Mandatory Scheme Pays (MSP)
The deadline for Mandatory Scheme Pays applications for 2019/20 is 31 July 2021. All applications must be received by SPPA on or before this date, any received after the deadline will only be treated as Voluntary Scheme Pays. The minimum Mandatory Scheme Pays application is £2,000.
Voluntary Scheme Pays (VSP)
SPPA have extended the 2019/20 Voluntary Scheme Pays application deadline to 31 March 2022. SPPA accept voluntary applications after this date but these will be treated as late and cannot guarantee when payment will be made to HMRC. The minimum Voluntary Scheme Pays election is £1,000.
General Scheme Pays Information
- Members must complete and sign the election form and submit to SPPA.
- No MSP/VSP Elections will be accepted from a Financial Advisor or an Accountant.
- All MSP/VSP correspondence will be sent directly to the member.
- We are aware that members may not have received their Pension Savings Statement (PSS) to meet the statutory deadlines. Members can submit an estimated Scheme Pays election form which can then be amended if necessary once they receive their PSS.
- SPPA will pay the tax charge of all scheme pays elections received unless the member writes to us to request the application is cancelled as they no longer satisfy the requirements.
- Members have up to 4 years to amend a MSP/VSP election.