The newsletter is aimed at pension scheme administrators, not bookkeepers who are responsible for the collection, reporting and remittance of pension contributions. Therefore, ICB recognises that the information may not be relevant to members, although we are making you aware that the publication exists and highlight the following topics:
- The Managing Pension Schemes Service is a replacement for the Pension Schemes Online service and will allow administrators to file Pension Scheme Returns (PSRs). The first section of the newsletter advises that PSRs for tax year 2024/25 must be filed using the new service and administrators should migrate from the old service to the new one ahead of the launch in April 2025;
- The October 2025 UK Budget announced an alignment in HMRC’s treatment of transfers to Overseas Pension Schemes (OPS) and Recognised Overseas Pension Schemes (ROPS) where they are established in the European Economic Area (EEA). This section details how HMRC will be writing to scheme managers in April 2025 to ensure the EEA-established OPS and ROPS must be in line with the conditions that apply to schemes established in the rest of the world;
- If you are involved in the RTI reporting and payment of Pension Commencement Excess Lump Sums (PCELS) and / or Stand-alone Lump Sums (SALS), read the section that details how such payments should be made on a separate payroll record and payroll ID. Once the payment has been made, the record should be closed and the employee issued with a P45. This MAY be something that bookkeepers / agents have to consider, so this section is worth reading;
- Of interest to administrators is the section that talks about the digitisation of the Relief at Source tax relief process. In short, the planned reforms and service to deliver this has been postponed until April 2028 ‘at the earliest’
For Bookkeepers
Perhaps, the only section that will impact payroll administration is the section that talks about the processing of lump sum payments via RTI. The remainder of the newsletter is targeted at pension scheme administrators.
