News and updates for pension schemes

19 December 2014

Draft legislation: The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015
Draft legislation on changes to information requirements following changes in the Finance Act 2014 and the Taxation of Pensions Act 2014.

Draft legislation: The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2015
Draft legislation on changes to annuity transfers following changes in the Taxation of Pensions Act 2014.

Draft legislation: Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2015
Draft legislation on changes to overseas pension schemes following changes in the Taxation of Pensions Act 2014.

17 December 2014

Pensions Newsletter 66
The December 2014 edition has now been published.

15 December 2014

Pensions: The draft Annual Allowance Order 2015
The draft Annual Allowance Order 2015 has been published along with draft guidance.

24 November 2014

Minutes of the Pension Industry Stakeholder Forum 22 October 2014
HM Revenue & Customs (HMRC) has published minutes from the Pensions Industry Stakeholder Forum. These are the final version of the minutes.

7 November 2014

Pensions Flexibility 2015 Tax Information and Impact Note
HMRC has updated the Tax Information and Impact Note for pensions flexibility.

23 October 2014

Qualifying Recognised Overseas Pension Schemes (QROPS)
HMRC has published an update to the QROPS list.

21 October 2014

Pension Flexibility: updated draft guidance
HMRC has published updated guidance on the changes to pension tax rules that will give individuals greater flexibility to access their pension savings.

Updates to the Registered Pension Schemes Manual (RPSM)
On 3 October 2014 HMRC published updates to the RPSM including guidance on the fit and proper person rules.

14 October 2014

Taxation of Pensions Bill (PDF 305K) (Opens new window)
The Taxation of Pensions Bill was introduced in the House of Commons on 14 October 2014.

Tax Information and Impact Note: Taxation of Pensions Bill
We have published today an updated Tax Information and Impact Note for the Taxation of Pensions Bill.

23 September 2014

Transition of Pension Schemes Services web content to GOV.UK
Pension schemes guidance on the HMRC website is moving to the GOV.UK website. Find out how you'll be able to access HMRC guidance on pension schemes.

15 September 2014

Pension statements and the annual allowance
If you’ve contributed more than £50,000 a year to a pension scheme you’ll soon be sent an annual allowance pension statement. Use HMRC guidance, tools and calculators to help you calculate any annual allowance charge.

Pensions Newsletter 65 (PDF 215K)
The September 2014 edition has now been published.

1 September 2014

Pension scheme administrators: New requirements to be fit and proper persons
From 1 September 2014 all scheme administrators of registered pension schemes must be a fit and proper person. HMRC has today published guidance on these changes.

18 August 2014

Pension Schemes: Individual Protection 2014
You can now apply online for protection of your pension savings from the lifetime allowance up to an overall maximum of £1.5 million.

Pensions Newsletter 64 (PDF 61K)
The August 2014 edition has now been published.

6 August 2014

Pensions Flexibility: Draft legislation (Opens new window)
We have published today for a four week consultation, draft legislation and an Explanatory Note for the autumn Taxation of Pensions Bill, alongside a draft TIIN and guidance.

4 August 2014

Certificates of residence for registered pension schemes
From 4 August 2014 the process for applying for a certificate of residence for a registered pension scheme changes.

31 July 2014

HMRC Scheme Reconciliation Service
An update on the Scheme Reconciliation Service for pension scheme administrators and trustees.

29 July 2014

Pension Schemes regulations – Statutory Instruments published
Three statutory instruments relating to pension schemes have been published, including regulations for Individual Protection 2014.

Pensions: The Annual Allowance Charge (Amendment) Order (Opens new window)
HM Revenue and Customs has published in draft the Annual Allowance Charge (Amendment) Order, Explanatory Memorandum and guidance for comment.

24 July 2014

Pension scams
Details of revised leaflets being published to warn people of the consequences of pension liberation scams and where to go for further information.

17 July 2014

Pension flexibility: further guidance (PDF 112K)
Draft guidance has been published on the transitional changes around pension flexibility in Finance Bill 2014.

3 July 2014

Pensions Newsletter 63 (PDF 142K)
The July 2014 edition has now been published.

