New Rules From April For Pension Scheme Returns – Are You Ready?
From April 6, anyone managing a pension scheme will need to submit their pension scheme return (PSR) on the Managing Pension Schemes service, with the Pension Schemes Online service no longer being used for this.
This will apply to the returns for 2024/2025 and you will receive a notification on the Managing Pension Schemes service which will tell you the deadline for submitting your PSR. There are two types of these available to you: the standard and the self-invested personal pension (SIPP).
For this year, you can expect to have to fill in more details than you previously had to on the PSRs that were filed through the Pensions Online Service. But the expectation is that some of this information will be pre-populated into the forms in future, which should help to streamline the filing process for you.
The details you need to provide will depend on the size of the scheme. Those using the standard PSR will only need to file a full return, including members’ details, if there are less than 100 scheme members. Most schemes will need to provide designatory details.
Migrating your pension scheme to the new service
You will need to migrate your pension scheme to the Managing Pension Schemes service, but it will give you access to real-time updates, including the ability to:
- Immediately see changes.
- View submitted information.
- View details of payments and charges.
If you have more than one pension scheme, you can see a list of your open pension schemes on the Pension Schemes Online service via the Managing Pension Schemes service before you migrate them. But you will need to enroll on the Managing Pension Scheme service before you can view this list.
Once you have completed your enrolment, you can select ‘Add a pension scheme from the Pension schemes online service’ and select each scheme you need to migrate. Only ‘open’ schemes on the Pension Schemes Online service will be active and possible to migrate. If other schemes you had in the past that are inactive or need to be wound up are visible, then you should email: migration.mps@hmrc.gov.uk and use ‘Managing pension schemes — Wound Up Schemes’ as the subject line.
Use the same email address if you have incorrectly tried to re-register an existing pension scheme you are an administrator for, with ‘Incorrect scheme registration’ as the subject.
Eventually, the level of financial information available to you via the new service will be enhanced. This will give you access to more accounting details via the portal, such as:
- A more detailed overview of due and overdue penalties and charges, including cleared amounts and interest accruing.
- Details of payments allocated to charges and penalties.
- Details of cleared charges and penalties.
- A breakdown of a credit balance available for refund.
You can find more information about the changes to 2024 to 2025 pension scheme return for Pension Scheme Administrators online at GOV.UK.
Let us help you
If you will be affected by these changes and want to make sure you don’t make a mistake, please get in touch as soon as possible and we will do everything we can to help you.
