PSA meaning

What is the current legislation/regulation relating to drug misuse in the workplace and does this go far enough? Is there any guidance available for employers? Employers are legally required, under the Health and Safety at Work etc Act 1974, to safeguard the health, safety and welfare of their workforce so far as is reasonably practicable. The Management of Health and Safety at Work Regulations 1999 (SI 1999/3242) add a duty to identify and evaluate risks to employees’ health and safety. Where an employer knowingly permits someone to work while impaired by drugs or alcohol, and that behaviour endangers them or others, the employer may face prosecution. Workers, for their part, must also exercise reasonable care for their own safety and for anyone who could be affected by what they do—or fail to do—at work. The Misuse of Drugs Act 1971 is the key UK statute governing drug misuse. It renders the production, supply and possession of controlled drugs unlawful, save for defined exceptions, such as...

In this issue: Brexit UK, EU and international regulators and bodies Accountability, culture and societal governance Prudential rules Stability of the financial system Financial crime and sanctions Conduct standards Complaints, redress and claims handling Investigations, enforcement and disciplinary action Benchmark regulation and IBOR transition Capital markets regulation PRIIPs (Packaged Retail and Insurance-based Investment Products) Derivatives regulation Sustainable finance and ESG Banks and mutuals Funds and asset management MiFID II Insurance regulation Personal pensions and stakeholder products regulation Payment services and systems Fintech and cryptoassets EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday alerts New and updated content Dates for your diary New Q&As New Q&As Brexit — HMT outlines the next stage of the Smarter Regulatory Framework. HM Treasury (HMT) has issued a policy paper describing the upcoming...

In this issue: New technologies Internet Data protection Advertising, marketing and sponsorship Telecommunications Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information TMT Highlights 2024/2025 New technologies DSIT and DCMS launch consultation on copyright and AI framework The Department for Science, Innovation and Technology (DSIT) and the Department for Culture, Media and Sport (DCMS) have opened a ten-week consultation on proposals to overhaul the UK’s legal framework for copyright and AI. The exercise aims to reduce uncertainty in the current regime by introducing a copyright exception for AI training, whilst allowing rights holders to retain their rights. It also sets out fresh transparency obligations for AI developers and examines matters concerning personality rights in digital replicas. The government seeks to balance the interests of the creative industries with those of the AI sector, with the consultation closing on 25 February 2025. See: LNB News 19/12/2024...

This Practice Note sets out the principal steps for properly bringing to an end a defined contribution (DC) occupational pension scheme—also described as a money purchase occupational pension arrangement or a trust-based defined contribution plan. Throughout this Practice Note, this type of arrangement is termed a ‘DC scheme’. The guidance applies across a range of DC schemes, including trusts that sit outside the authorised master trust framework and small self-administered pension schemes (SSASs), although the latter may, in certain cases, be excluded from particular statutory obligations or requirements. This Practice Note does not cover the winding-up of any: an ‘authorised master trust’ under the Pension Schemes Act 2017 (PSA 2017)—for further detailed information, please see Practice Note: The authorisation and supervisory regime for master trusts, contract-based DC arrangements (eg group personal pension arrangements)—for further details and guidance, see Practice Note: Winding up of personal pension schemes Statute makes distinct and specific provision for hybrid schemes (combining defined benefit (DB) and DC...

The legislative framework The Pension Schemes Act 2017 The Pension Schemes Act 2017 (PSA 2017) is designed to strengthen safeguards for members of master trusts by tightening oversight of master trusts and addressing risk areas inherent in the master trust model when set beside other occupational pension schemes (such as profit-driven objectives, large cohorts of disengaged savers, and the potential jeopardy to pension pots if a master trust collapses). In summary, from 1 October 2018: master trusts must secure authorisation from the Pensions Regulator to operate as a master trust (with existing master trusts given until 31 March 2019 to submit an authorisation application, subject to any extension of the deadline granted by the Pensions Regulator). Five conditions must be met before the Pensions Regulator will grant authorisation—see: Authorisation criteria, below the Pensions Regulator has responsibility for the ongoing supervision of master trusts—see: Ongoing supervision and The Pensions Regulator’s proposed approach to supervision and enforcement, below master trusts must identify and manage ‘triggering...

A PAYE settlement agreement (PSA) is an optional arrangement letting an employer cover, via one yearly payment, the income tax and National Insurance contributions (NICs) due by their staff on specified minor and irregular expenses and benefits. A PSA does not replace an employer’s duty to run PAYE on ordinary earnings and to correctly report expenses and benefits. What can be included in a PSA? HMRC will accept a PSA when amounts or benefits are provided to employees and those amounts or benefits are: minor irregular, or impracticable to tax through the payroll, expenses or benefits systems Minor There is no set monetary threshold defining what counts as minor...

[ Insert client’s address ] 1 Purpose of this letter This letter sets out how income tax and National Insurance contributions (NICs) apply when staff entertainment (for example, parties) and gifts are provided, and the implications for both employees and the employer. For the purposes of this letter, references to employees also include directors and other office holders, eg the company secretary, of the employing company. 2 Staff entertainment—income tax and NICs treatment Offering a party or staff event to employees will ordinarily create a taxable benefit for each individual, subject to income tax and Class 1A NICs. The benefit must be reported on the P11D, or covered by a PAYE Settlement Agreement (PSA) if one is in place with HMRC. A PSA is used where the employer agrees to settle any income tax and the associated Class 1A NICs arising on the provision of minor or irregular benefits on behalf of its employees, with the employer instead paying Class 1B NICs under the PSA. This...