HMRC Pension Schemes Newsletter 128
06 March 2021
HMRC has published the latest Pension Schemes Newsletter – number 128, for March 2021, in order to update stakeholders on the latest news for pension schemes.
This edition includes content relating to:
- Announcements made in the Spring Budget 2021 – annual allowance and lifetime allowance
- The extension to the temporary changes to pension processes due to the ongoing impacts of coronavirus
- Managing Pension Scheme service – practitioner registration and authorisation features
- Relief at source - Scottish Income Tax rates, Welsh Income Tax rates, members residency status for relief at source 2021 to 2022, annual return of information, APSS590 declaration
- The consultation relating to the implementation of increasing the normal minimum pension age
- Public service pension schemes – changes to the transitional arrangements to the 2015 schemes
Spring Budget 2021
As previously confirmed within the CIPP’s Budget summary, there will be no changes to any of the annual allowance limits.
Additionally, the Government announced that the amount of the pension lifetime allowance for tax years 2021-22 and up to and including 2025-26 will stay at the 2020-21 level of £1,073,100.
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. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.