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Employer  >  Trustee Zone  >  The role of a trustee  >  Attention Scheme Administrators!

Attention Scheme Administrators!

HMRC online service switches on from 16 October 2007

Scheme Administrators should be aware that HMRC made an announcement on 13 April 2007 that it will be mandatory for pension schemes to file certain information electronically with effect from 16 October 2007.

What information has to be filed electronically?

  • An application to register a pension scheme
  • A Registered Pension Scheme Return
  • An Accounting for Tax Return
  • A Scheme Administrator's Declaration
  • An Event Report
  • Notification of Winding-up a Registered Pension Scheme
  • Notification of Termination of a Scheme Administrator's Appointment.

Scheme Administrators can file paper or electronic returns before 16 October 2007. However, if HMRC receive paper returns after 15 October 2007, these will be returned to the Scheme Administrator and will be treated as never having been received and the Scheme Administrator will not have met their obligation to file within the deadline.

Why has HMRC changed their procedures?

HMRC believe that the change in procedure will benefit customers. Examples given include:

  • Quicker processing by HMRC
  • Single keying of information by customer, therefore reducing industry costs and administration burdens
  • Automatic validation in the process avoids errors and rework, and
  • The customer can view what information HMRC holds and easily identify what needs to be updated or corrected if the wrong information has been entered.

How can Scheme Administrators provide information electronically?

Scheme Administrators will have to register for online service. Guidance on how to register was included in Newsletter 20.

It's worth pointing out that HMRC has confirmed that if the system is not available when trying to register a pension scheme, you should keep trying until the service is available!

This is a major change in procedure so it's very important that Scheme Administrators have prepared themselves for this change. HMRC have produced a key facts guide which gives Scheme Administrators more information about their role and responsibilities.

Further information can be found in Newsletter 27.

                                                                                                         

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© Scottish Life, St Andrew House, 1 Thistle Street, Edinburgh, EH2 1DG.
Scottish Life is a division of Royal London and markets products produced by Royal London. Royal London consists of The Royal London Mutual Insurance Society Limited and its subsidiaries. The Royal London Mutual Insurance Society Limited provides life and pension products, is a member of the Association of British Insurers and is authorised and regulated by the Financial Services Authority, registration number 117672. Royal London Marketing Limited acts as an insurance intermediary for general insurance products and is authorised and regulated by the Financial Services Authority, registration number 302391.