HMRC’s Pension Scheme newsletter is published at the end of each month.
May 2024’s Newsletter (160) was published on 30 May 2024.The purpose of this is to update interested parties on the latest news for pension scheme administration and this article is targeted at pension scheme administrators and not bookkeepers.
ICB provides information that is relevant to members due to the diverse nature of the bookkeeping profession. ICB recognises that the Pension Schemes Newsletter may not be valid for all, however, we want to make you aware of its existence and an overview of the contents:
Lifetime Allowance (LTA) Abolition
This section contains further information for scheme administrators about the abolition of the LTA from April 2024. As we have covered before, whilst the LTA tax charge was abolished in April 2023, the LTA itself was abolished in April 2024 and the value of £1,073,100 is still relevant.
If this is of interest to you or your clients, ICB recommends reading ‘Lifetime allowance (LTA) abolition ― frequently asked questions’ on Gov.UK. This is not an issue that bookkeepers should advise on.
Relief at Source
This section reminds pension scheme administrators that the deadline for submitting 2023/24 annual returns of information is 05 July 2024.
The Managing Pension Schemes Service
This is an online service that will, in time, replace the Pension Schemes Online service. Scheme administrators have been migrating to this service over the last few years and the Newsletter details that the Managing Pension Schemes Service will be mandatory from April 2025 (for tax year 2024/25 pension scheme returns).
ICB recommends reading ‘Migrating your pension scheme to the Managing Pension Schemes Service’ guidance if this is relevant to you.
For Bookkeepers
Bookkeepers are responsible for the collection, reporting and remittance of pension contributions, not administration of the pension scheme itself. Therefore, publication of this Newsletter is for awareness purposes.
