7 days

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

HMRC publishes further guidance on LTA removal

On 30 May 2024, HMRC published pension schemes newsletter 160. This contains some further guidance on the removal of the LTA from 6 April 2024, including:

  • a new online tool for members to check if they can apply for a transitional tax-free amount certificate from their scheme
  • a reminder of the information that schemes must include in a transitional tax-free amount certificate
  • information about payroll reporting for certain taxable lump sums.

Financial penalty imposed for withholding information from TPR

An individual has been ordered to pay £15,000 for withholding information from TPR. TPR has the power to legally require individuals to provide it with certain information, and it is an offence for any person to “intentionally and without reasonable excuse” alter, suppress, conceal or destroy any document which they are required to provide. The individual previously pled guilty to this offence in April 2024.

A spokesperson for TPR commented:

“This case sends a clear warning that we do not hesitate to prosecute companies or individuals if they refuse to give us the right information… Anyone refusing to comply with our requests for information without good reason should take note that they could find themselves in court and with a criminal conviction.”