EIM15200 - Employer-financed retirement benefits schemes: reporting responsibilities

Section 251 (1) (a), (2) (e) - (f) FA 2004 and The Registered Pension Schemes and Employer-Financed Retirement Benefits Schemes (Information) (Prescribed Description of Persons) Regulations 2005 S.I. 2005 No.3453

These regulations came into force on 6 April 2006.

There are 2 main areas where information must be provided to HMRC:

  • when the scheme starts
  • annually where benefits are provided

Reporting when the scheme starts

By 31 January following the end of the tax year in which a scheme comes into operation, the prescribed person (defined below) must send the following particulars to HMRC:

  • the name of the scheme
  • the address of the responsible person
  • the date the scheme came into operation

A scheme ‘comes into operation’ on the first occasion after 5 April 2006 when either:

  • (a) an employer contributes to the scheme or
  • (b) relevant benefits (see EIM15021) are provided.

The ‘prescribed person’ is the same person as the ‘responsible person’ in EIM15056.

The particulars required when a scheme starts should be sent to:

  • the trust office dealing with the trust through which the scheme operates, or
  • if the scheme is not operated through a trust, the particulars should be sent to Pension Schemes Services, HM Revenue and Customs, BX9 1GH.

Reporting benefits annually

Also, the same person must send the following particulars to HMRC annually by 7 July following the end of the tax year in which any relevant benefit (see EIM15021) is provided:

  • the name, address and national insurance number of the recipient of the relevant benefit
  • the nature of the relevant benefit
  • the amount of the relevant benefit (calculated in accordance with EIM15120 where non-cash)

The particulars should, where they relate to relevant benefits to which PAYE does not apply, be provided in the form of a list and headed ‘Employer-Financed Retirement Benefits Scheme - Relevant Benefits’ The list should be sent to the HMRC office that deals with any PAYE scheme operated by the employer-financed retirement benefits scheme (new PAYE schemes can be set up via the Employer Helpline) or, if there is no specific PAYE scheme for the employer-financed retirement benefits scheme, the list should be sent to the HMRC office that deals with the employer’s PAYE scheme.