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Revenue puts partners on the payroll

The Inland Revenue is to change its rules to allow employees to make contributions into the pensions of non-earning spouses and partners through their payroll.

After a request by Scottish Equitable, the Revenue is expected to ann- ounce soon that it is changing IR76 rules banning employees from making contributions into their partner&#39s schemes direct from their net pay.

The move has been welcomed by ScotEq, which believes the decision will not only extend group pension scheme membership but also enable IFAs to keep up their renewal commission earnings.

It intends to roll out the facility as soon as possible after the New Year and expects other providers to follow suit, as it believes only minor adjustments will need to be made to existing payroll systems to enable them to cope with the facility.

A Scottish Equitable spokesman says: “We are delighted that the Revenue has confirmed to us that it has decided on this course of action.

“It should improve company/employee relations and could potentially open up new streams of income for IFAs.”

Informed Choice managing director Nick Bamford says: “It is a bit of a shift from the Revenue and it could encourage people who want to make contributions from their salary rather than their bank account.”

A Revenue spokesman says: “There have been no announcements about any changes being made.”


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