The 31 July 2019 deadline is approaching for mandatory Scheme Pays Elections to be received by us. This is in respect of the 2017/18 tax year. Any elections received by us after this date will be processed and paid as voluntary Scheme Pays payments to HMRC.

For Scheme Pays elections received on or before the 31 July deadline, we will calculate the split between what must be paid as mandatory and what will be paid as voluntary Scheme Pays payments to HMRC, in line with the Finance Act 2004 and the Registered Pension Schemes (Modification of Scheme Rules) Regulations 2011.

HMRC will apply interest and late payment charges to voluntary Scheme Pays payments made after 31 January 2019 – for elections covering the 2017/18 tax year. When a voluntary Scheme Pays election has been accepted, we will make the payment to HMRC via a weekly bulk remittance. Please note that we cannot cover any interest and late payment charges arising from a late voluntary Scheme Pays payment under ANY circumstance.

We will pay mandatory Scheme Pays payments in respect of the 2017/18 tax year direct to HMRC on your behalf before February 2020 – the legislative deadline.

Pension Savings Statements in respect of the 2018/19 tax year will be issued shortly ahead of the 6 October legislative deadline (data permitting).

For more information on mandatory and voluntary Scheme Pays, please visit our Tax and National Insurance page found here