HMRC has shared their latest version of the Pension Scheme Return (PSR):
As expected, these new returns require much more information. In particular, more detail is needed about transactions with connected parties, such as the company registration number for shares purchased from a connected party, and independent valuations of assets acquired from a connected party.
Our teams are currently working on enhancing our systems to ensure that the new data can be captured at the appropriate stage of the process.
For SIPPs, there are six CSV files provided by HMRC for the SIPP return; this is the only way to upload data to the Managing Pension Schemes service (MPS) for a SIPP PSR return. We will be providing our clients with the ability to extract these files.
For SSASs, most of the required information must be entered manually into the MPS. HMRC has confirmed that data entered will be carried forward each year, meaning only changes need to be submitted in future returns. While there is an option to upload a limited member data file, we’ve assessed the benefit to clients and, given its narrow scope, we’ve decided not to prioritise this development at this time. We’ll continue to review this in line with client feedback and future HMRC updates.
