Since the December monthly update, HMRC has published Pensions Tax Simplification Newsletter No 23. The latest newsletter contains information on, amongst other things, HMRC’s intention to publish a draft set of regulations amending the information requirements for certain deferred annuity contracts, the need to contact the relevant overseas authority (not the HMRC Audit and Pension Schemes service) for confirmation on whether a transfer is permissible even if it has Qualifying Recognised Overseas Pensions Scheme status, and details of how to obtain a Pension Scheme Tax Reference.

The newsletter also outlines changes to the pensions tax regime as announced in the 2006 Pre- Budget Report (PBR). It says that the changes are to ensure that the pensions tax rules continue to meet their original intention and that pensions tax relief is only used for saving a retirement income. Further details on these changes can be found on the HMRC website: PBR notes 13, 14 and 15.

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