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The Role of Scheme Administrator
Her Majesty’s Revenue and Customs (HMRC) has stated, “the role of scheme Administrator will be the most important role for tax purposes from 6 April 2006 onwards”.
The scheme Administrator will be responsible for certain critical functions relating to the smooth running of the scheme.
These include, amongst others;
- registering the pension scheme with HMRC;
- completing and delivering a Pension Scheme Return and providing accounts, statements and other documents in connection with the return, if required by HMRC to do so;
- completing certain reports and providing certain information to HMRC within specified time limits (in accordance with The Registered Pension Schemes (Provision of Information) Regulations);
- ensuring certain information is available to other people, for example members, insurers, personal representatives;
- accounting for and making quarterly returns of tax due under Part 4 of Finance Act 2004 to HMRC;
- making an appeal against any decisions of HMRC made under Part 4 of Finance Act 2004.
Source: HMRC Registered Pension Scheme Manual, March 2006.
Under The Rowanmoor Pensions Small Self-Administered Scheme the principal employer appoints Rowanmoor Group plc as the scheme Administrator (as defined by section 270 of Finance Act 2004). Other SSAS providers will not take on the Administrator role but pass it to the scheme trustees.
06 April 2006