Pension scheme administrators: New requirements to be fit and proper persons
01 September 2014
HMRC have introduced new legislation and accompanying guidance relating to the fit and proper status of pension scheme administrators.
HMRC say that they are committed to combating pension liberation activity. To build on a number of recent changes to existing legislation and processes, they have introduced new legislation and guidance relating to the fit and proper status of scheme administrators.
From 1 September 2014, where HMRC believe that the scheme administrator is not a fit and proper person to be the scheme administrator, they can:
· refuse to register a new pension scheme
· de-register an existing registered pension scheme
HMRC say that they will assume that all persons appointed as scheme administrators are fit and proper persons unless they hold or obtain information which calls that assumption into question.
When registering a new pension scheme you must now declare the fit and proper status of the scheme administrator.