Pension schemes newsletter 101 – July 2018

01 August 2018

One of the topics in HMRC’s latest newsletter is the new authorisation regime for Master Trusts which comes into effect from 1 October 2018.

Master Trusts operating at that date will have to apply for authorisation from The Pensions Regulator (TPR) within a 6 month application period. If they do not obtain authorisation they will not be able to operate and will have to wind up. HMRC will also be able to de-register a scheme which is a Master Trust and doesn’t receive or subsequently loses its TPR authorisation.

 

Relief at source

HMRC’s newsletter also includes a reminder that if you’re operating a relief at source pension scheme, you must apply for relief at source based on the residency status that HMRC gives you for each of your members. This is a legislative requirement and you must not apply a tax rate based on the member’s address.

 

The July edition of the pension schemes newsletter also includes information on:

  • Registering a pension scheme - time limits

  • Taxation of flexi access payments

  • Annual allowance

  • Pension flexibility

  • Qualifying recognised overseas pension schemes (QROPS) transfer statistics

  • Manage and Register Pension Schemes service - completing enrolment information