Regulatory changes in the last few years have resulted in more onerous HMRC reporting duties for pension administrators. There are more types of pension payments to be reported and regular pension or annuity income payments may now need to be made alongside ad-hoc payments such as UFPLS for the same customer in the same tax period. Changes to the lifetime allowance have resulted in ever increasing numbers of pension scheme events to be reported in the annual returns.
On top of this, the HMRC has announced that the EDI method for making electronic returns is to be decommissioned. Any pension administrator still using EDI for reporting has until March 2018 at the very latest to move to the newer Internet XML reporting method.
APG provides a complete HMRC reporting solution for pension administrators. It supports all HMRC RTI and pension scheme returns and handles PAYE tax code notifications and NINO updates. APG reports on payments and tax positions for individuals and employers, maintains total tax liabilities and supports reconciliation of tax reported and tax paid.
APG manages the full reporting process. Payment and pension scheme data can be collated from multiple source systems and supplemented and corrected by users within the system. Returns may be reviewed and approved by suitably authorised users before submission to HMRC and a full audit trail of all submissions and user actions is maintained.
Finally, by mirroring the interface to EDI reporting services, APG allows pension administrators to upgrade to the Internet XML route without needing to change existing systems.