The Society of Pension Consultants have launched two aids to help scheme administrators meet their new responsibilities as A-Day approaches.
Under the new pension tax regime, which starts on 6 April, scheme administrators will have three basic responsibilities which include when benefits are paid to members, which centre around the Lifetime Allowance limit, including the assessment and payment of recovery charges to Her Majesty’s Revenue and Customs (HMRC), if the limit is exceeded. To carry out their job, administrators have to obtain details of a member’s existing entitlements to protection or enhanced allowances, in order to produce a member statement, which sets out details on the lifetime allowance limit, how much they ha...
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