Pension schemes newsletter 82

07 November 2016

7 November 2016

The latest Pension Schemes Newsletter has been published by HMRC which contains updates and guidance on pension schemes.

Relief at source

One of the items in the newsletter is about pension schemes operating relief at source – these schemes were due to submit their annual return of individual information for 2015 to 2016 (also known as the RPSCOM100(Z)) by 5 October 2016. The deadline has passed but there are still a number of these returns outstanding.

In readiness for the introduction of the Scottish rate of Income Tax (SRIT) HMRC has been working to help scheme administrators of relief at source pension schemes to submit their annual return on time.  This is really important because when SRIT is introduced HMRC will use the data submitted on these returns to:

  • identify Scottish taxpayers
  • notify pension scheme administrators of the correct relief at source rates to apply to their scheme members in the following tax year.

If you are a pension scheme administrator operating a relief at source pension scheme but have yet to receive a notice requiring you to submit this information, please email [email protected] and put ‘Relief at Source’ in the subject line of your email.

Submit annual return on paper?

HMRC are also looking to contact scheme administrators who currently submit their annual return of individual information in paper format and we are particularly interested in understanding what these scheme administrators need from an online service.

If you would be interested in helping HMRC with their user research details of who to contact are at the end of the relief at source section.

Pension schemes newsletter 82 also includes articles on:

  • Bridging pensions
  • Registration statistics
  • Sale of lifetime annuities
  • Pension flexibility statistics
  • Overseas pension schemes - GOV.UK content
  • Lifetime allowance
  • Annual allowance