13 June 2014

Statutory Instrument: SI2014/1449 and Explanatory Memorandum (Opens new window)
Statutory Instrument 'The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2014' makes a minor change to the legislation to clarify existing practise.

4 June 2014

Minutes of the Pension Industry Stakeholder Forum 17 April 2014(Opens new window)
HM Revenue & Customs has published minutes from the Pensions Industry Stakeholder Forum on the GOV.UK website. These are the final version of the minutes.

13 May 2014

Pensions Newsletter 62 (PDF 58K)
The May 2014 edition has now been published.

8 May 2014

Pension savings annual allowance calculators
This calculator now provides a standard and enhanced version. The new standard calculator is for customers who have not previously needed to consider the use of carry forward for any of the previous 3 tax years.

2 May 2014

Qualifying Recognised Overseas Pension Schemes (QROPS) (PDF 424K)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

24 April 2014

Budget changes - pension flexibility and changes to Finance Bill 2014 - updated
The guidance published to help people who want to use the new pension flexibility announced by the government has been updated.

Qualifying Recognised Overseas Pension Schemes (QROPS) (PDF 386K)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

15 April 2014

Updates to the Registered Pension Schemes Manual (RPSM)
On 3 April 2014 HM Revenue and Customs (HMRC) published updates to the RPSM.

14 April 2014

Pensions Newsletter 61 (PDF 61K)
The March 2014 edition has now been published.

9 April 2014

Budget 2014 changes - more guidance on pension flexibility
HM Revenue & Customs (HMRC) has today provided more information to help people who want to use the new flexibility announced.

7 April 2014

Individual protection 2014 (IP2014) - guidance
Members of registered pension schemes can protect pension savings built up before 6 April 2014 from the lifetime allowance charge, subject to a maximum of £1.5 million. IP2014 operates from 6 April 2014 but you can't apply until August 2014.

Pension savings annual allowance - split pension input periods
New guidance is available for customers affected by the reduction in annual allowance from £255,000 to £50,000 for the tax year 2011 to 2012.

28 March 2014

Reporting transfers to QROPS for Retirement Annuity Contracts (RACs) and Executive Pension Plans (EPPs)
Scheme administrators of RACs and EPPs can continue to use the paper APSS262 to report transfers to QROPS.

20 March 2014

Changes to pension drawdown, trivial commutation and small pension pots
Changes were announced at Budget 2014 to the rules for pension drawdown, trivial commutation and small pension pots. These changes take effect from 27 March 2014.

New information powers for dealing with pension scheme registration
New legislation was announced at Budget 2014 providing HM Revenue & Customs (HMRC) with new information powers and penalties for reviewing applications for pension scheme registration.

Minutes of the Pension Industry Stakeholder Forum 22 November 2013 (Opens new window)
HM Revenue & Customs (HMRC) has published minutes from the Pensions Industry Stakeholder Forum. These are the final version of the minutes.

12 March 2014

Qualifying Recognised Overseas Pension Schemes (QROPS) (PDF 165K)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

3 March 2014

Reminder to submit Fixed Protection 2014 applications by 5 April 2014
From 6 April 2014 the standard lifetime allowance will be reduced from £1.5 million to £1.25 million. You can protect your pension savings by applying for Fixed Protection 2014 (FP2014) but you must apply by 5 April 2014.

14 February 2014

Pensions Newsletter 60 (PDF 64K)
The February 2014 edition has now been published.

18 December 2013

Pensions Industry Business Update December 2013 issue 7 (PDF 1.76MB)
Pensions Industry Business Update formally National Insurance Services to Pensions Industry News Letter.

16 December 2013

QROPS Online Service launched
HM Revenue & Customs (HMRC) has launched an online service to help overseas scheme managers and UK scheme administrators meet their reporting requirements for Qualifying Recognised Overseas Pension Schemes (QROPS).

12 December 2013

Scottish rate Income Tax - update on relief at source
An update for pension scheme administrators on Scottish rate of Income Tax for relief at source on contributions to registered pension schemes by Scottish taxpayers.

