HMRC Newsletter 29 is now available, and it contains a summary of the pensions aspects of the Finance Act 2007. Amongst other things, the 2007 Act makes changes to the regime for alternatively secured pensions, and alters some of the tax rules relating to pension commencement lump sums and ill health pensions. It also amends the rule relating to payment of lump sum death benefits, such that a lump sum must now be paid within two years from the date the trustees knew of the member’s death rather than from the date of death itself (unless the trustees should reasonably have known about the member’s death at an earlier date, in which case the death benefits must be paid within two years of that earlier date).
The Newsletter also contains a reminder that Scheme Administrators must file information electronically with HMRC as from 16 October 2007, and it advises that HMRC have published a free guide to the Pension Schemes Online system.
The newsletter can be viewed here: http://www.hmrc.gov.uk/pensionschemes/newsletter29.htm