08 August 2024
The August edition of HM Revenue and Customs’ (HMRC’s) pensions schemes newsletter has been released, bringing updates for pension professionals in the following areas:
- Lifetime allowance (LTA) abolition
- Relief at source — annual return of information for 2023 to 2024
- Pension flexibility data
- Qualifying recognised overseas pension schemes transfer data
- Managing pension schemes service
- Migrating your retirement annuity contracts and deferred annuity contracts
Of particular interest is the update on the Lifetime Allowance (LTA). New regulations will be brought before parliament, now that the election is over, after the summer recess. Prior to this, a technical consultation on the draft regulations will run until 14 August 2024.
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