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 Setting up a new registered stand-alone group life scheme

Setting up a new registered stand-alone group life scheme

It is important that the correct procedure is followed when setting up a new registered stand-alone group life scheme to avoid any possible problems in the future, especially if there is a death claim.

 

registered scheme

 

Establishing the scheme
The scheme is established by executing a trust deed. Specimen deeds of declaration of trust are available from Canada Life’s document library. The deeds include notes on their use and completion. We strongly recommend seeking legal advice to ensure that the deed is suitable for your organisation and meets your requirements. The deed appoints the trustee as scheme administrator, who is then able to carry out the next two steps.

 

Registering as the scheme administrator
Before the scheme itself can be registered with HMRC, the scheme administrator has to register to use the Pension Scheme Online Service. This is a separate process to registering the scheme itself, and is completed online by following the below step by step guide:

 

registered scheme

 

Registering the scheme
An application to register a pension scheme can only be submitted by a scheme administrator and using the following steps:

 

registered scheme

 

If all of the relevant fields are completed in the correct format, a message saying that the submission has been successful will appear. The message will contain a submission reference number that should be used in any communication with HMRC when referring to the application.

HMRC will now consider the application and will advise the scheme administrator of the decision by post. A PSTR number will not be issued until the scheme is registered.

Please allow at least seven working days to receive this.

 

Arranging cover with Canada Life
If you are registered with CLASS and have obtained your quotation via the online system, simply sign back into CLASS and select the required quotation via the eQuotes service.
If you received a conventional quotation, you should complete the Risk Details Form supplied with the quotation and return it to our Bristol office in advance of the commencement of risk.

 

Any queries?
If you have any queries about registering as the scheme administrator or registering the scheme, please refer to the HMRC online user guide at www.gov.uk/guidance/using-the-pension-schemes-online-service or you can contact the HMRC Online Services Helpdesk on 0300 200 3600.

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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.

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