The Association of Member-Directed Pension Schemes (AMPS) has highlighted the need for small self administered schemes (SSAS) to be prepared in good time for the new pension scheme returns (PSR) format, warning that the new format is far more complex and requires detailed information that may prove challenging “for even the most seasoned administrators”.
AMPS said it has been working with HMRC over the past 18 months to help a smooth transition to the new format and communicating with its members. The AMPS committee members and industry volunteers have actively participated in testing the new return format.
One area of concern highlighted was the reporting of property owned by the SSAS and the potential need for this to be done annually. HMRC confirmed that once a property is added to the system, it will only need amendments to be submitted annually.
HMRC said that feedback from the AMPS membership had been crucial, providing invaluable insights into the challenges faced by administrators.
To help SSAS administrators, HMRC has provided guidance on how to migrate to the new PSR format, laying out the additional information that is required for the 2024/25 submissions.
Debbie Seaton, Chair of AMPS and Director of SeaBridge SSAS Limited, said: “The transition to the new PSR format is a significant change for all involved in the administration of SSAS schemes. While it presents challenges, it also offers an opportunity to streamline processes and improve the accuracy of reporting. At AMPS, we are committed to supporting our members through this transition and ensuring they have the resources and guidance needed to navigate these changes successfully.
“The new PSR format will be felt most by those who administer their SSAS without a professional trustee or scheme administrator. It is important that these and in fact all SSAS schemes migrate to the new managing pension schemes service in good time.”
For more information on the changes to the PSR, including how to complete the migration can be found HERE>
Main image: autumn-studio-221wufG10eg-unsplash
