HM Revenue and Customs has said that employers who have set up their own pension scheme should find out who is responsible for its administration. The advice also applies to individuals. HMRC said that in some cases the organisation, such as an insurance company, bank or other provider, through which the scheme was set up will not necessarily be the scheme’s legal administrator. Those duties may fall instead to the employer or individual concerned. By law every pension must have at least one administrator, who is responsible for making returns of information to HMRC where required, providing information to members and paying certain tax charges if they arise. Julie Elsey, HMRC’s Head of Pension Schemes Services, said: “Even the smallest pension scheme must have a scheme administrator, and they need to be aware of their responsibilities. If you’re not sure who this is, find out now to avoid any problems in the future.” The scheme provider should be able to supply information about the administrator. If contacting them doesn’t provide an answer, HMRC runs a pensions helpline on 0115 974 1600. Date:12 July 2007
Content by: Made Simple Group
Join our community today