27 November 2013

Pension Schemes: Guidance on the taxation of unauthorised transfers to schemes included on the QROPS list (PDF 48K)
HM Revenue & Customs (HMRC) has today published this guidance for individuals, pension schemes and advisers on the taxation of unauthorised transfers to schemes included on the QROPS list. This guidance is related to the case of R (Gibson) v Commissioner for HM Revenue and Customs.

26 November 2013

Change to the Pension Schemes Services fax number
The fax number for Pension Schemes Services (PSS) has changed. If you need to send a fax to PSS please send it to 03000 564 568. All our contact details will be updated shortly.

22 November 2013

Qualifying Recognised Overseas Pension Schemes (QROPS) (PDF 164K)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

20 November 2013

Applying for fixed protection 2014
Problems with application form APSS228 resolved and more advice on applying online for fixed protection 2014.

21 October 2013

Pension liberation
Increasing pension liberation activity is putting the integrity of the tax relief afforded to pension savings at risk. HM Revenue & Customs (HMRC) is taking action to protect this tax relief and have changed their processes for dealing with pension scheme registrations and transfer requests.

14 October 2013

New QROPS forms APSS 251 and APSS 253
These forms have been amended as a result of Statutory Instrument 2259 and should be used from 14 October 2013.

7 October 2013

Pensions Newsletter 59 (PDF 49K)
The October 2013 edition has now been published.

Pension Statements and the Annual Allowance
A new tool has been released so that pension scheme members can check whether they need to calculate an annual allowance tax liability and complete a Self Assessment tax return.

4 October 2013

Minutes of the Pension Industry Stakeholder Forum 29 April 2013 (PDF 54K) (Opens new window)
HM Revenue & Customs (HMRC) has published minutes from the Pensions Industry Stakeholder Forum.

12 September 2013

Pension Schemes regulations - Statutory Instrument published and forms updated
Statutory Instrument 2259: The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2013 has been published on the legislation website. Updated pension scheme forms have been published to reflect the changes in these regulations.

16 August 2013

Pensions: Asset-backed contributions draft guidance (PDF 105K)
Updated guidance has been published relating to employer asset-backed pension contributions (ABC arrangements).

12 August 2013

Pensions Newsletter 58 (PDF 113K)
The August 2013 edition has now been published.

New QROPS forms APSS 262 and APSS 263
These forms have been amended due to new regulations. They should be used for all QROPS transfer requests made by members from 12 August 2013.

Fixed protection 2014

There is an online tool so you can check whether you need to apply for fixed protection 2014 and/or individual protection 2014.

Lifetime allowance checking tool

You can apply online for fixed protection 2014. This is a quick and secure process and we'll acknowledge receipt of your application by email immediately.

Do it online - Apply for fixed protection 2014

If you haven't got a National Insurance number or prefer to apply by post a paper application form is available.

Form APSS228 Application for protection of your lifetime allowance

Fixed protection 2014 guidance has been updated and can be found at:

Pension savings and lifetime allowance protection
Fixed protection 2014 Member Guidance (PDF 190K)

30 July 2013

Statutory Instruments for pension schemes
Four statutory instruments relating to pension schemes have been published.

24 July 2013

Pensions Industry Business update July 2013 Issue 6 (PDF 935K)
Pensions Industry Business Update formally the National Insurance Services to Pensions Industry News Letter.

2 July 2013

Qualifying Recognised Overseas Pension Schemes (QROPS) List (PDF 825K)
A new QROPS list has been published. Some pension schemes were inadvertently omitted from the QROPS list dated 1 July 2013. HM Revenue & Customs (HMRC) apologise for any concern this may have caused.

1 July 2013

P53 repayment claim form for pension lump sums (PDF 404K)
HM Revenue & Customs (HMRC) has released a new interactive version of the P53 repayment claim form.

10 June 2013

Pensions: Individual Protection from the Lifetime Allowance Charge (Opens new window)
HM Revenue & Customs (HMRC) have published a consultation document on Individual Protection for comments by 2 September 2013.

24 May 2013

Pensions: Draft QROPS Regulations 2013
HM Revenue & Customs (HMRC) has published draft regulations for comment by 21 June 2013.

17 May 2013

Pensions: Draft Provision of Information (Amendment) Regulations
HM Revenue & Customs (HMRC) has published draft regulations for comment by 14 June 2013.

