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
Guy Opperman The landmark Pension Schemes Bill, bolstering protections for savers and furthering the government’s progress towards net zero greenhouse gas emissions, has cleared its first hurdle in the House of Lords. The Bill will be taken through the House of Commons later this year. A headline measure in the Bill is mandating pension schemes … Continue reading Pension Schemes Bill proceeds
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
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
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
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
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
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
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
Andy Nicholls of The Pension Regulator has been providing an update at the #CIPPACE19 annual conference. Over 1.5 million employers have in place workplace pensions as a result of Pension Auto Enrolment. Further changes are proposed to reduce the age range covered (reducing to 18) and reducing the lower threshold of qualifying earnings to zero.
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
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?
Today in committee room 2a of the House of Lords, Payroll and Pension professionals under the chair of Baroness Altman discussed the challenges of multiple disparate pension interfaces that UK PLC have had to face with the onset of Pension Auto Enrolment. It is time for the industry to set a single contributions interface format … Continue reading Pension APIs
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