HMRC U-turn on occupational scheme trustees registration

Revised guidance from the department said the 2007 regulations classify occupational scheme trustees as "low risk trusts" and excludes them from any duty to register.

However, law firm Hammonds said some ambiguity remains.

Partner Kate Lloyd told [ital] PP [end ital]: "The updated registration notice seems to narrow considerably the application of the Money Laundering Regulations in relation to those providing purely professional trustee services. HMRC's revised notice considers occupational pension schemes as a low risk area.

"There still, however, remains some areas of ambiguity and anyone who is uncertain as to whether to register or not should contact HMRC for further advice."

Pinsent Masons said: "This is some U-turn. Advisers could not be sure whether all paid trustees were caught, or even whether trustees who had their expenses paid might have to register. There was no sign of any exemption for pension scheme trustees.

"In March, HMRC admitted the position was unclear and agreed to put back the date for registration. Only now has the guidance appeared that can set pension scheme trustees' minds at rest."

Mayer Brown pensions partner Philippa James said: "Common sense has prevailed. HMRC's original guidance left many trustees confused as to what the requirements on them were.

"The revised guidance provides the clarity we have been calling for. Trustees and trustee directors can now get on with the day to day business of running their schemes."