14 May 2013

Pensions Newsletter 57 (PDF 68K)
The May 2013 edition has now been published.

8 May 2013

Tax Information and Impact Note: Annual Allowance - technical improvements (PDF 69K)
HM Revenue & Customs (HMRC) has published a Tax Information and Impact Note for The Registered Pension Schemes (Reduction in Pension Rates, Accounting and Assessment)(Amendment) Regulations 2013.

Tax Information and Impact Note: Pension Protection Fund - miscellaneous amendments (PDF 44K)
HM Revenue & Customs (HMRC) has published a Tax Information and Impact Note for The Pension Protection Fund (Tax) (Amendment) Regulations 2013.

30 April

Changes announced in budget, including reduction to LTA and AA from 2014-15
Changes to Lifetime Allowance (LTA) and Annual Allowance (AA) for 2014-15 were announced in the budget and details published.

29 April 2013

Minutes of the Pension Industry Stakeholder Forum 17 October 2012 (PDF 64K) (Opens new window)
HM Revenue & Customs (HMRC) has published minutes from the Pensions Industry Stakeholder Forum

23 April 2013

Pension liberation - the cost of accessing or unlocking your pension early
Unscrupulous firms are using misleading information to promote personal loans or cash incentives and enticing savers to access their pension pots early. Very often they say there is a legal loophole so you don't pay tax. There is no legal loophole.

26 March 2013

Pension Schemes Online Spring 2013 release: forthcoming enhancements (PDF 14K)
HM Revenue & Customs (HMRC) have made a number of enhancements to Pension Schemes Online to be implemented from 6 April 2013. The online service will be unavailable for a few days around this date to allow these changes to be made.

14 March 2013

Former tax association president jailed for tax fraud (Opens new window)
A former president of the Association of Taxation Technicians (ATT) and a fellow company director have been jailed for eight and half years each for a £5 million pension scheme tax fraud.

21 February 2013

Pension savings annual allowance calculator - amended
The pension savings annual allowance calculator has been amended.

14 February 2013

Publication of Pension Liberation Leaflets
The Pensions Regulator and HM Revenue & Customs (HMRC) have joined forces with other Government Departments to publish a set of leaflets about pension liberation offers that are currently being marketed.

4 February 2013

Pensions: Draft Authorised Payment Amendment Regulations (Opens new window)
HM Revenue & Customs (HMRC) has published draft regulations for comment by 1 March 2013.

1 February 2013

Draft Statutory Instrument for reduction in Pension Rates (opens new window)
HM Revenue & Customs (HMRC) has published in draft the Registered Pension Schemes (Reduction in Pension Rates, Accounting and Assessment)(Amendment) Regulations 2013 for comment.

Qualifying Recognised Overseas Pension Schemes (QROPS) (PDF 348K)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

29 January 2013

Pensions Newsletter 56 (PDF 64K)
The January 2013 edition has now been published.

25 January 2013

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

4 January 2013

Pension Industry Business update December 2012 Issue No 4 (PDF 436K)
Pensions Industry Business Update, formally the National Insurance Services to Pensions Industry Newsletter, has now been published.

2 January 2013

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

11 December 2012

Tax Information and Impact Note: EU Court of Justice ruling on drawdown pensions (PDF 71K)
HM Revenue & Customs (HMRC) has published a Tax Information and Impact Note for Statutory Instrument SI 2940/2012: The Registered Pension Schemes (Relevant Annuities) (Amendment) Regulations 2012.

Statutory Instrument: SI 2940/2012 and Explanatory Memorandum (Opens new window)
The Registered Pension Schemes (Relevant Annuities) (Amendment) Regulations 2012 and associated Explanatory Memorandum.

20 November 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

16 November 2012

Pensions: The Annual Allowance Charge (Amendment) Order
HM Revenue & Customs (HMRC) has published in draft the Annual Allowance Charge (Amendment) Order for comment.

Tax code operated on 'trivial commutation' and similar lump sum pension payments (Opens new window)
From April 2013 the tax code operated on these one-off lump sum pension payments will change from the emergency code (on the non-cumulative or week1/month 1 basis) to the basic rate (BR) tax code. Draft amendments to the PAYE regulations have been published for consultation, along with a Technical Note. The consultation ends on 11 January 2012.

