Posts Tagged ‘HM Revenue and Customs’

Laura Cumming

The Spence team has sifted through all the industry changes and trends from the last quarter, picked out the highlights and condensed it into a snappy report for you to download. Each update briefly summarises what you need to know, and clearly sets out the actions you need to take, saving you hours scouring through multiple reports, press releases, blogs and articles.

Some key updates to keep an eye out for are:

  • HMRC’s vital VAT judgment; this could see schemes recover VAT on investment management costs
  • PPF levy costs; the PPF’s recent announcement on the 2015/16 levy is fundamental to your scheme’s PPF levy cost
  • Contracting Out; make sure you are keeping in line with the HMRC’s most recent update to ensure you are ready for the abolition of contracting out.

Download your copy of the Pensions Quarterly Update report here.

If you have any questions, please don’t hesitate to get in touch with your usual contact or the Spence team.


Catrina Browne

Spence & Partners latest blog for Pension Funds Online –

Contracting Out on a final salary basis will end on 5th April 2016, it will have partnered pension schemes for 38 years. Its loss will be felt no doubt, but, as with any break-up, it’s preferable to leave on amicable terms.

It may seem a little odd to think of this as a break-up but April 2016 is the point at which two entities, once very much intertwined, go their separate ways so it seems like an appropriate narrative.

HMRC will leave to focus on the new Single-Tier State Pension and the scheme will be left with their GMPs and more money to find. This is the time to understand exactly what the break-up means, what decisions need to be made and how to break the news to the members.

National Insurance contributions are being increased from 6th April 2016, the new Single-Tier State Pension is being introduced and HMRC letters will be issued in December 2018. Read more »

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