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The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023
HMRC has launched a consultation on draft tax regulations which set out changes to how pensions tax rules will apply as a result of the public service pensions remedy.
HMRC are looking for views on the proposed regulations, which make further tax changes to the tax framework as a result of the public service pensions remedy.
These changes will impact pension scheme administrators and members of public service pension schemes affected by the remedy.
Tax regulations in relation to the remedy took effect from 6 April 2023.
These draft regulations give pension scheme administrators details of additional tax changes they will need to consider as a result of the remedy.
They also give pension scheme members details of approaches to any annual allowance, lifetime allowance or unauthorised payments tax charges they may have during the tax year 2019 to 2020, to the tax year 2022 to 2023.
The consultation closes on 19 June 2023.
Governement’s response to consultation on public sector pensions remedy for Firefighters’ Pensions (MCCLOUD/SARGEANT): Phase Two, Retrospective Remedy
We are pleased to announce that the Home Office has published the government’s formal response to the consultation on the draft Firefighters’ Pensions (Remediable Service) Regulations 2023 and policy intent to implement the retrospective phase of the McCloud/Sargeant remedy.
The consultation response is available at the following link: Firefighters’ Pension Scheme retrospective remedy – GOV.UK (www.gov.uk)
The finalised Firefighters’ Pensions (Remediable Service) Regulations 2023 were expected to be laid in Parliament on 19 July. They will come into force from 1 October 2023.