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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.

 

Pension Ombudsman decision - Milne vs GAD - Update

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:

Males:           1st December 2001 and 21st August 2006 (for Firefighters) or
                     1st December 2001 and 30th November 2006 (for Police)
Females:       1st December 2004 and 21st August 2006 (for Firefighters) or
                     1st December 2004 and 30th November 2006 (for Police)

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.

Frequently asked questions

If you have any queries regarding the payment please email  This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

Police and Firefighters Survivors' Pensions

Monday, 05 October 2015 08:30

The Scottish Government has announced a change to the pensions paid to the survivors of police officers and firefighters who are killed in the line of duty.

Although the 2006 and 2015 police and firefighter schemes allow for lifetime adult survivor pension awards, pensions paid to widows, widowers and civil partners under the 1987 Police and 1992 Firefighter pension scheme regulations are withdrawn on remarriage, registering for a civil partnership and in the case of the police scheme, cohabitation.

Read more: Police and Firefighters Survivors' Pensions

 

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Link to Scottish Government Website