7 November 2012

Changes to the Relief at Source (RAS) Annual Claim form
Following consultations with the Pensions Industry, HM Revenue & Customs (HMRC) has decided to revise the Annual RAS claim form (APSS 106). Further details can be found in Pension Schemes Newsletter 55.

Changes to the Relief at Source (RAS) Interim Claim form
Following consultations with the Pensions Industry, HM Revenue & Customs (HMRC) has decided to revise the Interim RAS claim form (APSS 105). Further details can be found in Pension Schemes Newsletter 55.

Pensions Newsletter 55 (PDF 63K)
The October 2012 edition has now been published.

25 September 2012

Pension schemes
Following a review of customer requirements, the content and design of the pension schemes area has been updated. It now includes guidance for members on the main tax rules for registered pension schemes.

List of qualifying recognised overseas pension schemes
The process for publishing updates to the QROPs list has changed.

Pension schemes forms
All pension schemes forms can now be found in the Find a form area of the website.

17 September 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

31 August 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

17 August 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
Pension Schemes Services (PSS) has published an update to the QROPS list.

10 August 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has published an update to the QROPS list.

8 August 2012

Updated guidance on calculating maximum drawdown for female pensioners (PDF 24K)
HM Revenue & Customs (HMRC) has updated its guidance about drawdown pensions. It tells providers to use the same rates for women as for men to determine maximum drawdown pensions from 21 December 2012.

6 August 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has today published an update to the QROPS list.

2 August 2012

Draft HM Revenue & Customs (HMRC) guidance for SI 2012 No 1881 (PDF 46K)
Draft guidance for the Registered Pension Schemes (Authorised Payments) (Amendment) (No 2) Regulations 2012 (SI 2012 No 1881) has now been published.

26 July 2012

Annual allowance form for overseas pension schemes
Overseas pension schemes that are not able to use Pension Schemes Online to report an annual allowance charge paid on behalf of a member will now be able to notify HM Revenue & Customs (HMRC) using a form that is available on the HMRC website.

24 July 2012

Statutory Instrument: SI 2012/1881 Pension schemes - taxation of partial refunds for members with short service (Opens new window)
The Registered Pension Schemes (Authorised Payments) (Amendment) (No 2) Regulations 2012 (SI 2012 No 1881) have been laid before Parliament, coming into force on 8 August 2012. These regulations relate to certain schemes which were formerly contracted-out money purchase schemes.

Explanatory Memorandum to SI 2012 No 1881 (Opens new window)
The Explanatory Memorandum to the Registered Pension Schemes (Authorised Payments) (Amendment) (No 2) Regulations 2012 (SI 2012 no 1881) has now been published.

Qualifying Recognised Overseas Pension Schemes (QROPS)
Pension Schemes Services (PSS) has published an update to the QROPS list.

17 July 2012

Statutory Instrument: SI 2012 No 1795 and Explanatory Memorandum (Opens new window)
The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2012.

10 July 2012

Qualifying Recognised Overseas Pension Schemes (QROPS)
Pension Schemes Services (PSS) has published an update to the QROPS list.

29 June 2012

Pension Schemes Services contracting out forms
Following the ending of contracting out on a defined contribution (money purchase) basis from 6 April 2012 HM Revenue & Customs (HMRC) has revised Forms APSS 101, APSS 155A and APSS 155B and their completion notes

13 June 2012

Pensions: Asset-backed contributions draft guidance (PDF 91K)
Draft guidance has been published relating to employer asset-backed pension contributions (ABC arrangements).

8 June 2012

Pension Schemes Newsletter 54 (PDF 82K)
The June 2012 edition has now been published.

7 June 2012

Pensions Industry Business Update May 2012 Issue No 2 (PDF 1.2MB)
The latest Pensions Industry Business Update formally the National Insurance Services to Pensions Industry Newsletter has been published.

Qualifying Recognised Overseas Pension Schemes (QROPS)
HM Revenue & Customs (HMRC) has today published an update to the QROPS list.

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