CharterGroup Pension Scheme Service
To help you operate and manage your Pension Scheme, CharterGroup offer a comprehensive range of services. Helping you avoid any conflicts of interest and providing you with the reassurance of expert support.
Simply select the services you need and leave the rest to us.
Preparation of Statutory Scheme Financial Statements
Our financial statements are produced in accordance with the Statement of Recommended Practice and collated using information from investment managers and AVC providers as well as details of transactions passing through the scheme’s bank account or paid on behalf of the scheme by the employer.
Bank Account Management Services
Under strict instruction from either the trustees or a properly appointed scheme administrator, we will set up a separate client bank account for the scheme and raise cheques or make electronic funds transfers as requested.
In addition, we deal with the banking of any cheques received by the scheme and provide the trustees and scheme administrators with fully itemised transaction reports and an up to date reconciliation statement every month.
Self-Assessment Tax Returns
All schemes that are not wholly insured are required to complete a self-assessment tax return form each year and file this with HM Revenue & Customs. In the vast majority of cases this does not give rise to any tax liability for the scheme. However the legal requirement remains to complete and file this return to avoid a penalty for non-filing and we can assist with this.
Pensioner Verification Exercises
One of the risks associated with pension schemes is that of pensions continuing to be paid to deceased members. Under the Pensions Act 1995 the trustees have a clear duty to safeguard the assets of the scheme. This would include ensuring that all payments out of the scheme assets are bona fide. We carry out procedures by which we correspond with pensioners to verify their continued entitlement to receive a pension.
Operation of Pensioner Payroll
We will provide a fully flexible service to take account of each scheme’s individual requirements. Our only pre-requisite is in respect of schemes with a significant number of pensioners and here we ask that all pensions are paid on the same day of each month and that there is one annual pension increase date.
Employer Covenant Reviews
Tailored to the needs of each scheme, our Employer Covenant Reviews will provide the trustees with a written report on the financial strength of their sponsoring employer.
For further information please contact Gary Corbett. Direct dial 01886 833935. E-mail gcorbett@chartergroup.co.uk.