Old Executive Pension

Calvert76

Hi

I have an old Aviva (ex Fri Prov) EPP where the employer is the scheme administrator. I don’t think the client (the only member) has been doing any reporting to either Pension Scheme Regulator or HMRC and Aviva say they are doing it.

Firstly, what are the current reporting requirements for dormant old single member scheme like this?

Are there likely to be penalties if he has been submitting returns?

Been such a long time since I dealt with an old school scheme like this and I’m not sure what the current rules are...

Any help much appreciated!

Thanks
Catherine

Calvert76

Sorry meant to say hasn’t been doing returns and to clarify employer is client’s own company.

sentinel555

I would speak to Aviva first and see if you get any joy out of them. Unless it is a really old pre-87 or pre-89 scheme with large Tax-Free Cash benefits, just transfer it to a PP and save all the hassle.

sentinel555

Hi there, just to add to my last comment. Some of those old Executive Pensions have some really cryptic clauses and conditions. I recommend you go over them with a fine tooth-comb. I assume it is just invested in insured funds. Check for GAR's, guaranteed With-Profits payouts, policy loans, etc. If it is clean, shift it to a PP or SIPP and save your client the hassle.

Calvert76

Thanks for your reply. I think it is our intention to transfer, we are just trying to work out any implications of no-one having been doing any Scheme reporting...

Suse1969

He should be ok if its just the one member. Various EPPs I've done reporting on fall out of the cycle when they've reached the one member number.