HM Revenue & Customs (HMRC) has launched an online reporting service for managers of qualifying recognised overseas pension schemes (QROPS), which it said is more secure than paper-based reporting.
The service is for QROPS scheme managers and UK scheme administrators to help them meet their reporting requirements for QROPS in a "quicker more secure way", HMRC said.
Overseas scheme managers will be able to use the service to notify HMRC that they run a QROP, and report developments such as payments made out of funds and changes in status and fund value.
It will also "make it easier...to send reports about multiple transfers/members in one go", HMRC said.
UK scheme administrators will be able to notify HMRC that a UK registered pension scheme has transferred sums or assets to a QROPS via the online service.
Both QROPS scheme managers and UK scheme administrators will be able to continue using the paper process.
UK scheme administrators can access the service using their existing Pension Schemes Online details, while overseas managers will receive a letter from HMRC with their enrolment details in early January.
Read more: Is a fear of QROPS paralysing advisers?
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September