Urgent action required for all employers with Registered Group Life Assurance Schemes in place

HMRC is updating its Pensions Schemes Online (PSO) system, and requires details of Pension Scheme Administrators (PSAs) to be updated (Pension Schemes Newsletter 92). Registered Group Life Assurance schemes are included within this, so all employers with this product have a responsibility to identify their PSA and act on this by 30 November 2017 . Claims, and even cover, may be at risk if a scheme is de-registered, plus there is potential for “a substantial tax penalty.”