Friday, 05 February 2016 09:40
A new way for NHS and Teachers Employers to submit weekly, monthly and annual data returns.
EDM, Employer Data Management online portal will be launched in Spring 2016 and is a welcome addition to existing SPPA facilities, offering great benefits to employers including:
Fast, efficient, secure data submission
Inbuilt data validation features
- Secure messaging service
Last Updated on Tuesday, 22 March 2016 15:06
The Pensions Regulator has released a warning to pension scheme members to raise awareness of pension liberation fraud. Scheme members are being encouraged to transfer to a bogus pension "liberation" scheme.
However, you could be subject to a very large tax penalty of more than half of your pension savings. Companies claim they can help you access your pension fund before the minimum pension age of 55 and without tax consequences. This applies to overseas schemes as well as in the UK.
Friday, 22 January 2016 08:00
SPPA has a new bank account for NHS and Teachers pension scheme income from January 2016. The details of the new account are:
Sort Code: 60-70-80
Bank account: 10019553
Account Name: Scottish Public Pension Agency
Please make all payments of pension scheme income such as pension contributions and transfer values to this bank account. To help us allocate payments they must have a reference number such as an employer reference, National Insurance Number, scheme reference number etc.
The Scotland Act 2012 gave the Scottish Parliament the power to set the Scottish Rate of Income Tax. The Scottish rate of income tax (SRIT) comes into effect from April 2016. While the Scottish Parliament will have the power to set the Scottish Rate of Income tax, HMRC will continue to be responsible for its collection and management.
HMRC plan on sending letters to all Scottish tax payers as part of its preparations for the new tax. The letters are intended to confirm the accuracy of the data held by HMRC, regarding who lives in Scotland and who will be eligible to pay the new rate from April 2016.
You need take no action if the address details HMRC holds for you are correct.
However if there is a change you must contact HMRC directly, this will ensure you are allocated the correct tax code.
Those eligible for the new tax will see their tax codes prefixed with 'S' and their income tax will continue to be collected from pay and pensions in the same way as it is now.
For further information please see https://www.gov.uk/government/news/the-scottish-rate-of-income-tax
Setting the Scottish Rate
The Scottish Government will propose a Scottish Rate for the first time for tax year 2016/17 as part of the budget setting process. On the 10 November the Deputy First Minister invited the Finance Committee to agree that the Draft Budget will be published on the 16 December.
For further information please see http://news.scotland.gov.uk/News/Budget-date-16-December-1f1f.aspx
To provide our pensioners with an improved service, we have introduced an email notification to those who have registered with our secure online service My Pension. This means registered pensioners will receive an email when their payslip is available to view. Our intention is to expand the use of this notification service to all our members over time.
November 2015: Following the Pensions Ombudsman's recent Determination on the complaint brought by Mr W Milne it has been agreed that additional payments are to be made to scheme members whose pension commenced between:
and who chose to commute their pension for lump sum at retirement. This is to address the Ombudsman's conclusion that the scheme's commutation factors should have been reviewed before 2006.
The Milne Team are now finalising the redress calculations and payments will be made to the majority of retired scheme members along with their monthly pensions between 13th November and 1st December 2015. Advisory letters will be issued prior to payments being made.
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