Guidance

Newsletter 168 — March 2025

Published 27 March 2025

Pension scheme return (PSR)

From 15 April 2025, pension scheme administrators and practitioners who receive a notice to file a PSR for the 2024 to 2025 tax year, will need to submit this on the Managing pension schemes service.

Migrating to ensure you have enough time

If your pension scheme has a Pension Scheme Tax Reference (PSTR) beginning with ‘0’, and you haven’t already done so, you’ll need to enrol and then migrate your pension schemes onto the Managing pension schemes service before 6 April 2025. From this date, when a scheme is migrated, HMRC will automatically issue notices to file for any applicable years, backdated to the 2024 to 2025 tax year.

If you migrate your scheme on or before 31 October 2025, you’ll receive a notice to file a PSR for tax year 2024 to 2025, with a filing deadline of 31 January 2026.

If you migrate your pension scheme after 31 October 2025, notices to file for the 2024 to 2025 tax year will have a filing deadline of 3 months from the date of issue.

If you further delay migrating your schemes, notices to file for any applicable years will automatically be issued, going back to the 2024 to 2025 tax year.

For example, if you choose not to migrate your pension schemes to the Managing pension schemes service until 1 August 2027, you’ll receive a notice to file a PSR for the tax year:

• 2024 to 2025 with a filing deadline of 1 November 2027
• 2025 to 2026 with a filing deadline of 1 November 2027
• 2026 to 2027 with a filing deadline of 31 January 2028

Create, compile and save PSRs for the tax year 2024 to 2025 onwards

If you have received a notice to file a PSR for the 2024 to 2025 tax year, you will be able to file this PSR on the Managing pension schemes service from 15 April 2025. The filing deadline will be explained on the notice to file.

To start compiling your PSR, you will need to select the relevant scheme from your list of schemes on the Managing pension schemes service and select ‘Pension scheme return’ under the ‘Manage reports and returns’ section.

If you have received a notice to file, there will be an option to select ‘Start’ next to the ‘6 April 2024 to 5 April 2025’ tax year.

Once you have selected ‘Start’, you can begin to compile your PSR. You will have the option to save your PSR on the service and return to submit it later. It will stay on the service until you’ve completed the declaration and submitted it.

We’ll ask for more information than we used to for previous PSRs that were completed on the pension schemes online service and, depending on the size of the scheme, different information will be required as part of the return.

Once you have filed a PSR, in future years some of the information will be pre-populated making the process easier for you.

The type of scheme you have registered will determine which PSR you’ll have to complete. There will be two types of PSR:

• self-invested person pension (SIPP)
• standard (non-SIPP)

The service will display the PSR that is relevant for your scheme type.

Manual and bulk reporting for a standard (non-SIPP) PSR

For a pension scheme that requires a standard (non-SIPP) return, a full return (including members’ details) will only be required for schemes with less than 100 members, although all schemes will need to provide designatory details.

You’ll be able to enter these details directly on to the system manually. You can no longer submit any PSR, for any period, using third-party software.

You’ll also have the option to bulk upload the member details by CSV file. The CSV file template will be available on the Managing pension schemes service for you to complete and upload.

Bulk reporting for a SIPP PSR

For a pension scheme that requires a SIPP PSR, you’ll be required to upload member details and asset data by CSV file only. You’ll not be able to do any of this manually.

The CSV file templates are available on the service, and you’ll need to upload a different CSV file for each asset type. You must not amend, remove or re-format the first or second row on the CSV file once you have downloaded them, otherwise the file will fail to upload.

The asset types are divided up into six sections:

• land or property acquired from a connected party

• other assets acquired from a connected party

• land or property acquired from arm’s length party

• tangible moveable property

• outstanding loan made to someone else

• unquoted shares acquired from arm’s length party

If you upload more than one file for the same asset, the original file will be overwritten.

If the combined CSV file sizes for all the asset types are in excess of 10MB, the system will direct you to email us at administrationpensions@hmrc.gov.uk.

Submitting your PSR

You or your authorised practitioner can only submit a PSR for a pension scheme if you have received a notice to file for that scheme.

Once you have successfully submitted your PSR, you’ll see a confirmation screen on the service that you can print out for your records. You’ll also receive an email confirming your submission.

You’ll be able to make amendments to any PSR that you’ve submitted.

Amending a submitted PSR

You or your authorised practitioner can amend the latest version of a submitted PSR for a tax year. To do this, no other user should have that return open.

If you amend a submitted return for any type of PSR, it will save as a new version on the scheme record. You’ll only ever be able to amend the latest version you submitted.

For a pension scheme that submits a standard (non-SIPP) PSR, you’ll need to manually amend the return on the Managing pension schemes service. You’ll not be given the option to upload an amended CSV file.

