HM REVENUE AND
CUSTOMS News Release (NAT 44/07) issued by The Government News
Network on 11 July 2007
HMRC is urging
employers and individuals who have set up their own pension scheme
to check who their pension scheme administrator is, and make sure
they are aware of their responsibilities.
If you have set up your own scheme - rather than just joined an
existing scheme - using an insurance company, bank or other
provider, in some cases they will not be the legal scheme
administrator - it could be you.
All pension schemes must have at least one scheme administrator,
and they have certain legal responsibilities, for example:
* making returns of information to HMRC where required;
*
providing information to members; and
* paying certain tax
charges if they arise.
If you're not sure who your scheme administrator is, HMRC
suggests you contact your scheme provider directly in the first
instance. If you still need help, visit the HMRC website at http://www.hmrc.gov.uk/pensionschemes.
Finally, if that doesn't answer your questions, contact
HMRC's Pensions Helpline on 0115 974 1600.
For further information on the role of the scheme administrator,
HMRC has produced a short fact sheet available at http://www.hmrc.gov.uk/pensionschemes/scheme-administrator-facts.pdf
Julie Elsey, HMRC's Head of Pension Schemes Services, said:
"Even the smallest pension scheme must have a scheme
administrator, and they need to be aware of their
responsibilities. If you're not sure who this is, find out
now, to avoid any problems in the future."
Notes for editors
1. The Scheme Administrator is responsible for fulfilling several
different functions, including:
* registering the pension scheme with HMRC;
* operating tax
relief on contributions under the relief at source system;
*
reporting events relating to the scheme and the Scheme
Administrator to HMRC;
* making returns of information to
HMRC;
* providing information to scheme members, and others,
regarding the lifetime allowance, benefits and transfers;
and
* paying certain tax charges.
2. A Scheme Administrator can appoint a Practitioner to act on
their behalf in relation to some of their duties.
3. Under the new simplified pensions tax regime, introduced in
April 2006, there are three new reports and returns that the
Scheme Administrator of a registered pension scheme is responsible
for submitting to HMRC: the Accounting for Tax Return; the Event
Report; and the Pension Schemes Return. The Accounting for Tax
Return is a quarterly tax return, and only needs to be submitted
where certain tax charges have been deducted by the scheme during
that quarter. The Event Report is an annual report that only needs
to be submitted by 31 January if certain events - that are set out
in the Registered Pension Scheme (Provision of Information)
Regulations - have occurred during a tax year. The Pension Scheme
Return is an annual return that only needs to be submitted by 31
January by scheme administrators if they receive a notice to file
this return from HMRC.
4. It is expected that less than 20 per cent of all pension
schemes will need to submit any of the above reports or returns in
any tax year, and for most insured pension schemes they will never
be required to submit a report or return to HMRC, except when the
scheme winds-up.
5. Reports and returns can be filed online either using
HMRC's free software or third party software via HMRC's
Pension Schemes Online service. (Visit http://www.hmrc.gov.uk and click
on 'Pension Schemes' under the 'Do it Online' menu.)
Issued by HM Revenue & Customs Press Office
Website http://www.hmrc.gov.uk