PSO updates

Update No 38
26 January 1998

• Announces the renewal subscription for the financial year 1998/99 for PSO mailings. Explains the arrangements for updating disk versions of the Practice Notes ('PN').
• Announces the appointment of Geoff Nield as director of the PSO.

Update No 39
25 February 1998

• Announces a four year programme by which computer records will replace paper files for insured schemes and individual arrangements. Confirms that paper files will be retained for self-administered schemes, self-managed funds and those insured schemes which are subject to the Pension Scheme Surpluses (Valuation) Regulations 1987.
• Reminds practitioners that certain chargeable events must be reported no later than 30 days after the end of the tax year in which the event occurs, and that failure to meet this requirement could result in a penalty. Covers the completion of forms 1(SF) and 2(SF) in respect of the reporting of chargeable events.
• Encloses a questionnaire relating to the standard of service provided by the PSO.
• Enables one of the persons comprising the 'administrator' (as defined in Section 611AA of the Income and Corporation Taxes Act 1988) to sign reporting forms, subject to the PSO receiving written authorisation from all those who comprise the administrator. See also Update No 47.

Update No 40
25 February 1998

• Explains that, in exceptional cases, the PSO will permit two-stage transfer and benefit payments from schemes which have entered winding-up, and sets out the requirements for such payments in a variety of circumstances.
• Announces that supplementary transfer payments may be permissible in certain circumstances where a two-stage transfer had not originally been contemplated.

Update No 41
17 March 1998

• Explains the provisions to be implemented through the Finance Bill to prevent the abuse of tax relief by certain small schemes.
• Outlines new requirements to be imposed on small self-administered schemes (SSASs) - particular emphasis is now placed on the role of the pensioneer trustee.
• Announces that transfers to schemes seeking approval under Chapter I Part XIV of the Income and Corporation Taxes Act 1988 will no longer be permissible unless a genuine need to make the transfer is demonstrated and agreed with the PSO.
• Confirms that the permitted maximum pensionable earnings (earnings cap) for the tax year 1998/99 is £87,600.
• Announces changes relating to personal pension schemes designed to bring their tax approval regime into line with the arrangements for retirement benefit schemes.

Update No 42
17 March 1998

• Announces a revised de minimis limit in relation to the funding rate for insured money purchase schemes applicable from 31 March 1998. See also Update No 48.
• Explains that claims for two periods of service to be treated as continuous under the provisions of PN 7.14 to 7.20 must include a change of employer and two periods of consecutive, rather than concurrent, service.

Update No 43
22 April 1998

• Explains the effects of foreclosure in relation to loanbacks made by wholly insured schemes, and the action the trustees should take in order to retain tax approval.

Update No 44
22 April 1998

• Apologises for the delay in mailing updates to certain practitioners.
• Announces PSO performance results for the year 1997/98 and sets targets for the present financial year. Announces that an application will be made for the renewal of the Charter Mark award won by the PSO in 1995.

Update No 45
24 July 1998

• Cross-refers to Update No 41. Details the provisions of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment No 2) Regulations 1998.
• Explains that revised model rules for SSASs have been issued and that SSASs which were not approved by 17 March 1998 will need to reflect these provisions in their rules. The rules for schemes approved before that date should be amended at the earliest convenient opportunity (although there is no fixed deadline).

Update No 46
24 July 1998

• Publishes and comments on the results of a customer service survey.

Update No 47
24 July 1998

• Announces changes to PSO application forms and to procedural requirements as a result of the Finance Bill. Revised copy forms were attached.
• Announces an easement in relation to the signing of reporting forms referred to in Update No 39 (see above). Where written authorisation has been given by the 'administrator', these forms may be signed by a third party.
• Issues revised reporting forms relating to participating employers and to a change of principal employer.
• Announces a revised de minimis limit in respect of checks against the maximum funding rate for SSASs, applicable from 31 July 1998.

Update No 48
24 August 1998

• Explains the PSO view on successive loans from and borrowing by SSASs, non-cash transactions and property leases for SSASs and the associated procedural requirements.
• Issues revised reporting forms for SSASs.
• Announces a revision to PN 8.27 in respect of the lump sum benefits for pre 1 June 1989 continued rights members.
• Corrects errors contained in Updates 42 and 45 in relation to the de minimis limit for insured money purchase scheme funding checks and the address of the Inland Revenue website.
• Announces the publication of customer service leaflet IR120, 'You and the Pension Schemes Office'.

Update No 49
24 August 1998

• Explains the implications of self assessment for pension schemes. It is intended that all self-administered schemes will be issued with a tax return for the year 1998/99.
• Clarifies the expression 'a change of job' used in forms PS119, 120 and 121 in relation to transfers to overseas schemes.