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Revenue delays online reporting

The Revenue has postponed the requirement for online pension scheme reporting for at least six months after admitting that its systems will not be fully up and running until 2007.

At A-Day, scheme administrators will be able to register schemes online for tax relief purposes and register their own details with the Revenue. The main exception will be for schemes winding up just after A-Day. They will be required to file an event rep- ort but this, along with the registration of new schemes will be paper-based for at least six months.

Economic Secretary to the Treasury Ivan Lewis says the facilities for online filing of accounting for tax returns, event reports and other information will be introduced on a “just in time basis”.

Scottish Equitable pensions development manager Rachel Vahey says: “We welcome the delay. This is a massive change in administration for the Revenue and the industry and it is important that we get it right. At the moment, the Revenue simply is not ready.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “It is much better that they admit this now than have the system crash next year.”

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