View more on these topics

Fears voiced over scheme return e-filing

A survey reveals that over eight out of 10 pension trustee administrators are concerned about their readiness for the onset of online scheme returns.

Technology company Altus, which commissioned the research, found that 80.7 per cent of administrators have some or significant fears about e-filing becoming mandatory on October 16.

From that date, scheme administrators must file all quarterly accounting for tax, annual event report and annual pension scheme returns electronically to HM Revenue & Customs.

Altus product manager Ben Cocks says the main concerns voiced are over security, control and audit trails.

Cocks says: “The fines are a serious concern. With an average of about £300 for a late return and 12.2 per cent of respondents already being fined by HMRC, this is a real threat.”

Altus found 63.6 per cent of those that have already used the systems are unclear whe-ther the submitted data had been accepted by HMRC, while 71.7 per cent express marked concern about the process of reporting and correction of errors.

Validation of data and effective record-keeping is a concern for 50 per cent of respondents. More than one in three, at 37.4 per cent, said that if challenged by HMRC they are currently unsure if they could produce records to confirm the contents and successful submission of a specific return.

Cocks says: “Perversely, many companies are resorting to paper to resolve this with more than 56 per cent printing off web pages and filing them to cover themselves in case of an investigation, which completely defeats the purpose of having e-submissions.”

The company surveyed 125 responses pension scheme administrators, including third party administrators, life companies and individual scheme administrators.


John Castagno joins Cardif Pinnacle

John Castagno has joined Cardif Pinnacle as new product development and marketing director.Cardif Pinnacle, part of BNP Paribas group, is a provider of creditor, warranty and special risks insurance.Cardif Pinnacle chief executive officer Paul Glen says: “I am delighted to welcome John. He brings with him a wealth of knowledge and experience which will greatly […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm