An arrangement is a money purchase arrangement if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance or other money purchase benefits. (HMRC)
STOP PRESS: Between 18 February 2022 and 15 March 2022 HM Revenue and Customs (HMRC) consulted on draft The Registered Pension Schemes (Miscellaneous Amendments) Regulations 2022. The draft regulations aimed to extend information and reporting deadlines for Scheme Pays and the annual allowance tax charge by proposing to amend the Registered Pension Schemes (Provision of Information) Regulations 2006, SI 2006/567 and the Registered Pension Schemes (Notice of Joint Liability for the Annual Allowance Charge) Regulations 2011, SI 2011/1793.On 4 April 2022 HMRC published the consultation outcome outlining that it was taking forward the proposals subject to some changes. Under the Finance Act 2022 two of the Scheme Pays information and reporting deadlines where a previous tax year is affected have been extended. The Registered Pension Schemes (Miscellaneous Amendments) Regulations 2022, SI 2022/392 extend the remaining Scheme Pays information and reporting deadlines where there has been a change of facts and an individual then asks their pension scheme to settle their annual allowance tax charge of £2,000 or more from a previous tax year. The Registered Pension Schemes (Miscellaneous Amendments) Regulations 2022, SI 2022/392 ensures that the Scheme Pays facility works correctly for previous tax years. Scheme Pays will be available to any individual who meets the
Periods of statutory family leave include:•maternity leave—for further information, see Practice Note: Maternity leave•paternity leave—for further information, see Practice Note: Paternity leave and pay•adoption leave—for further information, see Practice Note: Adoption leave•parental leave—for further information, see Practice Note: Parental leave•shared parental leave—for further information, see Practice Notes: Shared parental leave (birth) and Shared parental leave (adoption), and•parental bereavement leave—for further information, see Practice Note: Parental bereavement leave and payProtection of pension rights during periods of statutory family leaveLegislation protects the pension rights of members of occupational pension schemes and other ‘employment-related benefit schemes’ who are absent from work due to a period of statutory family leave. The treatment of members' pension rights may vary depending on the type of scheme and whether the statutory leave is paid or unpaid.The term ‘employment-related benefit scheme’ is defined by the Social Security Act 1989 (SSA 1989) and this definition is still in force today. It is wider than the definition of ‘occupational scheme’ and broadly refers to a workplace scheme or arrangement which provides pension benefits to employed or self-employed earners, but does not include:•any personal scheme for employed earners to
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Pensions analysis: On 7 March 2016 the Department for Work and Pensions (DWP) published a response to a consultation document issued on 23 November 2015, seeking views on proposed changes to pensions legislation to better reflect the pension flexibilities introduced and on proposals to simplify the valuation process for those members with pension benefits containing a guaranteed annuity rate (GAR) for the purposes of the advice safeguard. The response outlines how these changes will be implemented.
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