HMRC has issued a list of recent changes to the RPSM made in relation to the changes enacted in the Finance Act 2011.
Regulations will remove the unauthorised payments charge on transfers of a scheme pension in payment, lifetime annuity, short term annuity or assets underpinning an unsecured pension in respect of an individual aged 50 to 55.
HMRC has issued a response following consultation on proposals to allow members subject to an annual allowance charge to pay the charge direct from their pension benefits.
HMRC has issued draft regulations setting out detailed requirements to be fulfilled before an individual with lifetime pension income of at least £20,000 per year may access the whole of their drawdown fund without being subject to annual limits.
The lifetime allowance will be reduced to £1.5million on 6 April 2012.
The Government is bringing in legislation to tackle arrangements aimed at reducing or avoiding tax or National Insurance liabilities when rewarding employees.
Draft regulations have been issued which will make consequential amendments relating to the removal of the annuitisation requirement.
Written Ministerial Statement, Tax Information and Impact Note and draft legislation issued 24 May 2011.
The annual allowance provisions will be amended with effect from 6 April 2011.
The special annual allowance provisions ceased to have effect after the tax year 201011