In order to better understand the meaning of the various HMRC compliance ratings, please refer to the compliance risk key shown below, which has been compiled by the team at Empowered Pensions.
Some additional notes are also included below. NB: these have also been provided by the team at Empowered Pensions.
Roles and Responsibilities:
We would like to refresh you on the Roles and Responsibilities that have been agreed in our Terms & Conditions of service.
Member Trustee
Will consider the investment risks and complete their own due diligence, then bring to the Board of Trustees.
A Member Trustee must act Prudently, Securely and with a Commercial mind. These terms are for you to define and demonstrate as evidence to support your investment opportunities. It is important to note that Empowered Pensions will not always need to see this due diligence but reserve the right to do so. EP reserves this right because it may be necessary to show this to HMRC in answer to any questions they raise.
Corporate Trustee
Your Corporate Trustee will look at the risk that the opportunity or some aspect of it will be treated as an UNAUTHORISED PAYMENT which will result in a tax charge being levied against either the Trustees or the Scheme. We often refer to these as the TAX RISK assessment.
Appointments can be booked with your Corporate Trustee via 01342 477 471 please select Scheme Administrators Option 3 and you can contact them by Email at [email protected].
Notes on Investment Risk Assessment
You are able to ask questions about Investment risk assessments and Due Diligence. As a company that wishes to provide a good level of customer care we will endeavour to answer these with the benefit of our experience. However, please note that this is outside of our contractual service and we reserve the right to make a charge for this time.
