Hi! If you're new here, you might want to register for free email updates. Just use the form at the top of the sidebar. Thanks for visiting The Payroll Blog!
On 12 November, the Department or Work and Pensions published the findings of research exploring small employers’ likely responses to the workplace pension reforms set to come into force in October 2012.
Continue reading
Posted November 18th, 2009 | No Comments »
Section 394 of the Income Tax (Earnings and Pensions) Act 2003 imposes a tax charge on the provision of relevant benefits from an employer-financed retirement benefits scheme (EFRBS). For example, if a retired employee continues to be provided with private medical insurance, it is fully taxable under these rules.
Continue reading
Posted November 4th, 2009 | No Comments »
The Department for Work and Pensions (DWP) has published the third of the three consultation documents that were promised on the rules and procedures that will apply to the provision by employers of Pension Personal Accounts. Employers will be required, during a transitional period starting in 2012, to enrol employees in either an existing occupational or personal pension scheme or in a new workplace pension personal account scheme. Whichever scheme is used by an employer to meet the statutory requirements, it must provide for automatic enrolment of jobholders and the employer must make contributions into the scheme.
Continue reading
Posted October 8th, 2009 | No Comments »
The latest website tohave its guidance moved to the central Directgov and Business Link websites is DWP’s Pension Service website.
Continue reading
Posted September 29th, 2009 | No Comments »
The Personal Account Delivery Authority (PADA) is a temporary body established by legislation to introduce the personal accounts scheme, planned for 2012. The new scheme is intended to complement existing workplace pension provision and will be a trust-based occupational pension scheme.
Continue reading
Posted August 26th, 2009 | No Comments »
From April 2011, the tax relief on pension contributions will be restricted to the basic rate where an individual’s annual income is £150,000 or more. To prevent large sums being paid into pension funds in advance of April 2011 in order to obtain tax relief at 40%, transitional provisions apply from 22 April 2009 in the form of a “special annual allowance charge”. The way in which this special charge will be applied in the 2009/10 and 2010/11 tax years (assuming the tax relief change is actually introduced in April 2011) is set out in Schedule 35 of the Finance Act 2009. The measures apply to registered pension schemes.
Continue reading
Posted August 5th, 2009 | No Comments »
Among the changes made to the tax rules for pension schemes from 6 April 2006 were provisions that allow only specified lump sum payments to be paid from pension schemes without incurring unauthorised payment charges and surcharges of up to 55%. There are a number of such authorised payments, the most common being the pension commencement lump sums, up to 25% of the pension fund, and the trivial commutation lump sums. The rules governing authorised payments are set out in Schedule 29 of the Finance Act 2004 and are taxed under the PAYE rules explained on pages 20 to 22 of booklet CWG2 Employer Further Guide to PAYE and NICs.
Continue reading
Posted May 25th, 2009 | No Comments »
The Department for Work and Pensions (DWP) has published the second of three consultation documents on the rules and procedures that will apply to the provision by employers of Pension Personal Accounts from 2012.
Continue reading
Posted May 11th, 2009 | No Comments »
The first of three consultation documents on the rules and procedures that will apply to the provision by employers of Pension Personal Accounts from 2012 has been published by the Department for Work and Pensions (DWP).
Continue reading
Posted March 30th, 2009 | No Comments »
In a technical consultation document aimed at pension industry professionals, pension schemes, trustees, and industry and member representative organisations, the Department for Work and Pensions (DWP) is seeking views on proposals to reform the disclosure of information requirements that apply to occupational and personal pension schemes.
Continue reading
Posted March 30th, 2009 | No Comments »
