Tax

Since ‘A’ Day, pension schemes have been brought in line with corporate and individual taxpayers, joining in the process of self-assessment with attached penalty and monitoring procedures maintained by HMRC to ensure compliance. To add an edge, the introduction of the new processing of tax returns has been introduced along with the whole of the changes in the technical provisions relating to the provision of pensions and associated death benefits.

For those involved in the running of Pension Schemes from Trustees to Administrators the need to be fully informed and on time with the delivery of technical and systems changes has never been greater.

To support Pension Schemes with the changes, we have used our combined skills in taxation and systems auditing to provide robust compliance review designed specifically to cover:

• adoption in scheme rules of any required benefit changes
• analysis of administration processes for gathering, processing and retaining of information required under the post ‘A’ day regime, whether in-house or outsourced
• reporting to trustees and those responsible for running of pension schemes on potential causes for failure, testing of systems and recommending actions to minimise risk
• where otherwise resources are not available, to provide a tax compliance service.

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