HM Revenue & Customs has confirmed refunds from pension schemes ordered by the Financial Ombudsman Service, following a case of "bad advice" or "mis-selling", will be classed as unauthorised payments.
A new chapter in the Registered Pension Scheme Manual (RPSM), issued by HMRC today, outlines in what circumstances refunds can be made from pension schemes following genuine administrative errors, without being classed as unauthorised payments. The 14-pages of guidance confirms refunds to members or schemes can be made, and no reporting by the scheme administrator is necessary, providing the payment in question is: Made in genuine error, which means there was no intention to make a payment to that extent, or at all And the erroneous payment is spotted by the recipient of the payment ...
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