Scheme Data

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 31^st January.

The Event Report is the report that needs to be submitted to HMRC for each tax year by the following 31^st 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.

Deeds

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.