After months of speculation, we welcomed HMRC’s Pension Scheme Return (PSR) guidance released on 12 February, confirming the first steps pension providers can take to prepare for changes to data required to complete returns. Changes to 2024 to 2025 Pension Scheme Return for Pension Scheme Administrators - GOV.UK (www.gov.uk)
HMRC have also clarified that, if a scheme has been migrated onto the Managing Pension Schemes service by April 2025, they will receive a request for a PSR covering the 2024/25 tax year using the new format.
The guidance also contains links to detailed information that will need to be provided within the new SIPP and Standard returns, which are a good starting point for both providers and tech providers to start their preparation well ahead. We look forward to receiving HMRC’s revised PSR schemas and more details about how the data can be transferred into the Managing Pension Schemes service, as we see this is an excellent opportunity for APIs to do the heavy lifting for providers.