PTM168000 - Information and administration: other information requirements for scheme administrators
Glossary PTM000001
PTM160300 gives an overview of the scheme administrator’s reporting obligations. Guidance on the main information reporting requirements can be found at:
Reporting requirement |
PTM guidance page |
|---|---|
| Event Report | PTM161000 |
Accounting for Tax return |
|
Pension Scheme Return |
|
Death of a member |
|
Flexible access |
|
Pension savings statements |
|
Transfers |
Guidance on the scheme administrator’s other information requirement is set out below.
Operating relief at source
Reporting of unauthorised borrowing
Information on benefits in kind to be provided to a member
Ceasing to be a scheme administrator
Information required when a pension scheme has been wound up
De-registration
Operating relief at source
The Registered Pension Schemes (Relief at Source) Regulations 2005 - SI 2005/3448
Before a member is entitled to relief at source (RAS) on their pension contributions, they must provide the scheme administrator with some basic personal information and declarations. If the member does not provide those details in writing or they are provided by someone other than the individual (such as the member's employer) the scheme administrator must replay all the information back to the member and make a declaration on their behalf. PTM044220 has more information about RAS.
The scheme administrator of a scheme operating RAS must provide HMRC with certain information when they reclaim tax. Guidance on reclaiming RAS tax relief is on GOV.UK.
The scheme administrator must also send HMRC an annual information return. More information about this is on GOV.UK.
Reporting of unauthorised borrowing
Regulations 4(3) & 5A The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567
Where a scheme borrows money that does not meet the authorised borrowing conditions the scheme is treated as making a scheme chargeable under either section 183 or 185 of Finance Act 2004. PTM124000 describes the authorised borrowing conditions.
If a registered pension scheme is treated as having made a scheme chargeable payment because of unauthorised borrowing, the scheme administrator must report it to HMRC. The report must be sent to HMRC after the end of the tax year to which the report relates but no later than 31 January following the end of that tax year.
Where a pension scheme is wound up, the report must be sent to HMRC no later than 3 months from the date of completion of winding up if this is earlier than the standard filing deadline.
Content of the unauthorised borrowing report.
The scheme administrator must give HMRC all the following information in the report:
- the scheme name and pension scheme tax reference number
- the name and address of the scheme administrator
- the tax year in which the scheme chargeable payment is treated as having been made, and
- the total amount of the scheme chargeable payments treated as having been made under section 183 or 185 of Finance Act 2004 by the scheme for the tax year.
Do not include details of any scheme chargeable payments arising under either section 185A or 185F of Finance Act 2004. These chargeable payments should be reported under the Event Report (see PTM161600).
The report of unauthorised borrowing must be made as a single report of all scheme chargeable payments arising due to unauthorised borrowing for the tax year. It must be submitted in writing; it cannot be sent in electronically via Pension Schemes Online.
Form APSS 303 (available from GOV.UK) can be used to make the unauthorised borrowing report.
Unauthorised borrowing occurring before 6 April 2010
The scheme administrator is not required to automatically report to HMRC unauthorised borrowing that occurred before 6 April 2010. However, the scheme administrator must still provide information to HMRC about this unauthorised borrowing if HMRC requires the information to be provided in response to an information notice (see PTM169100).
Information on benefits in kind to be provided to a member
Regulation 13 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567
If a scheme provides a member, or someone in the member’s family or household, with a scheme asset for their benefit the scheme is treated as having made an unauthorised payment to the member in accordance with section 173(1) Finance Act 2004 - see PTM133900.
When a scheme makes such an unauthorised payment the scheme administrator must provide the following information to the relevant member:
- the nature of the benefit provided
- the amount of the unauthorised payment which is treated as being made by the provision of the benefit
- the date on which the benefit was provided.
This information must be provided by 7 July following the end of the tax year in which the payment is made. The member needs this information so that they can correctly report the payment on their tax return and pay the tax due on the unauthorised payment.
If the scheme has wound up the deadline for providing the information is 3 months following the date of completion of winding up.
As the scheme is treated as having made an unauthorised payment the scheme administrator must also report it on the Event Report (see PTM161300).
Ceasing to be a scheme administrator
Regulation 6 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567
Regulation 4 The Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006 - SI 2006/570
Where a person ceases to be a scheme administrator they must notify HMRC of this fact within 30 days using whichever system the scheme details are held on; either Pension Schemes Online or the Managing Pension Schemes service or, possibly, both systems - see PTM154000.
Information required when a pension scheme has been wound up
Regulation 4 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567
Regulation 4 The Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006 - SI 2006/570
Telling HMRC that a registered pension scheme has wound up
The person who was the scheme administrator immediately before the winding up of a registered pension scheme must tell HMRC
- that the scheme has wound up, and
- the date of completion of winding up.
This notification must be made as part of an Event Report - see PTM161000. The Event Report must be submitted electronically within 3 months of the date winding up was completed.
When HMRC does not need to be told that a scheme has wound up
Scheme administrators do not need to tell HMRC about the winding up of the following type of registered pension scheme:
- deferred annuity contracts made on or before 5 April 2006 that became registered pension schemes on 6 April 2006 (under paragraph 1(1)(d) Schedule 36 Finance Act 2004)
- former approved superannuation funds (also known as old code see paragraph1(1)(b) Schedule 36 Finance Act 2004)
- retirement annuity contracts (registered pension schemes under paragraph 1(1)(f) Schedule 36 Finance Act 2004)
- deferred annuity contracts that automatically became a registered pension in accordance with section 153(8) FA 2004 as long as:
- apart from the transfer of funds needed to create the contract, the contract has not received a recognised transfer
- the total of any employer and relievable pension contributions paid by or on behalf of the member to the contract is not more than £10
- the contract does not fall within the definition of an investment-regulated scheme which directly or indirectly holds an interest in taxable property and
- no scheme administrator’s declaration under section 270(2)(b) Finance Act 2004 has been made to HMRC - see PTM031300.
Other reporting requirements when a scheme is wound up
When a pension scheme is wound up the time limit for submitting other prescribed reports to HMRC and providing any other information under SI 2006/567 becomes the earlier of:
- 3 months from the date of completion of winding up, or
- the last date otherwise prescribed under the Registered Pension Schemes (Provision of Information) Regulations 2006.
De-registration
Regulation 15 The Registered Pension Schemes (Relief at Source) Regulations 2005 - SI 2005/3448
If a scheme that has operated RAS is de-registered, the scheme administrator must give HMRC information regarding any contributions made under RAS after the scheme has been de-registered - see PTM033300.