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Pension Scheme Online Changes

HMRC has been working on updating its Pensions Schemes Online (PSO) system, and requires details of Pension Scheme Administrators (PSAs) to be updated by November 30th 2017. This was most recently outlined in Pension Scheme Newsletter 92.

Registered Group Life Assurance schemes fall under this system, so it is vital all clients with this product, even those who have not received a letter from HMRC, are aware of their responsibility to identify their PSA and act on this. Claims, and even cover, may be at risk if a scheme is de-registered, as well as the potential for what HMRC describes only as “a substantial tax penalty.”

Schemes with insufficient PSA data will have nothing transferred to the new system. Schemes without a valid PSA are at risk of being de-registered, with potential tax liabilities as a result. Please note that Canada Life does not act as a PSA for any of its clients, and we are unable to directly assist with this exercise. This is true even for clients who have not updated their registration following A-Day in April 2006 and do not yet have a PSTR number. They will need to update their registration status and provide valid PSA details as soon as they are able.

Our current understanding is that clients using the Canada Life Group Life Master Trust do not need to act in relation to their Group Life Assurance cover. Trustee Solutions acts as the PSA and is responsible for updating their information. We will provide a further update should our understanding change.

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.