HMRC Pension Schemes Newsletter 123
28 August 2020
HMRC has published the latest Pension Schemes Newsletter – number 123, for August 2020, in order to update stakeholders on the latest news for pension schemes.
This edition includes articles that discuss:
- Relief at source – annual returns of information for 2019-20
- Annual return of information:
- Interim repayments
- Residency status reports
- Migration of pension schemes to the Managing pension schemes service
- Managing pension schemes service:
- Multiple scheme administrator IDs
- Multiple scheme practitioner IDs
- Pension scheme accounting
- Annual allowance – pensions savings statements for 2019-20
Annual allowance – pensions savings statements for 2019-20
In the previous edition of the Pension Schemes Newsletter (122), scheme administrators were reminded that the deadline for providing annual allowance pensions savings statements for tax year 2019-20 is 6 October 2020.
Administrators must issue these statements:
- To scheme members who contributed more in pension savings than the annual allowance to their pension scheme
- In instances where it is believed that members have flexibly accessed their pension rights, and where their pension savings under money purchase (and where appropriate hybrid) arrangements under the scheme exceed £4,000
Where a member exceeds their annual allowance or the money purchase annual allowance across all pension schemes, and there is not sufficient unused annual allowance to carry forward from previous tax years, an annual allowance tax charge will be applicable.
More detail can be found in the Pensions Tax Manual – PTM167100.
To read the articles in full, access Pension Schemes Newsletter 123.
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.