Talbot & Muir has expanded the set of data it requires from those setting up a personal pension to meet new guidelines set out by HM Revenue & Customs.
Concerns that small self-administered schemes (Ssas) are being used as vehicles to facilitate pension liberation pushed HMRC to step up the due diligence it carries out in respect of registration requests for new schemes.
The additional information and documents requested by HMRC are part of an effort to ensure all registered schemes are genuine arrangements.
There are now 15 sets of information and data required by HMRC for the consideration of a Ssas after the individual scheme administrator makes the original application online, including signed scheme trust deed and rules, bank statements, target membership, marketing materials, website, introducers used, proposed investments, projected fund value at the end of the first year and full contact details of all those involved in the administration of the scheme and advisers.
Talbot & Muir has responded to these extended requirements by mirroring the information and data needed in its own administration services at the outset of a new scheme.
Paul Darvill, administration and technical director at Talbot & Muir, said: “While we cannot supply HMRC with all of this information when we make our initial online scheme registration request, we can be fairly certain that HMRC will write to us requesting this, and we are therefore then in a position to respond to HMRC with the required information without any further delays being experienced.”
Mr Darville added this new procedure means the company won’t have to trouble the advisers and their clients further.
“This proves particularly useful when the establishing of a new Ssas is time sensitive, perhaps for the payment of contributions into the scheme prior to the sponsoring employer’s year end, as we are seeing at the moment.”
Christopher Foster, partner at Pennines Independent Financial Advisers, said that "more hoops to jump through" when setting up a Ssas will help to prevent potential scams and poor schemes.
He said: "I've seen Ssas misused many times so anything that prevents that is a good thing."
julia.faurschou@ft.com
