7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.
In this 7 Days
- Uprating guarantee for UK State Pension recipients living in EU
- HMRC publishes countdown bulletin 48
- HMRC issues newsletter 113
On 1 September 2019, Amber Rudd (the Work and Pensions Secretary) announced that the government has committed to uprating the UK State Pension paid to those living in the EU each year until March 2023, in the event that the UK leaves the EU without a deal. (The UK State Pension has already been uprated in the EU for the year April 2019 to March 2020.)
During this 3-year period the UK government plans to negotiate a new arrangement with the EU to ensure that uprating continues.
The government’s guidance on the rights of UK nationals in the EU, the EEA or Switzerland to benefits and pensions in the event of a no-deal Brexit has been revised accordingly.
HMRC’s countdown bulletins provide information for schemes about the ending of DB contracting-out.
On 30 August 2019, HMRC issued countdown bulletin 48. It includes updates on:
- final data cuts for ceased schemes
- the approach for producing final data cuts
- GMP conversion.
On 29 August 2019, HMRC published newsletter 113. It includes articles on:
- relief at source – annual returns of information for 2018 to 2019
- relief at source – APSS106 annual claims for 2018 to 2019
- the AA – pension savings statements for 2018 to 2019.