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme

Dear @PAYadvice, In light of the increased restrictions needed to curb the coronavirus pandemic, the UK government is introducing additional economic measures to support you and your clients. Coronavirus Job Retention Scheme  The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended, with the UK government paying … Continue reading Extension of the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme →

Nudge to knowledge: Government to boost pensions guidance take-up

Saver protections will be bolstered by government plans revealed today to “nudge” people towards taking pensions guidance. The proposals follow successful trials, and will require occupational pension schemes to steer members towards taking Pension Wise guidance when they seek to access their pension. The Pension Wise service provides free, impartial guidance to help over 50s … Continue reading Nudge to knowledge: Government to boost pensions guidance take-up →

Simple Pension Statements

Convoluted pension statements are set to be a thing of the past as the Pensions Minister today unveils innovative plans for simple, annual pension statements The move will build on the enormous success of Automatic Enrolment by improving millions of savers’ understanding of their pensions. Boiling it down to the basics, these two-page statements will … Continue reading Simple Pension Statements →

A million pensioners to benefit from £140 winter fuel bill discount

Around a million pensioners across the UK will receive £140 off their fuel bills, thanks to government efforts working with energy firms to cut their costs. Eligible Pension Credit customers who qualify for the discount were identified after the Department for Work and Pensions cross-checked its records with energy suppliers. Customer data was matched with … Continue reading A million pensioners to benefit from £140 winter fuel bill discount →

Pension boost protected by new bill

Work and Pensions Secretary, Thérèse Coffey, has introduced a technical Bill in the House of Commons that will give the Government the ability to increase the State Pension next year. Under current legislation, the State Pension can only be increased if there has been a rise in average earnings in the relevant period of the … Continue reading Pension boost protected by new bill →

Government launches cross-sector Working Group to help address multiple small pension pots

The Government has launched a cross-sector Working Group with industry to assess and make recommendations, as an interim step, on ways to tackle deferred, small pension pots. At a virtual launch event on Tuesday 22 September, the Minister for Pensions and Financial Inclusion, Guy Opperman, outlined his vision for the Working Group, the challenge of … Continue reading Government launches cross-sector Working Group to help address multiple small pension pots →

Open consultation: Pensions tax relief administration: call for evidence

The government is concerned about the potential for a low-earning individual’s take-home pay to be affected by the method of pensions tax relief operated by their pension scheme. The government is keen to explore this issue further to understand what deliverable options for change may exist. This call for evidence seeks views on how certain … Continue reading Open consultation: Pensions tax relief administration: call for evidence →

Flexible furlough – the Pension Regulator updates to guidance

The Pension Regulator (TPR) has updated its COVID-19 guidance as a result of flexible furlough commencing from 1st July 2020. This new guidance recognises that: from 1st July 2020, staff on furlough under the Coronavirus Job Retention Scheme may work part of the time for their employerfor claims starting on or after 1st August 2020, … Continue reading Flexible furlough – the Pension Regulator updates to guidance →

Latest direction on the #coronavirus Job Retention Scheme #COVID19 20th May 2020

The chancellor, Rishi Sunak, has issued a new direction to HMRC in the operation of the coronavirus Job Retention Scheme. Rishi Sunak The guidance under ‘Check which employees you can put on furlough to use the Coronavirus Job Retention Scheme’ has had further updates. Added new detail to reflect the new direction on what duties … Continue reading Latest direction on the #coronavirus Job Retention Scheme #COVID19 20th May 2020 →

Pension contributions and Salary Sacrifice – #COVID19 #coronavirus

The Pension Regulator TPR have issued both added and new guidance for employers on pension obligation and salary sacrifice implications for employees who have been furloughed. Automatic Enrolment and DC Pensions - COVID19 guidance for employers Salary sacrifice pension and furlough The TPR explain the implications of salary sacrifice pension arrangements for employees and their … Continue reading Pension contributions and Salary Sacrifice – #COVID19 #coronavirus →

Furlough : benefits and salary sacrifice #COVID19 #coronavirus

Letter box, HM Treasury, by P Simon Parsons With employees being placed into furlough, there is much confusion and misunderstanding in relation to salary sacrifice arrangements. Benefits in kind The provision of benefits provided by employers have different tax and National Insurance implications than an employee receiving cash remuneration. For example: Child care vouchers given … Continue reading Furlough : benefits and salary sacrifice #COVID19 #coronavirus →

Furlough and Pension contribution obligations #COVID19 #coronavirus

The Pension Regulator (TPR) have updated and added to their #COVID19 information and provided further clarity in relation to employers who have furloughed staff. The TPR state that they ‘will take a proportionate and risk-based approach towards enforcement decisions, in light of these challenging times, with the aim of supporting both employers and savers’. So … Continue reading Furlough and Pension contribution obligations #COVID19 #coronavirus →

Avoid the SCAMS #COVID19 #coronavirus

Scammers are attempting to capture your personal detail to commit fraudulent activity. HMRC are warning about text messages that look similar to the stay at home message from GOV.UK that falsely indicate a tax refund. Helping protect your members from scams The Pension Regulator (TPR) are concerned that during this difficult period, many may be … Continue reading Avoid the SCAMS #COVID19 #coronavirus →

Check your Pension Scheme tax relief

Andy Nicholls is reporting at #CIPPACE19 that a number of employers are applying the wrong tax relief to their workplace pensions. The tax relief terms are confusing and may be misunderstood. Net Pay Arrangement have tax relief through pay. They are not pension contributions from net pay. Relief At Source schemes have no payroll tax … Continue reading Check your Pension Scheme tax relief →

Avoid the Pension Scammers – don’t be fooled

Guy Opperman, Minister for Pensions and Financial Inclusion said: “Pensions are one of the largest and most important investments we’ll ever make, and robbing someone of their retirement is nothing short of despicable.” “We know we can beat these callous crooks, because getting the message out there does work. Last year’s pension scams awareness campaign … Continue reading Avoid the Pension Scammers – don’t be fooled →

Payroll and Pension standards and API interfaces – essential for future success?

Committee room 1 of the House of Lords and today's discussion around pension interface standards, data quality and future pensions law considerations. Can both the pensions and payroll industry benefit from the use of APIs and a common standard? Would that ever be achieved without a legal compliance framework? The consistency of data requirements across … Continue reading Payroll and Pension standards and API interfaces – essential for future success? →

Pension Auto Enrolment celebration event 30th April 2019

On my way from Peterborough to the Department for Work and Pension celebration event at the Palace of Westminster. It only seems like yesterday since being sat in the then Pension Minister, Steve Webb office along with PIP to discuss the challenges of AE for employers, payroll and pension providers. As a result the process … Continue reading Pension Auto Enrolment celebration event 30th April 2019 →