Pension scheme (and other) trustees must register certain trusts with HMRC by 1 September 2022, following the implementation in the UK of the Fifth Money Laundering Directive (5MLD).
While the new requirements do not apply to registered pension schemes or life assurance trusts, some other trusts used to provide unregistered pensions or uninsured health or death benefits will need to be registered.
The deadline for registration was to be 10 March 2022, but this was extended to 1 September 2022 following delays in establishing the Trust Registration Service.
This note explains the new requirement to register certain trusts by 1 September 2022. It also contains a reminder of the 2017 money laundering requirements applicable to pension schemes and some other trusts.
Click "download" to read the full briefing note.
Authored by the Pensions Team.
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