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Overseas Transfer Charge

Thursday, 09 March 2017 09:20

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

From 9 March 2017 the overseas transfer charge will affect:

•  members of pension schemes requesting an overseas transfer
•  UK pension scheme administrators making overseas transfers
•  overseas scheme managers making and receiving transfers

HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

Further information is available here:
 
https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

 

From 9 March 2017 the overseas transfer charge will affect:

 

  • members of pension schemes requesting an overseas transfer

  • UK pension scheme administrators making overseas transfers

  • overseas scheme managers making and receiving transfers

     

    HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

     

    From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

     

Further information is available here:

 

https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

 

From 9 March 2017 the overseas transfer charge will affect:

 

  • members of pension schemes requesting an overseas transfer

  • UK pension scheme administrators making overseas transfers

  • overseas scheme managers making and receiving transfers

     

    HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

     

    From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

     

Further information is available here:

 

https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

 

GMP Consultation

Tuesday, 07 March 2017 11:44

The HM Treasury consultation regarding GMP indexation and equalisation as set out below has now closed. For information a copy of the response made by SPPA is attached.

SPPA GMP Consultation reply

 

Employment Tribunal - Transitional Pensions

Tuesday, 21 February 2017 10:25

Scottish Ministers note the decision of the Employment Tribunal, which determined that the age-related transitional protections included in the reform of the Firefighters' pension scheme were lawful. Subject to any further legal challenge the transitional protections introduced from April 2015 continue to apply.

 

Transfer Club Factors

Friday, 03 February 2017 09:22

Public Sector Transfer Club factors have been updated and are effective from 1 March 2017. Any club transfer values or pension credit estimates issued or received with a relevant date prior to 1 March 2017, will be honoured, subject to meeting the three month guarantee period requirements. Where the guarantee period is not met, any request to transfer in or out of the scheme, from 1 March 2017, will require a recalculation using the new factors.

 

Teachers 2015 Scheme - Faster Accruals

Thursday, 05 January 2017 11:18

This is a reminder to Teachers' 2015 Scheme Members who took out a faster accrual contract in 2016/17 that the contract will run out on 31 March 2017

Should you wish to take out a new contract for the tax year 2017/2018, please apply before 31 March 2017. Any applications received after this may not be accepted.

If you are new to the scheme, or are interested in learning more about faster accrual, please see the factsheet.

 

Consultation on GMP indexation and equalisation

Thursday, 01 December 2016 09:46

Contracted out employment ended on 5 April 2016. Between 6 April 1978 and 5 April 1997 members of contracted out occupational schemes built up an element known as a Guaranteed Minimum Pension (GMP). A GMP is intended to be broadly equivalent to the additional earnings related state pension the member would have received had they not been contracted out. A GMP becomes payable when a member reaches State Pension age and public service pension schemes were contracted out.

Prior to 6 April part of the annual indexation for a GMP was paid with the member's State Pension but this process ended with the introduction of the New Single Tier State Pension from 6 April 2016. Those receiving a GMP before 6 April 2016 are unaffected by this change.

It is anticipated that the loss of GMP indexation will be offset by individuals building up entitlement in the more generous Single Tier State Pension. However those close to State Pension age will not have the same opportunity to offset their GMP indexation loss and to address this the UK Government introduced an interim solution for those reaching state pension age between April 2016 and December 2018. For these members full indexation on their public service pension scheme  including any GMP will be provided for the member's lifetime by their public service scheme.

In announcing the interim solution the UK Government set out that it would undertake a  public consultation setting out options and seeking views on a permanent solution that will deliver GMP indexation That solution will also provide equalised indexation payments reflecting the different accrual rate of GMP for men and women. On 28 November 2016 HM Treasury issued the UK Government's consultation  and full details are available via the following link  Consultation on indexation and equalisation of GMP in public service pension schemes - GOV.UK  The consultation closes on 20 February 2017.

This consultation refers to those pension scheme members who have a GMP and reach state pension age after December 2018.

 

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