Title
Pension schemes newsletter
Pub Date
30/06/2016
Category
Pension providers
Character
Number
Summary

A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics:

  1. Pension flexibility. Guidance on operating PAYE on pension flexibility payments. New guidance applies to pension flexibility payments from 6 April 2016 onwards.
  2. Annual allowance. From April 2016, the annual allowance is tapered for taxpayers whose income exceeds £150,000. The allowance will reduce by £1 for every £2 that an individual's income exceeds £150,000, down to a minimum of £10,000 for individuals with income of £210,000 or more. The Pensions Tax Manual has been updated to include guidance on the modified reporting requirements arising from the introduction of the annual allowance taper.
  3. Change of scheme details. With effect from June 2016, HMRC the APSS152 form has been archived.  
  4. Lifetime allowance. The lifetime allowance for pension savings was reduced from £1.25 million to £1 million on 6 April 2016. The new online service for scheme members to apply for protection from the lifetime allowance tax charge will be available from the end of July 2016.
  5. Pension Schemes Helpline. The correct telephone number for the Pension Schemes Helpline is 0300 123 1079. An incorrect number has been published on some correspondence and HMRC is working to ensure that their letters quote the correct telephone number.
  6. Finance Bill 2016. The Finance Bill is expected to receive Royal Assent later than usual this year. However, the newsletter stresses that there is currently no timetable for when Royal Assent will be.