An HMRC spokesman told International Adviser: “We are closing [Rops] online because of changes to forms in recent years that mean that it no longer collects the information we need.
“Revised [Rops] forms will be used instead of the online system from 6 April 2017, enabling mandatory reporting requirements to be met.
“These changes do not affect the Rops notifications list, which will continue to be published twice a month,” the spokesman said.
Managers and administrators of pension schemes must report information about overseas pension schemes to HMRC, including transfers to and payments from Rops.
Through the online service, scheme managers are currently able to:
- notify HMRC that a scheme is a Rops;
- report payments out of funds transferred from a UK pension to a Rops;
- report changes of details;
- report changes in status and notification of fund value; and
- report any additional information required for schemes that were formerly Rops.
However, from 6 April, all scheme managers will need to use the existing forms and reference material to update HMRC by post.
John Batty, technical sales manager at Boal & Co, told International Adviser that he doesn’t expect the change to have much impact on the firm’s workflow.