Are you prepared if a pension scheme return comes your way?

As well as submitting your tax returns and running payroll through HM Revenue and Customs (HMRC), the regulatory body may ask you to submit a pension scheme return.

If requested by HMRC to file a pension scheme return, you will need to submit this information by 31 January at the end of the tax year.

Unless you are specifically asked by HMRC to submit a pension scheme return, most businesses will not need to do anything.

However, HMRC can request a pension scheme return at any time, so it’s important you and your business are prepared if that does happen.

How can I prepare for a pension scheme return?

The best way to prepare is to keep accurate records of your pension scheme for each financial year that way you can collate everything together and submit your information to HMRC on time.

Having all your information records can make the process much smoother and ease any pressure on your payroll and HR team should HMRC make a request.

You should also migrate your pension schemes to HMRC’s managing pension schemes service because that is the only way you can submit a pension scheme return.

What will I need to do if a request is made?

If HMRC does send you a pension scheme request, you will need to access the pension schemes service, where you can compile all information and save this as a draft before submitting.

If you have already migrated and did so before April 2025, any pension scheme return request for the 2024/25 tax year will need to be submitted by 31 January 2026.

It’s important to remember if you migrate your scheme after 31 October 2025, if you do receive a request, there will be a three-month deadline for you to submit information.

There are two pension scheme returns to be aware of. There is a self-invested person pension (SIPP) and a standard scheme.

If your scheme is standard and non-SIPP, you will need to follow the steps and submit all the requested information. However, if your scheme has fewer than 100 active and deferred members, you will be required to submit a full return and include all member details.

For a SIPP scheme, you will need to submit member information and asset data. This includes land, property and other assets from a connected party and any outstanding loans made to another person.

What can happen if I don’t submit my information on time?

Failing to submit a pension scheme return on time means you face an instant £100 fine from HMRC who can also add a daily fine of £60 until they have received your submission.

It is so important you don’t take your compliance obligations for granted. You can put measures in place ahead of time to ensure all information is accounted for and your team is ready should a request arrive from HMRC.

If you do receive a request or want to organise your business’s payroll system and data, our team can help you, providing expert advice, guidance and support.

Support from experts can help you understand what is required of you if HMRC asks for a pension schemes return and they can suggest measures you can put in place.

A request may not be made, but that doesn’t stop you from being ahead of the curve and we are here to support you, your team and your business.

Get in touch with our expert payroll advisors for tailored support and planning.