What is the role of a scheme administrator?
Administration: Role and responsibilities of the Scheme Administrator. Under section 270 of the FA04, the scheme administrator is responsible for the tax affairs of the scheme and for ensuring that it complies with its tax obligations.
What is the role of a pension scheme administrator?
Under tax law, the scheme administrator is the person or persons responsible for fulfilling certain functions specified in that legislation in connection with a registered pension scheme. providing information to scheme members, and others, regarding the annual allowance, the lifetime allowance, benefits and transfers.
What is a scheme practitioner?
Who can be a practitioner. You can act on behalf of a pension scheme administrator to manage a pension scheme if authorised by them. As an authorised practitioner you may be: a third party provider of administration services.
Who is a pension fund administrator?
A Pension Fund Administrator (PFA) is a company licensed by the National Pension Commission to manage and invest the pension funds in the employee’s Retirement Savings Account (RSA).
Who regulates a SIPP?
Who regulates SIPP trustees? No need to worry whether SIPPs are safe. They’re regulated by four government bodies – the Department of Work and Pensions (DWP), the Pensions Regulator, HM Revenue & Customs and the Financial Conduct Authority (FCA).
What does a pension scheme secretary do?
PSGS Secretarial Services helping pension trustees develop best practice governance. ensuring trustees get the best value from scheme advisers. identify and mitigate key risk areas and find effective solutions. improving communication to strengthen the relationship with members.
Can I change my pension fund administrator?
An employee or contributor has the freedom to move his account, once a year, from one PFA to another without giving any reason(s).
What is a scheme administrator reference number?
Your scheme administrator reference will be shown as PSA followed by 8 digits and 1 letter. You can find these reference numbers online, even if you did not apply for lifetime allowance protection online.
What is PSR number?
A PSR number is allocated to workplace pension schemes by The Pensions Regulator. It’s an eight-digit number starting with 1. Our Pension Scheme Registry Number is 12005124. You’ll need this number to complete your Declaration of Compliance.
What is meant by SIP?
A Systematic Investment Plan (SIP), more popularly known as SIP, is a facility offered by mutual funds to the investors to invest in a disciplined manner. SIP facility allows an investor to invest a fixed amount of money at pre-defined intervals in the selected mutual fund scheme.