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Pension schemes newsletter 78 - May 2016
The latest issue of HMRC’s Pension Schemes Newsletter updates the guidance on the annual allowance taper. It confirms that, from 2016/17, a scheme administrator is required to provide a standard pension savings statement to a member only if their pension input amount for that scheme exceeds the general untapered annual allowance (£40,000) rather than if it exceeds their personal tapered annual allowance.
Other articles cover the lifetime allowance, the payment date of uncrystallised funds pension lump sums, reporting non-taxable death benefits through real time information, and serious ill-health lump sums. For details see here.