Amend a submitted SIPP return

If you need to make an amendment to a member, such as their:

• first name

• last name

• date of birth

• National Insurance number

You should manually amend these member details on the Managing pension schemes service as this will automatically update the member’s details for any asset they are associated with.

You should not amend the member’s details by uploading a new CSV file, as this will delete the existing member and add a new member with the updated details.

If you need to amend any of the asset details in the CSV files you’ve already uploaded, you’ll need to upload a new CSV file for that asset type.

If you need to amend member information and a transaction, amend the member’s information first manually. Once you have done this, you can then then re-upload the CSV file with the updated information for that member and associated assets.

Viewing and searching a submitted PSR

On the Managing pension schemes service, you can view or search any version of a compiled or submitted PSR for a tax year.

To view any compiled or submitted return on your pension scheme’s record, select the tax year and version you want to view.

You can search member details by using their name or National Insurance number to see the information you submitted about them.

Filing or amending PSRs for the tax year 2023 to 2024 or earlier

If you need to submit a new PSR or amend an existing PSR for the tax year 2023 to 2024 or earlier, you will need to do this on the Pension schemes online service.

You can no longer submit any PSRs on the Pension schemes online service, for any period, using third-party software. You’ll need to compile and submit the report directly onto the service.

Drawdown pension tables 

HMRC published extended drawdown pension tables on 27 March 2025.  

The extended tables apply from 1 September 2025. You should use the extended tables for all calculations that you do on or after that date. 

For pension drawdown calculations up to and including 31 August 2025 you should continue to use the relevant earlier versions of the drawdown pension tables (extended yields) and instructions.

If you have any questions about the extended drawdown tables, email policypensions@hmrc.gov.uk and put ‘drawdown pension tables’ in the subject line. 

Qualifying recognised overseas pension schemes (QROPS)

Aligning the treatment of transfers to overseas pension schemes (OPS) and recognised overseas pension schemes (ROPS) established in the European Economic Area (EEA) was announced at the UK Autumn Budget 2024.

In the Pension schemes newsletter 167, we advised that from 6 April 2025, the conditions that schemes established in the EEA need to meet to be an OPS and ROPS will be brought in line with the conditions that must be met by schemes established in the rest of the world.

In April 2025, we will be writing to scheme managers of QROPS in the EEA asking them to confirm that they meet these conditions. If we do not receive a response or they confirm that they do not meet the new conditions by 7 May 2025, the scheme will cease to be a QROPS. The check the recognised overseas pension schemes notification list will be updated by 15 May 2025.

Lifetime allowance protections and enhancements

This is a reminder that, as a result of the abolition of the lifetime allowance from April 2024, deadlines have now been applied to certain lifetime allowance protections.

Fixed protection 2016 and individual protection 2016

The application deadline for both fixed protection 2016 and individual protection 2016 is now on or before 5 April 2025.

After this date, individuals will not be able to apply for either of these protections.

If needed, individuals can apply for either or both of these protections before the deadline online.

This service will be updated from 6 April 2025.

International enhancements

Overseas individuals with accrual under a registered pension scheme, or transfers from a ROPS, who want to apply for international enhancements, must do so by 5 April 2025.

The deadline for an application is the earlier of:

• 31 January following the end of the tax year, 5 years after the end of the tax year in which the accrual period ends, or in which the recognised overseas scheme transfer took place
• 5 April 2025

The latest date of the period of overseas membership or date of transfer is 5 April 2024, as the lifetime allowance was abolished from 6 April 2024.

Pension credit enhancements

Individuals who want to apply for pension credit enhancements from previously crystallised rights must do so on or before 5 April 2025.

The deadline is the earlier of:

• 31 January following the end of the tax year, 5 years after the end of the tax year in which they legally became entitled to the pension credit
• 5 April 2025

The date of the pension sharing order cannot be any later than 5 April 2024, as the lifetime allowance was abolished from 6 April 2024.

Application deadlines can be found at Finance Act 2024 — schedule 9, part 4, paragraph 94.

Authenticated look up service to confirm protections and enhancements ― how you can help us

In Lifetime allowance guidance newsletter — December 2023 we told you that in 2025 we will be moving the lifetime allowance protection look-up service onto the Managing pension schemes service.

This will allow us to provide additional information to registered pension scheme administrators and practitioners, when checking whether the protection that a member has informed them they are relying on, for a higher lump sum, is valid. We will also update the service to include if a member holds an enhancement as well as protections.

Later this year, we’ll be asking you, to help us develop this feature. If you would like to be involved, email pensionsuserresearchrecruitment@hmrc.gov.uk and put ‘look up service’ in the subject line.