In the month of February, of all 22 Pension Fund Administrators, 10 of them recorded positive growth. There is also the “scheme surcharge” which is another penalty applied by HMRC and this is charged if the amount  of the unauthorised payment reaches over 25% of the value of Joe’s pension scheme over a time of 12 months. Pensions Scheme Admin. Operating tax relief on contributions under the relief at source system. Secondly, if the schemes administration company has told the members that they can do something and it turns out they cannot (this is very common), the SA is liable for the penalty of that mistake. The fit and proper person test applies to the scheme administrator of a registered pension scheme. Role of a Scheme Administrator - Key facts 1. Some other administration firms may say “we do not act as professional trustee to give the members true flexibility to do as they please” but they will also not act as SA. – The worst one…paying certain tax charges! Make sure your trustee board works well with your defined contribution (DC) scheme administrator, and that you have the right people and processes in place to ensure members’ benefits are administered to a high standard. As you can see, the SA role is pretty important and should only really be done by someone who has an extensive knowledge of pensions. Would you want just “anyone” to do this role for you? Make sure your trustee board works well with your defined contribution (DC) scheme administrator, and that you have the right people and processes in place to ensure members’ benefits are administered to a high standard. You now you have access to your own pension information via Barnett Waddingham's secure member portal – BWebstream. In many cases, the administrator will be the trustees. If you need help in respect of your Smiths Industries Pension Scheme please speak to the Scheme Administrator. As co signatory to the SSAS assets, we offer the scheme and its member’s protection from unauthorised payments and the charges that come with them. You can change your cookie settings at any time. They replaced the role with the SA and declared that SSAS’s did not have to have a professional trustee. On a final note, we are seeing that more and more financial institutions will no longer place investments or open bank accounts for SSAS’s that do not have a professional trustee or Scheme Administrator. Navigation. Scheme Administrator Mercer T: 0121 452 3748 Email A Scheme Administrator for a registered pension scheme is required under law to complete a declaration for HMRC for each scheme that they are the Scheme Administrator of, confirming that they understand their responsibilities and that they will carry out these at all times. The scheme administrator’s duties include: Registering the pension scheme with HM Revenue & Customs (HMRC). See full address and map. The video is complemented by a table linking to other important resources on this website that Administrators … Scheme administration Good pensions management is a balance of achieving operational efficiency whilst meeting exacting standards of governance and evolving legislation for trustees. We’ll send you a link to a feedback form. We'll assume you're ok with this, but you can opt-out if you wish. Under the Pensions Act, trustees have the main responsibility for the administration of funded occupational pension schemes and compliance with the requirements that apply to these schemes. If a SSAS does not have a SA or the SA acts improperly, HMRC may deregister it. Hopefully you can now see where we are going with this. Highly efficient pension administration is the backbone of every organisation and at Broadstone we place considerable investment, time and attention to this area of pension service. Good administration is the bedrock of a well-run scheme. Let us give you a bit of “why and when” to explain the reasons why. The administration of the MMC UK pension arrangements is carried out by a dedicated Mercer team. Every SSAS must have a Scheme Administrator (let’s abbreviate this to “SA” to cut the article text down) and they must have one because HMRC says so. Our range of pensions administration services include: Scheme administration Communication Scam identification Payroll services Pension scheme accounting De-risking projects Technical consultancy However, they were all marginal growth of less than 1%. Also, on display is the rate of returns from 2017 as well as information on administrative fee charge. My Pension Welcome to My Pension. VG Pension Fund Administrators. There should be nothing in the SA’s past behaviour to suggest they should not be responsible to fulfil this role. Each Registered Pension Scheme must have a Scheme Administrator or HM Revenue and Customs can levy penal tax charges against the scheme. We use some essential cookies to make this website work. We look after your pension scheme by giving you outstanding customer service plus smashing Since we wrote to members in October 2020, we have been actively engaged in discussions with both parties to understand their proposals for the Scheme should either company succeed in acquiring G4S. A Pension Fund Administrator (PFA) is a company licensed by the National Pension Commission to manage and invest the pension funds in the employee’s Retirement Savings Account (RSA). Our administrators have the expertise and