PENSIONS – SIMPLIFIED TAX REGIME
Synopsis: The periodic Pension Schemes Services Newsletter has been published which covers updates on Individual and Fixed Protection 2014 together with an update on administrative requirements.
Date posted: Monday, July 07, 2014
HMRC have published their latest Pensions Newsletter (63).
The newsletter covers:
1) Update in iForms – there is a project underway to transition the Pension Scheme Services paper forms to iForms. The new forms can be completed online with built in checks to enable correct completion and eventually the forms will be able to be submitted online.
2) Individual Protection update – Online applications for IP2014 can be made from 18th August 2014.
3) Fixed Protection update – all elections for Fixed Protection 2014 were processed by 10th June 2014 and certificates have now been issued. Call Pensions Schemes helpline (0300 123 1079) if a certificate has not been received.
4) QROPS update – Form APSS262 (transferring UK tax relieved pensions assets) is now available as an iForm to be completed online and posted.
5) Relief at source – applications for relief at source will not be accepted until the pension scheme is registered.
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