HMRC Pension Schemes Newsletter 124
30 September 2020
HMRC has published the latest Pension Schemes Newsletter – number 124, for September 2020, in order to update stakeholders on the latest news for pension schemes.
This edition includes articles that discuss:
- The extension to temporary changes to pension processes as a result of coronavirus
- Re-employment in response to the coronavirus outbreak
- Relief at source and suspension of the process for applying for a National Insurance (NI) number
- Relief at source annual return of information – notification of residency status reports
- Call for evidence: Pensions Tax Relief Administration
- Managing Pension Schemes service - schemes without Pension Scheme Tax References (PSTRs)
- Managing Pension Schemes service - signing in to online services
The extension to temporary changes to pension processes as a result of coronavirus
In previous newsletters, HMRC has advised of some of the temporary changes that have been made to certain pension processes, in order to assist scheme administrators through the turbulent circumstances caused by coronavirus. It has now been confirmed that the temporary changes will be extended to 31 March 2021. The processes relate to:
- Rent and loan payment holidays
- R63N repayment requests for registered pension schemes
- AFT return submission and payment delays
- APSS262 – reporting transfers to qualifying recognised overseas pension schemes
- Pension scheme returns for 2019 to 2020
- Benefits crystallisation event 1 and valuing sums and assets held within a registered pension scheme
- Other scheme valuations
- APSS105 relief at source repayment claims
- APSS106 relief at source repayment claims
- Submitting the APSS107 registered pension schemes annual statistical return without a signature
- APSS590 relief at source declaration
- Relief at source – excess relief
Any further changes will be communicated through pension schemes newsletters, and more information on the temporary changes can be located in Pension Schemes Newsletter editions 118, 119, 120 and 121.
Re-employment in response to the coronavirus outbreak
HMRC confirmed, in Pension Schemes Newsletter 120, that the protected pension age easement has been extended up until 1 November 2020. The current advice is that they can’t provide an update on this easement at this point in time, but as soon as it can, it will update stakeholders via pension scheme newsletters.
The easement allows those who have retired, but returned to work as a result of coronavirus, to retain their protected pension age even where they are re-employed in the same job. They will also not be subject to an unauthorised payment charge.
Read all of the articles in full here.
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