.png)
.png)
The Pension Schemes Office has issued an update with the magnificent title 'Enhancing the role of the pensioneer trustee', which in fact describes a new more burdensome régime to be applied to such trustees.
The Pension Schemes Office has issued an update with the magnificent title 'Enhancing the role of the pensioneer trustee', which in fact describes a new more burdensome régime to be applied to such trustees.
All pensioneer trustees currently approved by the Revenue will be required to complete a new undertaking and submit it to the Pension Schemes Office within 90 days of 29 August 2000. They will also have to demonstrate effective management systems and procedures which will ensure that the undertaking will be complied with. With the undertaking, the trustees must send a list of the schemes where they are appointed to act. The list must be dated and, in the best traditions of bureaucratic edicts, the list must be in the order of the applicable Pension Schemes Office reference numbers.
Pensioneer trustee status may be withdrawn by the Revenue if 'the circumstances warrant'. Facts which will be taken into account include tax avoidance, action taken by OPRA, or any disqualification under section 29(1), Pensions Act 1995.
Another new requirement is that pensioneer trustees must be a registered owner of all scheme assets and a mandatory co-signatory to all scheme bank accounts.
From 1 October 2000, the pensioneer trustee must be a party to any loan agreement made by a small self-administered scheme, but loans made prior to 1 October 2000 may be rolled-over without the pensioneer trustee being a party to the relevant document unless new money is being loaned.
Shares, securities and the like should be re-registered to show that the pensioneer trustee is a co-owner of the asset and, if there are restrictions on the number of names that can be placed on the certificate, one of them must be the pensioneer trustee.
The names of all Inland Revenue approved pensioneer trustees is to be published in a list and this will appear in due course on the Revenue website. When submitting their revised undertakings to the Revenue, trustees are requested to provide the name and address which is to appear on the public list.
All pensioneer trustees currently approved by the Revenue will be required to complete a new undertaking and submit it to the Pension Schemes Office within 90 days of 29 August 2000. They will also have to demonstrate effective management systems and procedures which will ensure that the undertaking will be complied with. With the undertaking, the trustees must send a list of the schemes where they are appointed to act. The list must be dated and, in the best traditions of bureaucratic edicts, the list must be in the order of the applicable Pension Schemes Office reference numbers.
Pensioneer trustee status may be withdrawn by the Revenue if 'the circumstances warrant'. Facts which will be taken into account include tax avoidance, action taken by OPRA, or any disqualification under section 29(1), Pensions Act 1995.
Another new requirement is that pensioneer trustees must be a registered owner of all scheme assets and a mandatory co-signatory to all scheme bank accounts.
From 1 October 2000, the pensioneer trustee must be a party to any loan agreement made by a small self-administered scheme, but loans made prior to 1 October 2000 may be rolled-over without the pensioneer trustee being a party to the relevant document unless new money is being loaned.
Shares, securities and the like should be re-registered to show that the pensioneer trustee is a co-owner of the asset and, if there are restrictions on the number of names that can be placed on the certificate, one of them must be the pensioneer trustee.
The names of all Inland Revenue approved pensioneer trustees is to be published in a list and this will appear in due course on the Revenue website. When submitting their revised undertakings to the Revenue, trustees are requested to provide the name and address which is to appear on the public list.
