Schemes must be registered online with HMRC by the scheme administrator, before the scheme commencement date. A step by step guide on Registering a Group Life Scheme is available to download below. There is also a Checklist of Actions to assist with setting up and registering a new group life scheme.
HMRC handles registrations on a ‘process now and check later’ basis. The scheme rules do not have to be submitted, enabling registration to be dealt with more quickly than under the previous approval regime. HMRC has the power to enquire into the scheme’s affairs at a later date and could withdraw the scheme’s registration. A Pension Scheme Tax Reference Number is given on registration.
Schemes which were approved by HMRC pre A Day are automatically registered; the scheme administrator needs to link to the HMRC online record which has been automatically created, notes on this are available below.
There are other helpful documents available to download, including:
- Notes on the role of each of the Scheme Administrator, Trustee and Practitioner.
- Checklist of Actions for Registering a Group Life Scheme
- A draft Trust Deed to set up a Group Life scheme which is to be registered. We are not able to assume risk for a scheme until it is registered. Once on risk, we can provide tailored scheme rules for adoption.
- A specimen leaflet for employees explaining scheme features. This provides a framework for employee communications.
- A draft Deed of Participation, if other companies are to participate in the scheme.
Further information can be found in our Group Life Literature section.