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HMRC's latest (and short) Countdown Bulletin
deals exclusively with the scheme financial reconciliation process for:
For schemes in deficit following financial reconciliation, a letter showing the amount due will be sent to the address HMRC holds in relation to the scheme's day-to-day administration. These are expected to arrive during the week commencing 15 April 2019; HMRC wants payment by 21 May 2019 at the latest.
of schemes who have an overall deficit less than or equal to £1,000.
3) For schemes that have more than £1,000 deficit, HMRC will write off debt that was raised before 18 March 2013, that is 6 years prior to the scheme financial reconciliation run date.
Letters to schemes in surplus that have previously contacted HMRC . . .
15 Feb 2019
these could also attract the new £1m civil penalty in addition or instead. The third offence could be subject to the new up to £1m civil penalty, but will not be a criminal offence.
Another major part of the consultation looked at proposals to strengthen, clarify and improve TPR's anti-avoidance powers, specifically in relation to CNs and Financial Support Directions (FSDs). . . .
11 Feb 2019
There is no suggestion of a requirement to invest in a particular way. Under the proposals, larger DC schemes would be required to set out their policy and current practice in relation to illiquid investments. Initially, the Government proposes that this would be via the Statement of Investment Principles (SIP) and potentially the Default SIP.
There would then be an annual report via the Implementation Statement - there would be an expectation of quantitative
data with a degree of granularity, not generic statements. The Government acknowledges that his would require a reliable definition of 'illiquid investments': currently, those that are traded off-exchange or are otherwise less readily tradeable.
Schemes may be allowed some flexibility in interpretation here, both of the categorisation and in assessing the . . .
08 Feb 2019
assessment date and who is not in a receipt of a survivor's or admissible ill health pension. The compensation cap affects only around 0.5% of PPF members.
The Secretary of State sets the standard amount of the compensation cap; compensation to affected members will normally be limited to a maximum of 90% of the cap. From 1 April 2019, the uprated standard amount will provide, at age 65, a maximum level of compensation