HM Revenue and Customs (HMRC) has published guidance on new legislation relating to the fit and proper status of scheme administrators.
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This guidance details the new legislation and the factors taken into account in determining when a scheme administrator is not a fit and proper person.
HMRC is committed to combating pension liberation activity. To build on a number of recent changes to existing legislation and processes, from 1 September 2014 if HMRC believes that a scheme administrator is not a fit and proper person to be the scheme administrator they can:
- refuse to register a new pension scheme
- de-register an existing registered pension scheme
HMRC assumes that all persons appointed as scheme administrators are fit and proper persons unless they hold or obtain information which calls that assumption into question.
When registering a new pension scheme you must now declare the fit and proper status of the scheme administrator.