[UK] Pension Schemes Newsletter October 2019

HMRC’s Pension Schemes Services publishes a newsletter at the end of each month to update stakeholders on the latest news for pension schemes.  The October 2019 newsletter was published on the 30^th of October with the following articles:

• Registration statistics for new pension schemes for the period 6^th of April 2019 to the 30^th of September 2019
• Pension flexibility statistics for the period 1st of July 2019 to the 30th of September 2019
• Advice that HMRC are planning to update the ‘less common circumstances’ guidance when moving pension recipients from one pay roll to another. Though they are unable to confirm when this will be they have shared an early version of the amended guidance
• Advice that HMRC have seen an increase in the number of Relief at Source annual returns of information that are failing on submission for 2018/19. There are links to the spreadsheets and specifications that scheme administrators should use if they still need to submit or resubmit annual return of information for 2018 to 2019
• In the same article, there is information about “Notification of residency status reports” saying that without a successful Relief at Source annual return of information for 2018/19 they will be unable to give the notification of residency status report in January 2020
• An update on Guaranteed Minimum Pension (GMP) Equalisation that states further guidance on the issue is scheduled for December 2019
• Advice that new guidance has been added to gov.uk about paying the annual allowance tax charge for pension scheme members

As we always say when publicising these newsletters, for UK professionals with an involvement in pensions, the Global Payroll Association recommends this as essential reading.

HMRC’s Pension Schemes Services publishes a newsletter at the end of each month to update stakeholders on the latest news for pension schemes.  The October 2019 newsletter was published on the 30^th of October with the following articles:

• Registration statistics for new pension schemes for the period 6^th of April 2019 to the 30^th of September 2019
• Pension flexibility statistics for the period 1st of July 2019 to the 30th of September 2019
• Advice that HMRC are planning to update the ‘less common circumstances’ guidance when moving pension recipients from one pay roll to another. Though they are unable to confirm when this will be they have shared an early version of the amended guidance
• Advice that HMRC have seen an increase in the number of Relief at Source annual returns of information that are failing on submission for 2018/19. There are links to the spreadsheets and specifications that scheme administrators should use if they still need to submit or resubmit annual return of information for 2018 to 2019
• In the same article, there is information about “Notification of residency status reports” saying that without a successful Relief at Source annual return of information for 2018/19 they will be unable to give the notification of residency status report in January 2020
• An update on Guaranteed Minimum Pension (GMP) Equalisation that states further guidance on the issue is scheduled for December 2019
• Advice that new guidance has been added to gov.uk about paying the annual allowance tax charge for pension scheme members

As we always say when publicising these newsletters, for UK professionals with an involvement in pensions, the Global Payroll Association recommends this as essential reading.