Under guidelines introduced last year, paid pension scheme trustees – including individual trustees, and directors and secretaries of trustee companies – had to register as trust or company service providers (TCSPs).
But the HMRC has now published new guidelines on who needs to register.
“While the guidance could be clearer, the upshot is that occupational pension scheme trustees are generally excluded from the need to register,” said a spokeswoman at Sacker & Partners.
“This is because one of the exclusions from registration specifically recognises that occupational pension schemes are a low risk area.”
HMRC is writing to all trustees who have already sent application forms to register as a TCSP, and now no longer need to register, by August 19.
Registered trustees, who do not need to comply with the money laundering requirements, will be refunded of any fees paid. TW