know-how to help you sort through any administrative, technical, or legislative challenges around your pension arrangements. You have 3 months to tell the member: how much of their pension … We act as both SA and professional trustee so we act as a trustee alongside scheme members. In addition, our hands-on administration experts will personally answer calls from your members and take direct ownership of the administrative task through to its completion. Pension Administration Services More and more employers – prompted by increasing complexity, spiralling costs, growing employee expectations and shifting demographics – are outsourcing the administration of their pension arrangements, the … Welcome to the GEAPS Pension Scheme website The Scheme changed its administrator on 1 October 2020 to Barnett Waddingham. Responsibilities. Every SSAS must have a Scheme Administrator (let’s abbreviate this to “SA” to cut the article text down) and they must have one because HMRC says so. The Scheme wishes to recruit a transformational individual to occupy the position of Pension Scheme Administrator.The position is responsible for ensuring the Scheme complies with the relevant legislation and the Terms of … HMRC have now taken steps to put a stop to this and introduced the “fit and proper” test. Our administration specialist help over 250 clients administer pensions schemes of all types, including DB (Defined Benefit), DC (Defined Contribution), CARE (Career Average Revalued Earnings) and Hybrid/Master Trust). Reporting events relating to the scheme and the scheme administrator to HMRC. The scheme administrator’s duties include: registering the pension scheme with HMRC; You can also see the portfolio structure information on what each fund invests in and in what percentage. Don’t include personal or financial information like your National Insurance number or credit card details. The term “scheme administrator” is more than a reference to the person carrying out the day to day administration of a registered pension scheme. Our industry-leading technology, proven processes, HR expertise and focus on quality translate into reduced risk and costs and enhanced service and efficiency to deliver modern, future-proof provision. Barclays Stockbrokers and Cater Allen Private Bank are amongst these companies. Find information and advice about running pension schemes for administrators and trustees. Aon Hewitt is a leading provider of outsourced pension administration services to both defined benefit and defined contribution schemes in Ireland. Joe wasn’t bothered and did it anyway –Joe has now made an “unauthorised payment”. PENSION FUND ADMINISTRATORS A Pension Fund Administrators in Nigeria are licensed to manage Pension Fund Assets on behalf of pension fund contributors. Making annual returns of … This has pretty ugly tax charges and straight away, Joe is going to be penalised 40% of the amount he has taken by HMRC. Under the Act, the Pensions Authority has responsibility to: provide guidance for trustees on their duties and responsibilities in relation to scheme administration; issue codes of practice on specific aspects … The study was conducted by Incisive Research on behalf of Professional Pensions. Equiniti is a leading provider of technology and solutions for complex administration and payments. A Scheme Administrator is a defined role in legislation and the Finance Act 2004 (as amended) sets out various duties and requirements of the Scheme Administrator of a Registered Pension Scheme. ... look after pension schemes for 20% of all pension scheme members in the UK, and provide services which touch 27 million consumers. We would suggest your answer to that question be…no. We can help you navigate these changes more smoothly. Categories: Pension Fund Consultants & Administrators The SA is responsible for lots of jobs and a few of the tasks are as follows: – Telling HMRC about events that have happened under the scheme This is the person or persons appointed to carry out the scheme administrator’s functions under tax law. https://www.capita.com/.../financial-sustainability/pensions-administration Our client, Kenya Ports Authority Pension Scheme (KPAPS) is a DC/DB Pension Scheme that provides retirement benefits to employees of the Kenya Ports Authority. The Scheme Administrator(s) is responsible for fulfilling certain functions including • registering the pension scheme with HMRC A Scheme Administrator is a defined role in legislation and the Finance Act 2004 (as amended) sets out various duties and requirements of the Scheme Administrator of a Registered Pension Scheme. This charge is between 15% and 40% of the amount Joe has taken and the amount charged depends on whether or not the unauthorised payments charge has been paid. It will take only 2 minutes to fill in. Frequently Asked Questions. Translated, that is doing something that is not allowed by HMRC’s rules. February return: 0.5% Don’t worry we won’t send you spam or share your email address with anyone. To be registered by HMRC, a pension scheme must have a scheme administrator. Fund IV – NLPC Pension fund Administrators Limited maintained the lead in the top 5 PFAs with 23.59%, followed by Investment One Pension Managers Limited with 15.28%, Fidelity Pension Managers Limited with 12.3%, NPF Pensions Limited with 10.98%, and Veritas Glanvills Pensions … It is a role define in legislation and with it comes certain responsibilities and liabilities. Welcome to the GEAPS Pension Scheme website The Scheme changed its administrator on 1 October 2020 to Barnett Waddingham. We have written an easy to read guide to explain what a Scheme Administrator is and this will hopefully answer any questions you may have. For most schemes, the Scheme Administrator(s) will also be a trustee(s) of the scheme. The pension’s rules changed in 2006 and before this time, a professional trustee was mandatory. Economic Effect of New Pension Scheme; This website uses cookies to improve your experience. A plan administrator is a person or company responsible for managing a retirement fund or a pension plan on behalf of its participants and beneficiaries. So for the purpose of this example, Joe wanted to take some money out of the pension scheme to buy himself a new car and PensionAdmin told him this was absolutely not allowed. You will find tools, resources and news relevant to you. The study was conducted by Incisive Research on behalf of Professional Pensions. We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. 2. To help us improve GOV.UK, we’d like to know more about your visit today. Here is a shortened and clear interpretation of HMRC’s fit and proper test: The SA has to be capable of competently performing the responsibilities of the role. Mastertreads Pension Scheme. Good administration is the bedrock of a well-run scheme. Basically it meant lots of money was scammed out of pension schemes and a lot of people were robbed of their pension savings by naughty advisors. You now you have access to your own pension information via Barnett Waddingham's secure member portal – BWebstream. Once you have read the guide, if you have any questions, please ask away. Each Registered Pension Scheme must have a Scheme Administrator or HM Revenue and Customs can levy penal tax charges against the scheme. Handling member inquiries (i.e., eligibility, application status, contributions, pension payments, and annual pension and annuity statements) General administration, coordination and communications with other plan professionals (i.e., accountant, auditor, attorney, actuary, benefit consultant) and the preparation of annual valuation reports, funding notices, SSA files for 5500s That is called the “unauthorised payment charge”. Under the Pensions Act, trustees have the main responsibility for the administration of funded occupational pension schemes and compliance with the requirements that apply to these schemes. The SA is responsible for lots of jobs and a few of the tasks are as follows: – Telling HMRC about events that have happened under the scheme, – Making returns to HMRC – the annual return is an example which is similar to a tax return, – Telling the members mandatory information for example, what retirement benefits they are receiving and what the value of their scheme is. Professional Pensions Administration Survey Methodology This report details the findings from the 2017 Professional Pensions Administration Study, designed to track industry attitudes towards both in-house and outsourced pension scheme administration. In most cases the scheme administrator must report the charge and pay the tax due using the Accounting for Tax (AFT) Return. According to the Pension Commission (Pencom) “Pension Fund Administrators (PFAs) have been duly licensed to open Retirement Savings Accounts for employees, invest and manage the pension funds in a manner as the … Tel: 0330 100 3597 (Monday-Friday, 9am - … Register as a pension scheme administrator Apply to register a pension scheme Manage a registered pension scheme Check your pension scheme member's annual allowance Check your pension scheme member’s protection status Information pension scheme administrators must give to members Wind up a … To be appointed as a scheme administrator, a person or persons must be resident in an EU member state or in Norway, Liechtenstein or Iceland. 6 April 2017 Guidance Check your pension scheme member's annual allowance. The RSA Fund IV is exclusively for retirees. Lastly, it’s the “scheme sanction charge” and this is payable by the Scheme Administrator. VG Pension Fund reports on all 5 funds (including micro pension fund) on their website. That meant that anyone could be a SA and the result of that decision was “pension liberation”. All registered pension schemes must have at least one Scheme Administrator. Address: 33 Main Rd, Plumstead, Western Cape, 7800, South Africa, Cape Town. There are a number of issues; firstly, if the member’s current administrator has appointed them as SA, they are now aware that they are liable for tax charges – even if it isn’t them that has made the unauthorised payment. The SA must have sufficient knowledge of pensions and tax legislation and may not act if they have been involved in pension liberation, tax fraud, abuse, ID theft or have ever been disqualified from acting as a company director or are bankrupt. So in reality, they are giving advice to members on what to do with their SSAS with no liability whatsoever. This website is designed to help you learn more about your Siemens Benefits Scheme pension. G4S Pension Scheme (“the Scheme”) – Agreements with GardaWorld and Allied Universal As you may be aware, G4S has received takeover offers from both GardaWorld