Pensions News

Pension schemes and Scheme Administrators

New tax rules introduced in April 2006 require that a registered pension scheme must have at least one Scheme Administrator. This is a person or persons legally responsible for fulfilling certain functions on behalf of the pension scheme.

If you don’t know who the Scheme Administrator is for your scheme you should check with your pension provider. And if you are the Scheme Administrator, you should make yourself fully aware of your responsibilities.

If you need any further help and information contact the pension schemes helpline on 0115 974 1600.

Retirement Annuities

From 6 April 2007 all retirement annuities will be taxed under PAYE. You should treat all annuities coming into payment on or after that date in exactly the same way as any other personal or occupational pension.