30 January 2024
HM Revenue and Customs (HMRC) has published the ‘Pension schemes newsletter 155 – January 2024’. The newsletter is published by HMRC’s pension schemes services to update stakeholders on the latest news for pension schemes.
Here are some of the key highlights:
- lifetime allowance (LTA) abolition ― legislative changes. Following on from the working groups that were held in the Autumn, HMRC has planned further LTA working groups on:
- Thursday 8 February 2024 (transitional arrangements)
- Wednesday 14 February 2024 (reporting requirements)
If you attended working groups in the Autumn, you will already be on the invite list. If you did not attend in Autumn and would like to join either meeting, email [email protected] and put ‘LTA Working Group’ in the subject heading
- relief at source (RAS) - from 22 January 2024 HMRC started issuing January 2024 notification of residency status reports. A tax residency status can also be checked using the look up service. check your members’ residency status for relief at source
- retained firefighters - following the lengthy employment tribunal pension claims process, retained firefighters can now convert their pension membership and join the Fire Authorities Scheme. The individuals National Insurance record will be amended, and appropriate adjustments will be paid to the employer and the customer
- managing pension schemes service - system downtime – as a result of some routine updates, the service will be offline from 5pm on Friday 16 February 2024 to 9am on Thursday 22 February 2024.
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.