and Allied Universal. This is a real problem in that sometimes, the person who took the unauthorised payment is NOT the SA. A few SSAS administration companies won’t act in this role and they pass the role onto a scheme member who, unbeknown to them, has just signed up for a world of responsibilities for the whole scheme and the worst….potential tax fines on them personally! The SSAS can’t do certain things (as outlined by HMRC) and a good SA will guide members through the legislation telling them what they can and can’t do. First Position: Leadway Pensure PFA Limited. pension fund administrators (pfa) The Contributory Pension Scheme requires pension funds to be privately managed exclusively by licensed Pension Fund Administrators (PFA). We hope this has helped you understand this role and as always, if you want any clarification on anything at all, please get in touch. If you don’t know what this is, go to our website and look at our newsletter “Pension Liberation” from May 2013 or if you simply search it on the web, you will see what we mean. Information pension scheme administrators must give to members. Pensions Scheme Administration . This basically means that the SSAS loses its tax privileges and would be paying a large nasty tax penalty as consequence! A plan administrator is a person or company responsible for managing a retirement fund or a pension plan on behalf of its participants and beneficiaries. Added 'Tell HMRC you've claimed too much relief at source for your pensions scheme members' and 'Check a pension scheme member's residency status for relief at source' to collection page. All content is available under the Open Government Licence v3.0, except where otherwise stated, Register as a pension scheme administrator, Information requirements for pension schemes, Submit an Accounting for Tax (AFT) return using the Managing pensions schemes service, Pension scheme administrators: how to pay tax, Pension schemes and unauthorised payments, Information pension scheme administrators must give to members, Check your pension scheme member's annual allowance, Check your pension scheme member’s protection status, Transfer a pension scheme member's savings, Check a pension scheme member's residency status for relief at source, Reclaim tax relief for pension scheme members with relief at source, Sending a relief at source annual information return, Tell HMRC you’ve claimed too much relief at source for pension scheme members, How pension scheme administration is affected by the ending of contracting-out, How to calculate your scheme member’s Guaranteed Minimum Pension, Pension administrators: check a member's GMP, Transfer your scheme member’s contracted-out pension rights, Check scheme details using the Scheme Reconciliation Service, Contracted-out decision making and appeals (CA14F), CA39: Contracted-out salary related pension schemes, Guaranteed Minimum Pension (GMP) conversion and equalisation, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases. Using pension administration software and systems to ensure we give the most effective and efficient pension administration service to all our clients, we really take the stress and time out of this aspect of pension management. February return: 0.8%; Second Position: Veritas Glanvills Pensions Limited. Professional Pensions Administration Survey Methodology This report details the findings from the 2017 Professional Pensions Administration Study, designed to track industry attitudes towards both in-house and outsourced pension scheme administration. Let’s assume this isn’t the case for Joe but if it was, he would also have to pay this charge. Updating your scheme information. You’ll only be able to update a scheme’s details if it has a status … Trafalgar House - Pension Administrator. More about the administrator. This trustee was basically the “pension’s police” and were responsible for making sure the scheme towed the line of rules and regulations. technical guidance on what you can and can’t do with your pension scheme. Purpose: The purpose of this video is to provide Administrators with an overview of the operation of the Single Scheme transfer facility providing information on the member-eligibility criteria as well as the HR/Payroll and Pension data needed in order to calculate pension and lump-sum limits where a Transfer Value can be used to buy additional Scheme benefits. I repeat…this charge is payable by the Scheme Administrator. However, for reasons only known to HMRC, in 2006 they took away the professional trustee requirement. New guidance on contracted-out pension schemes has been added. HMRC were not messing, they wanted pension schemes looked after so that the funds were not misused. If you go back to the “anyone can be a SA” question, you can now see why we suggest your answer to that question be “no”. If you have a pension query, please contact the administrator using one of the following methods: Email: mmcpensions.uk@mercer.com. Their stance on the matter is that they may become liable for aiding “unauthorised payments” by releasing funds that may not be used for the purpose of the pension scheme whereas a professional trustee and SA would not allow this. the person(s) or entity that is/are ultimately responsible for the oversight We also use cookies set by other sites to help us deliver content from their services.