In this section:
- Tax returns for pension scheme trustees
- Completing your tax return (pension scheme trustees)
- Record keeping (trustees of registered pension schemes)
Record keeping (trustees of registered pension schemes)
As the trustee of a registered pension scheme you must keep accurate records so you can complete form SA970 Tax Return for the trustees of registered pension schemes at the end of the tax year. This means keeping information about the pension scheme's income and any trading activities. You don't need to send accounts or any other documents or records with the return, but you do need to retain them in case HM Revenue & Customs (HMRC) ask to see them.
On this page:
You must keep records so that you can fill in a tax return fully and accurately.
The law says you need to keep records for at least 22 months after the end of the tax year they apply to.
What records you've got to keep will depend on each pension scheme's individual circumstances - but the financial records should include details of all income, from sources such as:
- interest on loans and deposits
- bank and building society interest
- interest on UK government securities
- interest from authorised unit trusts
- overseas investments
- trading activities
- Deeds of Covenant
For the tax return, you don't need records that relate to UK dividends.
If the pension scheme has foreign income, you'll need to keep a note of what the exchange rate was at the time the pension scheme became entitled to the income. You use that rate when you complete your return.
It's important to make sure that the records are backed up by documents like:
- bank and building society statements, pass books, cheque stubs and paying-in slips
- bills and invoices for purchases and expenses if there's any trading activity
If records aren't kept to back up the information on a tax return, penalties may be payable. Up to £3,000 can be charged for each instance when the supporting records haven't been kept.
Sometimes records are lost or destroyed ' for example in a fire or flood ' and are difficult to replace. If this has happened let us know and do your best to recreate the missing records. Once you've managed to get the replacement information together use this to complete the tax return. Let us know whether the figures are estimates or provisional:
- an estimate is a figure you want us to accept as your final figure
- a provisional figure is one that you want us to use until you can confirm the actual amount ' you must tell us when actual figures will be available
Use the 'Additional Information' section to say how you've arrived at these figures and the reason why you can't use actual figures. If you make adjustments at a later date and you've underpaid tax you may have to pay interest and penalties.
If you have any problems completing your tax return you can call Pension Schemes Services on Tel 0845 600 2622, open from 9.00 am to 5.00 pm Monday to Friday except Christmas Day, Boxing Day, New Year’s Day and bank holidays.
Administering a pension scheme can be complex. If you're already a trustee - or you're thinking about becoming one ' you may want to get advice from a solicitor. You may also find it helpful to talk to a tax adviser or accountant too.