HMRC Pension Schemes Newsletter 137 – February 2022

01 March 2022

Her Majesty’s Revenue and Customs (HMRC) has published the latest Pension Schemes Newsletter – number 137, for February 2022, to update stakeholders on the latest news for pension schemes.

This instalment includes content relating to:

•    Public service scheme members with fixed or enhanced protection
•    Loss of Lifetime Allowance protection
•    Relief at source
•    Digitalisation of relief at source
•    Scheme Pays reporting
•    Managing pension schemes service.

We recommend that you read the document in full, but the digitalisation of relief at source felt like an especially important topic. 

Digitalisation of relief at source

Within the Spending Review 2021, it was confirmed that investment would be made to improve the administration of pension tax reliefs. The aim is to digitise the current paper claims system for relief at source.

In response to its call for evidence, published in October 2021, the government committed to delivering a digital solution, which would:

•    Support the provision of information and declaration
•    Provide quicker payments to relief at source schemes and help reduce errors.
HMRC is establishing a working group to collect the views and needs of stakeholders and ensure they’re fed into the design process for the digitisation of relief at source. It’s also making plans on how the working group will help with the project to deliver a digital solution.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.