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Scheme
Data
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SIPPs. Where 2 or more SIPP members share a common investment portfolio
(similar to a SSAS), there is no need to set up a separate scheme record for
each member. Simply use 1 scheme record with several members. The plan
reference for each SIPP can be stored in the ‘Plan Reference’ field
on the Member Details screen.
Basic Details
A scheme can be selected using the Scheme
Name or a Client Reference. The ‘Reference’ can be amended.
The ‘Third Party’ box can be
ticked if SIPPs administered by third parties are stored in the database. In
this situation, it is suggested that the scheme name starts with the name of
the third party administrator.
Before selecting an administrator or a consultant, the members of
staff have to be entered under the ‘Other, Staff’ screen.
Before selecting the Service Level, the Service Level has to be
set up globally by the system administrator under ‘System, Service
Levels’.
Notes
As well as allowing you to store detailed notes, the Notes tab
contains data on any previous scheme name and the Report Name, which is used
for the heading in the Full Scheme Report.
The tick box for ‘Send Data to Webview’ needs to be
ticked for those members where Webview is used. This avoids personal data being
stored on the web unnecessarily.
Start Up Message
A message can be entered here which will be shown every time the scheme
is opened in Omni so that users can be made aware of potential problems. It is
recommended that the message is fairly short – if a lot of information is
to be highlighted a reference to a file note could be entered here. The message
can be amended or removed at any time. If it is removed, no message will be
shown when the scheme is selected.
Tax
Only VAT fields are shown for SIPPs.
Relief at source (basic rate tax relief for contributions) will be
operated at a global level by most SIPP providers, in which case no data should
be entered in the ‘Relief at Source Ref’ field. This field is only
used if any schemes operate the reclaiming of the tax relief at source for
individual schemes.
‘RAS sign list’ stands for the list of signatories
that can sign the Relief at Source claim to HMRC for tax relief deducted at
source on contributions. The list may be the same for all schemes in which case
the field is not needed. However, if there are different lists for different
schemes depending on when the arrangements were set up, it is recommended that
the different lists are numbered and the number is entered in this field.
The RPS Annual Returns are the Register Pension Scheme Returns
that need to be made to HMRC for each tax year by the following 31st
January.
The Event Report is the report that needs to be submitted to HMRC
for each tax year by the following 31st January if any of the
specified events happen.
The Data Protection Act security number can be stored as well as
the Registration No.
If the scheme operates its own payroll for pensioners then the
‘Employer Ref’ and the ‘Online Ref’ can be stored
Dates, DIS and Regulation
Scheme Year End - it indicates the day and month of each year end. The
year indicates the date that the year end was last changed.
‘Date set-up approved’ can be used for quality
control. Such processes will depend on how the form operates. For instance,
when an administrator has finished setting up the records (perhaps dealt with
transfers and contributions) then the SSAS or SIPP can be referred to a team
leader for verification. When the team leader has approved the set-up of the
scheme then the date can be entered in ‘Date set-up approved’. For
SSASs set up before April 2006, this field was used for the effective date of
HMRC’s approval of the scheme.
‘Date confirmed to client’ can also be used for
quality control – it is the date that the completion of the set-up was
confirmed to the client. For SSASs
set up before April 2006, this field was used for the date that HMRC issued
their approval letter.
These dates can be used to produce a report showing the all
schemes where the set-up has not been confirmed to the client i.e. the set-up
is still in progress.
The date that the client agreement was sent to the client can be
stored.
You can store the date of the last scheme valuation that was sent
to the client.
‘Legal Entity identifier’ can be stored as well as the date
last renewed so that a report of renewal dates can be produced in XLreports.
Details of all deeds can be stored, including their current
location. There is a flag so that you can in dicate which is the latest
governing deed.
HMRC Reports
Details of the SA970 for each tax year can be stored.
A history of the event reports can be stored, to show separately
all of the reports submitted in each tax year. The ‘Event’ column
stores the HMRC number for the event e.g. 7 for a Pension Commencement Lump
Sum.
Scheme Print
The ‘Print’ button allows some or all details for the
scheme to be printed. The basic details of the members are listed – if
full details of each member are needed then use the ‘Print’ button
on the member screen. By default, archived
members are excluded from the scheme print. There is an option to include
archived members.
SIPP Screen Setting
By default, the Trustees, Deeds and Documents tabs will not be
shown for SIPPs. There is a setting (accessed via System, Master User Options,
Settings) that will allow you to show those tabs for SIPPs.
See also: