gototopgototop

Latest News

Pensions Increase 2017/18

Monday, 13 March 2017 10:18

Public service pensions in payment, together with those that are deferred for payment at a future date, are indexed annually based on the annual change in the Consumer Price Index (CPI) measured as at the previous September. In the 12 months to September 2016, CPI was 1%. As a result, an increase of 1% is to be applied from 10 April 2017 for pensions in payment and deferred pensions. The UK Government expects to lay the Pensions Increase (Review) Order 2017 later this month.
 

Overseas Transfer Charge

Thursday, 09 March 2017 09:20

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

From 9 March 2017 the overseas transfer charge will affect:

•  members of pension schemes requesting an overseas transfer
•  UK pension scheme administrators making overseas transfers
•  overseas scheme managers making and receiving transfers

HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

Further information is available here:
 
https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

 

From 9 March 2017 the overseas transfer charge will affect:

 

  • members of pension schemes requesting an overseas transfer

  • UK pension scheme administrators making overseas transfers

  • overseas scheme managers making and receiving transfers

     

    HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

     

    From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

     

Further information is available here:

 

https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

 

From 9 March 2017 the overseas transfer charge will affect:

 

  • members of pension schemes requesting an overseas transfer

  • UK pension scheme administrators making overseas transfers

  • overseas scheme managers making and receiving transfers

     

    HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

     

    From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

     

Further information is available here:

 

https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

 

GMP Consultation

Tuesday, 07 March 2017 11:44

The HM Treasury consultation regarding GMP indexation and equalisation as set out below has now closed. For information a copy of the response made by SPPA is attached.

SPPA GMP Consultation reply

 

Employment Tribunal - Transitional Pensions

Tuesday, 21 February 2017 10:25

Scottish Ministers note the decision of the Employment Tribunal, which determined that the age-related transitional protections included in the reform of the Firefighters' pension scheme were lawful. Subject to any further legal challenge the transitional protections introduced from April 2015 continue to apply.

 

Tax Changes for 2017/18

Wednesday, 08 February 2017 09:53

For 2017 to 2018 the basic Personal Allowance will be £11,500 and the basic rate limit will be £33,500. However, for Scottish tax-payers the basic rate limit will be £31,930.
The new threshold (starting point) for PAYE is £221 per week (£958 per month).
The new emergency tax code is 1150L for all employees.
Income Tax rates and bandwidths are:

   UK Rate %              Bandwith Scottish Rate            %             Bandwith
   Basic Rate 20% £1 to £33,500             Basic Rate 20% £1 to £31,930
   Higher Rate 40% £33,501 to £150,000                            Higher Rate 40% £31,931 to £150,000
   Additional Rate           45% £150,001 and above               Additional Rate 45% £150,001 and above

If you have an enquiry regarding personal tax please contact HMRC on 0300 200 3300 or visit:
www.gov.uk/income-tax

 

 

Transfer Club Factors

Friday, 03 February 2017 09:22

Public Sector Transfer Club factors have been updated and are effective from 1 March 2017. Any club transfer values or pension credit estimates issued or received with a relevant date prior to 1 March 2017, will be honoured, subject to meeting the three month guarantee period requirements. Where the guarantee period is not met, any request to transfer in or out of the scheme, from 1 March 2017, will require a recalculation using the new factors.

 

Page 1 of 9

«StartPrev123456789NextEnd»

Link to Scottish Government Website