PASA has submitted its response to HMRC’s technical consultation on the proposed information sharing regulations supporting the introduction of Inheritance Tax changes for pension death benefits.
Our response focuses on the practical implications for Pension Scheme Administrators and the operational framework needed to support timely, accurate and consistent outcomes for members and beneficiaries.
While we recognise the policy intent behind the proposals, successful implementation will depend on clear guidance, workable processes and a framework which reflects the realities of death benefit administration.
Key themes from our response include:
• The importance of issuing guidance sufficiently in advance of implementation
• Greater clarity around the role and validation of Prospective Personal Representatives
• Data protection and safeguarding considerations
• The practical challenges associated with withholding notices and illiquid assets
• The cumulative impact of proposed timescales and reporting requirements
• Ensuring consistency between legislation, guidance and supporting process documentation
We’re grateful to the members of the PASA Industry Policy Committee who contributed their expertise and experience to this response:
Thank you for helping ensure the voice of pension administration is represented in discussions which will have significant implications for schemes, administrators and beneficiaries.
You can read the full response here.
