Unprepared scheme administrators could hit IFAs

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Providers who have resigned as scheme administrators of pension schemes may not only be leaving members to "fend for themselves", but could be leaving IFAs open to compensation claims if things go wrong, warns Rowanmoor Pensions.

A helpsheet outlining the responsibilities for scheme administrators, issued last week by HM Revenue & Customs, suggests the department is concerned some people have taken on the role of scheme administrator without understanding what it entails. In the two-page document HMRC highlights the legal responsibilities of a scheme administrator including: Completing a declaration for each scheme for which they are administrator Filing the following returns without notice: Annual Event Report, Quarterly Accounting for Tax, Notification of Cessation of Scheme Administrator and Scheme wind up...

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