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HMRC have made changes to the processes for pension registration and transfers between schemes. The new set up, which is effective from this month, is aimed at deterring pension liberation and safeguarding retirement savings.
The registration process is to move away from a ‘process now, check later’ approach, meaning registration will no longer be confirmed on successful submission of an online form.
HMRC have made changes to the processes for pension registration and transfers between schemes. The new set up, which is effective from this month, is aimed at deterring pension liberation and safeguarding retirement savings.
The registration process is to move away from a ‘process now, check later’ approach, meaning registration will no longer be confirmed on successful submission of an online form.
The applicant will instead receive a message that confirms a submission has been successful, but the scheme will not be registered, contributions received will not qualify for tax relief, and transfers from other schemes will be unauthorised payments.
HMRC will review the application and may need to ask for additional information before deciding whether or not the scheme can be registered.
The Revenue will provide confirmation of a transfer between schemes only where the receiver is registered and the information held by the tax department does not indicate a significant risk that the scheme was set up to facilitate liberation – the consequences of which are covered in a government factsheet.
Otherwise, a response of the conditions in which the taxman will confirm registration status will be issued with the explanation that one or both conditions were not satisfied.
