Electronic filing of pension scheme information should be a matter of choice and not mandatory, a business group has argued. As from 16 October, pension scheme administrators are obliged to file certain information on registered pension schemes electronically. However, the Federation of Small Businesses (FSB) has attacked the measure for the extra red tape it imposes on smaller firms. The FSB said that many small businesses responsible for pension administration still use the post and the fax. The change, the FSB claimed, could force them into costly changes to working practices and equipment simply to make life easier for civil servants. Mike Cherry, the FSB’s financial affairs chairman, said: “Making electronic filing compulsory is going to add to the burden already faced by small business owners. It is always good to have new options, but this is a not an option, just another compulsory requirement from government, in an ever-lengthening list that they have to follow.” Mr Cherry added: “Business owners are not going to be encouraged to grow, or indeed have the time to dedicate to growth, when they are spending too much of their time having to conform to more red tape.” The information that must be e-filed includes: applications to register a pension scheme; registered pension scheme returns; accounting for tax returns; scheme administrators’ declarations; event reports; notifications of the winding-up of a registered pension scheme; and notifications of a scheme administrator terminating their appointment. Date:17 October 2007
Content by: Made Simple Group
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