Guidance

Newsletter 142 ― August 2022

Published 31 August 2022

1. Relief at Source

1.1 Annual return of information — interim repayments

We explained in Pension scheme newsletter 141 that the deadline for submitting the 2021 to 2022 annual return of information and APSS590 declaration to HMRC has passed.

We know that there are still returns outstanding from scheme administrators who have submitted interim repayment claims for 2022 to 2023. Any subsequent interim repayments will be withheld, pending receipt of the outstanding information.

If you submit your annual return of information but your return fails processing, we’ll still deem this to be outstanding and will stop any subsequent interim repayments pending re-submission.

If your submission fails for a third time, we’ll stop all future interim repayments to your scheme until a further re-submission is received and processed successfully.

It’s important that you successfully submit your annual return of information and the APSS590 declaration for 2021 to 2022 by 30 September 2022.

Successful submission by 30 September 2022 will make sure that we can give you the correct residency status for your members on your January 2023 notification of residency status report. You can then use this to give your members tax relief from 6 April 2023 and claim the right amount of repayment from HMRC.

1.2 APSS106 annual claims for tax year 2021 to 2022

If you are a scheme administrator of pension schemes operating relief at source, you must submit the APSS106 — registered pension schemes relief at source annual claim for 2021 to 2022 to HMRC by 5 October 2022.

1.3 Emailing APSS105 interim claim forms

In Pension schemes newsletter 136, we explained that we’ve extended easements for getting wet signatures on the APSS105, APSS106, APSS107 and APSS590 declarations until 31 March 2024.

This means that until 31 March 2024, HMRC will accept scanned relief at source forms:

• emailed by the authorised signatory — in this circumstance we will accept the form without a signature
• signed and emailed by someone else providing we also receive a separate email directly from the authorised signatory authorising them to submit the form

We’ve experienced issues with multiple APSS105 interim claim forms being emailed together as this can lead to problems with processing.

From 1 October 2022, you need to send each APSS105 on a separate email. If we receive your emailed APSS105 claim form by the last working day of the month, and we’re satisfied with the claim, it will normally be paid either on the:

• 21st of the following month
• next working day

2. Normal minimum pension age

In Pension schemes newsletter 136, we gave information on the increase in the normal minimum pension age from 6 April 2028, and the new 2028 protection framework.

You can find more updates on the increase in normal minimum pension age and how the related protections work, in the Pensions Tax Manual. The updated guidance has new pages including:

• Member benefits: the right to take benefits before age 57
• Member benefits: the right to keep a protected pension age after transfers

3. Migrating your pension schemes

Take action now to migrate your pension schemes to the Managing Pension Schemes service.

In Managing pension schemes service newsletter — April 2022, we told you that pension scheme administrators can now migrate pension schemes from the Pension Schemes Online service, to the Managing Pension Schemes service.

If you’re migrating pension schemes, you should select ‘Add a pension scheme from the Pension Schemes Online service’ and then select each scheme you need to migrate. You should not select ‘Apply to register a new pension scheme’.

If you’ve incorrectly tried to re-register an existing pension scheme that you’re an administrator for, email:migration.mps@hmrc.gov.uk and put ‘Incorrect scheme registration’ in the subject line.

Find more guidance on migrating your pension schemes to the Managing Pension Schemes service.

4. Accounting for Tax (AFT) returns

You can no longer compile and submit new Accounting for Tax returns for any quarter from 1 April 2020 onwards on the Pension Schemes Online service. If you need to submit new returns for any quarter from 1 April 2020 onwards, you need to migrate the pension scheme.

Find information on how to submit an Accounting for Tax return using the Managing Pension Schemes service.

5. New scams strategy from The Pensions Regulator

The Pensions Regulator has published a new strategy to combat pension scams. This aims to protect savers, as increases in the cost of living may leave them more vulnerable to scammers. The plan aims to:

• educate industry and savers on the threat of scams
• prevent practices which can harm savers’ retirement outcomes
• fight fraud through prevention, disruption and punishment of criminals

It sets out to make savers aware of the risk of scams, encourage schemes to adopt higher standards of protection for savers’ pots and secure the intelligence needed to pursue and punish criminals. The Pensions Regulator aim to encourage industry to lead the way in thinking of innovative ways to protect savers now and in the future.

The strategy will complement the work of Project Bloom, the multi-agency taskforce created in 2012 to tackle pension scams. Project Bloom will be renamed ‘the Pension Scams Action Group’, following a recommendation by the Work and Pensions Committee.

The Pensions Regulator has been calling on industry to join the pledge to combat pension scams and self-certify to follow through on their commitment to protect savers. Find information on the pledge on the Pension Regulators website.