3 HMRC reference number QROPS

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1 Please find attached an example of a form that Superannuation providers in the UK are required to submit each time a payment is made out of the scheme to a member. This form is known as an APSS253 and the UK scheme provider must complete all the relevant information on the form and send it to the HMRC (the UK tax authorities) within 90 days of making the payment. Please also note that in many instances New Zealand schemes have registered to become what is known as a Qualifying Recognised Overseas Pension Scheme (QROPS). QROPS also are required to complete and submit the APSS253 forms for a period of 10 years following the receipt of any UK pension transferred into New Zealand. Therefore, there are many instances of where New Zealand schemes are reporting certain information to the UK tax authorities that is not being reported to the New Zealand taxation authorities. It would seem to be a very simple process to instigate a set of forms which for New Zealand residents who transfer in their overseas pension would provide the following information: The name and address of the individual who has made the transfer The amount (in New Zealand dollars) received The IRD number of the individual A self-certification verification of when the individual came to New Zealand The relevant date of the transfer of the funds (this is important and articulated a little further later) The self-certification verification would take the form of a form that the New Zealand provider would have fill out at the same time that they are completing the paperwork for the pension transfer (there is already a considerable amount of paperwork so an additional page would not make much difference). The provider would then record this date in their system and report it back to the client when the transfer is effected. The relevant date of the transfer of funds is important to understand as the recording of the correct date is crucial in respect of the tax implications (we will be separately addressing this with the IRD, however, it is crucial for the select committee to introduce legislation that is workable and defined). From the UK perspective a transfer is deemed to have occurred when the funds are sent from the UK. Where these funds are sent by cheque the UK provider is discharged of its obligations at the point that it puts the cheque in the post (under UK postal rules). Therefore, if a cheque is sent the receiving scheme is effectively deemed to have received the funds on the day that the cheque is sent this is despite the fact that the cheque may take up to three weeks to arrive in the post, a week to be processed by the New Zealand superannuation scheme, then a further 6 weeks to clear depending on the bank and the size of the cheque, and finally up to another 4 weeks to unitise if the fund is monthly priced that is a total of 14 weeks from when the cheque is sent to unitisation of the funds in New Zealand for the member. The implications of this may be to push a member from one tax year to another if the Inland Revenue insist on recording the transfer as having occurred at the point of unitisation of the funds.

2 Qualifying Recognised Overseas Pension Scheme Payments in respect of relevant members About this form Use this form if you are the scheme manager of a Qualifying Recognised Overseas Pension Scheme (QROPS) to tell HM Revenue & Customs (HMRC) about payments made or treated as made in respect of relevant members. You must report any payments made from funds that were transferred to a QROPS within 10 years of that transfer. After that 10 year period you do not need to report a payment if the member provisions do not apply. You must tell us within 90 days of the day the payment is made or treated as made. You can only use the form APSS253 to report one payment in respect of an individual member. If you have made more than one payment you can either send a separate form APSS253 for each payment or you can include details of the first payment on this form and report details of each of the remaining payments on separate APSS253 (Insert) s. Further guidance can be found in the Registered Pension Schemes Manual (RPSM). Go to To find out what you can expect from us and what we expect from you go to and have a look at Your Charter. About the pension scheme 1 Pension scheme name 3 HMRC reference number This is the QROPS reference number, allocated to the scheme by HMRC, when the notification that it met the requirements to be a recognised overseas pension scheme was acknowledged 2 Address QROPS About payments If you wish to report details of more than one member or more than one payment, you should use additional page APSS253 (Insert). Please state the number of additional pages below. Number of additional pages 4 Member s name 5 Member s principal residential address APSS253 Page 1 HMRC 03/12

3 About payments continued About National Insurance numbers A National Insurance number (NINO) is a nine-digit reference made up of letters and numbers in the following format: QQ123456A. This will be on: members P60 certificate from their employer members PAYE Coding Notice or a letter from us members payslip from their employer any letter from the Department for Work and Pensions or Jobcentre Plus to the member. If you do not already hold the members NINO, the member should give you their NINO or written confirmation that they are not entitled to a NINO. 6 Member s National Insurance number see notes above 11 Type of payment Pension payment. Go to question 15 The member has contacted Jobcentre Plus and is not entitled to a National Insurance number for the following reason see notes above Lump sum payment. Go to question 15 Annuity purchase. Go to question 15 Transfer payment. Go to question 12 7 Member s year of birth YYYY Other payment - If the payment from the scheme was not a pension payment, a lump sum, an annuity purchase or a transfer please give details of what the payment related to 8 Member s contact phone number Include the international dialing code if outside the UK 9 Date of payment DD MM YYYY Go to question Please specify the name of the scheme to which the transfer was made 10 Amount of payment Please enter the amount of the payment and the corresponding currency. The amount may be reported in the currency in which it arose whether by payment of a monetary amount, by transfer of assets or by other means. Alternatively, for a non sterling transaction, it may be reported in pounds sterling using the exchange rate applying at the time of the payment. 13 Address of scheme receiving transfer payment Currency Amount Page 2

4 About payments continued 14 Is the scheme receiving the transfer A UK pension scheme Another QROPS Neither If transfer is to another UK pension scheme or QROPS please give their HMRC reference number About the scheme manager 15 Is the scheme manager 19 Scheme manager s address An individual. Go to question 16 An organisation. Go to question Individual scheme manager s name 20 Scheme manager s address 21 Scheme manager s phone number Go to question Organisation scheme manager s name Go to Declaration 18 Contact name and phone number of an individual within the organisation with whom HMRC should correspond Phone number Page 3

5 Declaration I declare that to the best of my knowledge and belief the information given on this notification is correct and complete 22 Signature of scheme manager 23 Date DD MM YYYY Warning False statements may result in loss of qualifying status and/or financial penalties. Return this form to: HM Revenue & Customs Pension Schemes Services FitzRoy House Castle Meadow Road NOTTINGHAM NG2 1BD United Kingdom Page 4