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BRANAGANS
Accountancy Services Ltd
01709 327 215 | info@branagans.co.uk
April 2025 | New pension scheme return rules: What you need to know for 2024/25
IStarting April 6, 2024, all pension scheme administrators must submit their Pension Scheme Return (PSR) through the Managing Pension Schemes service, as the Pension Schemes Online service will no longer be in use. This change applies to returns for the 2024/25 tax year, and administrators will receive notifications through the new system with their submission deadlines.
There are two types of PSRs: the standard return and the self-
The reporting requirements vary based on scheme size. Schemes with fewer than 100 members using the standard PSR must submit a full return, including member details. However, most schemes will only need to provide designatory details.
Understanding these new filing rules is crucial to avoid compliance issues. Keep reading to ensure you're fully prepared for the transition.
MIGRATING YOUR PENSION SCHEME TO THE NEW SERVICE
You will need to migrate your pension scheme to the Managing Pension Schemes service, but it will give you access to real-
- Immediately see changes.
- View submitted information.
- View details of payments and charges.
If you have more than one pension scheme, you can see a list of your open pension schemes on the Pension Schemes Online service via the Managing Pension Schemes service before you migrate them. But you will need to enroll on the Managing Pension Scheme service before you can view this list.
Once you have completed your enrolment, you can select 'Add a pension scheme from the Pension schemes online service' and select each scheme you need to migrate. Only 'open' schemes on the Pension Schemes Online service will be active and possible to migrate. If other schemes you had in the past that are inactive or need to be wound up are visible, then you should email: migration.mps@hmrc.gov.uk and use 'Managing pension schemes -
Use the same email address if you have incorrectly tried to re-
Eventually, the level of financial information available to you via the new service will be enhanced. This will give you access to more accounting details via the portal, such as:
- A more detailed overview of due and overdue penalties and charges, including cleared amounts and interest accruing.
- Details of payments allocated to charges and penalties.
- Details of cleared charges and penalties.
- A breakdown of a credit balance available for refund.
You can find more information about the changes to 2024 to 2025 pension scheme return for Pension Scheme Administrators online at GOV.UK.
LET US HELP YOU
If you will be affected by these changes and want to make sure you don't make a mistake, please get in touch with Branagans Accountancy Services as soon as possible. We will do everything we can to help you. Contact us today at 01709 327 215 or email us at info@branagans.co.uk.
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