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The end of contracting out – A change to your State Pension

The current State Pension is changing to a single tier system from 6 April 2016, for those reaching State Pension age on or after that date.

As a result of this, ‘contracting out’ will end and anyone who is in a public service pension scheme will no longer pay a lower rate of National Insurance.


Further information on this can be found at:  https://www.gov.uk/contracted-out  


Although this change will affect take home pay, it will have no impact upon the pension scheme benefits that are due to you from the SPPA.

For more information about this change to the State Pension please visit: https://www.gov.uk/yourstatepension

 

Employer Data Management

Friday, 05 February 2016 09:40

EDM Logo 

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

Read more: Employer Data Management

 

Be alert, protect your pension

Last Updated on Tuesday, 22 March 2016 15:06

Protect your pension

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.

Read more: Be alert, protect your pension

 

New Bank Account

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:

Bank:                           NatWest 

Sort Code:                   60-70-80

Bank account:             10019553

Account Name:           Scottish Public Pension Agency

IBAN:                          GB93NWBK60708010019553

Swift:                          NWBKGB2L

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.

If you have any questions regarding the changes please contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  Alternatively you can call us on 01896 893000 and ask for Finance.

 

Scottish Rate of Income Tax

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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. 

what will happen

 

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.

 

 

what you have to do

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.

https://www.gov.uk/tell-hmrc-change-of-details

 

 

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

 

Changes to pensioners online service

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.

 

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Link to Scottish Government Website