scheme administrator is responsible for fulfilling
certain functions and duties set out in the tax legislation for
registered pension schemes.
In order to be acceptable to HMRC they will be required to make a declaration in accordance with the legislation, that as scheme administrator they understand what their responsibilities under Part 4 of Finance Act 2004 are, and that they intend to carry them out. Without these declarations, the scheme cannot be registered.
The scheme administrator will be responsible for certain functions in connection with the scheme.
The scheme administrator may authorise a practitioner to carry
out some of these functions on his behalf. Please see page
The scheme administrator is also the person liable to certain tax charges set out in the registered pension schemes legislation in Part 4 of Finance Act 2004. For example, a tax charge may arise where there has been an unauthorised payment from the scheme either to a member or to a sponsoring employer of the scheme. The scheme administrator is liable to pay this tax charge. (Link to page about scheme sanction charge - in due course).
|Glossary ( RPSM20000000)|