Pension Schemes - how to avoid a headache

HMRC would like to make people aware of the reporting requirements for pension scheme administrators under the new pensions regime. While many scheme administrators will not have anything to report except when the scheme winds up, HMRC is seeking to raise awareness of the roles and responsibilities that go with the job just in case, particularly where the administrator is someone who may not normally be involved in pensions business. The message from HMRC is as follows:

 
No doubt you carry out regular health checks, as well as end-of-year reviews. You may, as part of this, consider pension savings. But are you aware that, as part of the new simplified pensions regime, there are new HMRC reporting requirements for those who are scheme administrators for their pension schemes?
 
If you have your own Small Self-Administered Scheme (SSAS), Self-Invested Pension Plan (SIPP) or perhaps an insured arrangement, do you or your client know who the scheme administrator is for this scheme? It may well be one of you, so check with the pension provider, and they should be able to let you know.
 
If it is you, you should be aware of the responsibilities that come with the job. Under pensions tax law, the scheme administrator is responsible for performing certain functions in connection with the scheme, for example, making returns of information to HMRC where required, providing information to members, and paying certain tax charges. Of course, a scheme administrator can appoint a practitioner to act on their behalf in relation to some of these duties.
 
For those who do need to submit information returns to HMRC, they should be aware that from 16 October 2007, these returns must be sent electronically to HMRC. If you want further information on the role of the scheme administrator, HMRC has produced a short fact sheet available on its website at www.hmrc.gov.uk/pensionschemes/scheme-administrator-facts.pdf.
 
Comprehensive guidance from the Registered Pension Schemes Manual can also be viewed at www.hmrc.gov.uk/manuals/rpsmmanual/index/htrn.

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Pension Schemes - how to avoid a headache
Pension Schemes - how to avoid a headache
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