What is a Retirement Pension Scheme?
In accordance with Retirement Pensions Act (Cap. 514) a retirement scheme means a scheme or arrangement with the principal purpose of providing retirement benefits. Article 2 of the Retirement Pension Act defines retirement benefits as benefits paid by reference to ‘reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. This specific definition ensures that the requirements and obligations are clear and those managing Retirement Pension Schemes are aware of their reporting requirements.
Obligation to File Annual Report
In terms of Article 33 of the Retirement Pensions Act (Cap. 514), every retirement scheme or retirement fund shall comply with any requirements as established from time to time by the Commissioner for Revenue. This requirement comes in the form of an obligation to file an annual report (Global Return) with the Commissioner for Revenue by the same deadline as applicable to the online filing of the Individual Tax Returns.
Required Format and Submission of Annual Report
The Office of the Commissioner for Revenue has produced a document that provides guidance on the details and format that should be used to submit the Retirement Pension Scheme report to the same. This document has been produced to help you submit your data online in a complete and correct manner.
Your data is to be completed and submitted to the CFR by not later than the specified deadline for submitting the online individual Tax Returns, which is normally 31st July following the year for which the payment has been made.
Click on the following link to access the full report.