Chapter PTM163000
| Published date | 27 March 2015 |
| Record Number | PTM163000 |
| Court | HM Revenue & Customs |
| Glossary | PTM000001 |
Requirement to complete a Pension Scheme Return
Responsibility for submitting the Pension Scheme Return
Pension Scheme Return filing deadline
What the Pension Scheme Return may include
How to submit a Pension Scheme Return
What happens if the Pension Scheme Return isn’t filed on time or is inaccurate
Section 250 Finance Act 2004
Regulation 4 The Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006 - SI 2006/570
The Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005 - SI 2005/3456
The Pension Scheme Return (PSR) is a return that provides HMRC with information about the scheme. A Pension Scheme Return only needs to be completed if HMRC issue a notice to the scheme administrator requiring completion of the return. If HMRC has issued a notice to file a Pension Scheme Return must be completed and submitted to HMRC.
The notice to file a Pension Scheme Return will specify the period to be covered by the return. The period to be covered by the return may be:
- the whole of the tax year
- any part of the tax year
- the period/s covered by any audited accounts of the pension scheme, if such accounts have been prepared for any period/s ending in the tax year.
The notice to file a return may be given electronically if the scheme administrator consented to the use of electronic communications for the delivery of information by HMRC.
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Responsibility for submitting the Pension Scheme ReturnSection 250 Finance Act 2004
The scheme administrator is responsible for filing the Pension Scheme Return and ensuring it is accurate and complete.
A practitioner can file the Pension Scheme Return on behalf of the scheme administrator but the scheme administrator remains responsible for ensuring that it is submitted on time and the contents are correct. Where a practitioner files the Pension Scheme Return the scheme administrator should have seen and approved its content before it is submitted to HMRC. The practitioner must make a declaration that the scheme administrator has approved the contents before they can submit it to HMRC.
The scheme administrator is liable for penalties if the Pension Scheme Return is incomplete or inaccurate, including where they ask a practitioner to submit the report on their behalf.
The Registered Pension Schemes (Splitting of Schemes) Regulations...
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