Pension schemes newsletter June 21
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics:
- Temporary coronavirus changes. HMRC has updated their guidance on a collection of temporary changes to certain pension processes to help scheme administrators during the coronavirus pandemic. The temporary changes were scheduled to end on 30 June 2021. Most changes have now ended but the following have been extended until 31 October 2021: APSS105 relief at source repayment claims, APSS106 relief at source repayment claims, APSS590 relief at source declaration and submitting the APSS107 registered pension schemes annual statistical return without a signature.
- Managing the Pension Schemes service. From mid-August 2021, HMRC will introduce a new feature for pension scheme administrators to declare themselves as scheme administrators for Retirement annuity contracts (RACs) and deferred annuity contracts (DACs) on the Managing Pension Schemes service.
- Signing into online services. HMRC has now started deleting credentials (user ID and password) for users who have not signed into a tax service for 3 years. Scheme administrators and practitioners who have not signed onto any online service are encouraged to do so to keep their credentials active. Scheme administrators who have lost their log-in details, can reset these by selecting this option from the Government Gateway Account log-in page.
- Rent and loan payment holidays. Due to the pandemic, some scheme administrators may want to provide increased numbers of payment holidays on loans and rents, due from connected parties on commercial properties held in registered pension schemes. Scheme administrators should ensure this is done in accordance with the relevant guidance.
If you have any questions speak to your usual FC contact. Alternatively get in touch here.