The newsletter is aimed at pension scheme administrators who are responsible for the collection, reporting and remittance of pension contributions. Therefore, ICB recognises the information may not be relevant to members, although we are making you aware the publication exists and highlight the following topics:
- The first section says that pension scheme administrators and practitioners can use the Managing Pension Schemes service to create, compile and submit their pension scheme return for 2024/25 onwards, as long as they have migrated from the Pension Schemes Online service. ICB repeats that this advice is for pension scheme administrators, not bookkeepers;
- The second section concerns the migration of schemes to the above service (see the ‘Migrating your pension scheme to the Managing Pension Schemes service’ guidance for further information;
- The next section links to HMRC’s October 2025 Pension Schemes Newsletter which advised that from 06 April 2026, all pension scheme administrators of a UK registered pension scheme will be required to be UK resident; and
- The section ‘Lifetime Allowance Abolition’ concerns lump sum reporting via RTI and advises that some have been incorrectly reported, pointing to updated guidance ‘Fix problems with running payroll’. This is only a concern if you have incorrectly reported a lump sum on a regularly paid pension source (a flexibility payment, a death benefit payment, a Pension Commencement Excess Lump Sum Payment or a Stand-alone Lump Sums Payment)
A section included in October 2024’s Newsletter is worth highlighting again as it may be of personal interest. It is entitled ‘Speculation about budget changes’ and a warning from HMRC that some pension schemes may be encouraging early access to funds in anticipation of future changes. Early access, HMRC says ‘is rarely in anyone’s long-term financial interests and can carry tax charges’.
For Bookkeepers
As ICB advisors each month, this publication is designed for scheme administrators, not bookkeepers. However, we continue to highlight the publication as it may contain information which is useful personally or professionally.
