28 Nov Actions for Registered Group Life Assurance Administrators
HMRC has been working on updating its Pension Schemes Online (PSO) system and have decided to bring forward transferring existing scheme administrator data onto their new Pensions Online Digital Service to April 2018. This is to allow existing pension scheme administrators to register new schemes on the new service.
Registered Group Life Assurance schemes fall under this system, so it is vital that if you have this type of scheme that you log into the Pension Schemes Online system and check that your scheme administrator details are complete and up to date as soon as possible to ensure they have enough information to move you to the new service.
Even if you have not updated your registration following A-Day in April 2006 and do not yet have a pension scheme tax reference (PSTR) number for your scheme, you will need to update your registration status and provide valid scheme administrator details as soon as possible. For further details on how to do this, please click on the link to the HMRC website here.
If HMRC do not have enough information to move scheme administrators to the new service you may have to register as a new user on the new service from April 2018. Claims and even cover may be at risk if a scheme is de-registered, as well as the potential for what HRMC describes only a “substantial tax penalty”.
If your Group Life Assurance scheme operates under your provider’s Master Trust then you do not need to do anything. The Provider acts as the Scheme Administrator and are responsible for updating your information.
Please contact your Wren Sterling adviser should you have any queries.