Made | 9th March 2006 | ||
Laid before the House of Commons | 10th March 2006 | ||
Coming into force | 6th April 2006 |
(2) Section 839 of ICTA applies for the purpose of determining whether a person is connected with another for the purposes of these Regulations.
(3) Expressions defined, or otherwise explained, in section 280, have the same meaning in these Regulations as they have in Part 4 of the Act.
Provision of information by scheme administrator to the Commissioners
3.
—(1) The scheme administrator of a registered pension scheme shall provide to the Commissioners an event report in respect of all of the reportable events specified in column (1) of the Table below which have occurred in respect of the scheme during the reporting year, containing the information specified in column (2).
Table
Reportable event | Information |
1. Unauthorised payments | |
The scheme makes an unauthorised member payment[3] or an unauthorised employer payment[4]. | The name, date of birth (if applicable), address and national insurance or company registration number of the person to whom the payment was made, together with the nature, amount and date of the payment. |
2. Payments exceeding 50% of standard lifetime allowance | |
The scheme makes a lump sum death benefit payment to a person in respect of the death of a member, and that payment, either alone or when aggregated with other such payments from that scheme, amounts to more than 50% of the standard lifetime allowance applicable at the time of the member's death. | The name, date of birth, last known address and national insurance number of the deceased member, together with the name and address of the person to whom the payment was made, and the amount and date of the payment. |
3. Early provision of benefits | |
The scheme provides benefits to a member of the scheme who is under the normal minimum pension age[5] and before the benefits were provided the member was, either in the year in which they were provided or any of the preceding six years—
(b) whether alone or with others, the sponsoring employer; or (c) a person connected with the sponsoring employer. |
The name, address, date of birth and national insurance number of the member, the nature, date and amount of the benefits provided, and reasons for those benefits having been provided under normal minimum pension age. |
4. Serious ill-health lump sum | |
A scheme pays a member of the scheme a serious ill-health lump sum and before the payment was made the member was, either in the year in which they were provided or any of the preceding six years—
(b) whether alone or with others, the sponsoring employer; or (c) a person connected with the sponsoring employer. |
The name, address, date of birth and national insurance number of the member, and the date and amount of the payment. |
5. Suspension of ill-health pension | |
An ill-health pension which has been paid, pursuant to pension rule 1 in section 165(1), is not now paid because the ill-health condition is no longer met. | The name, address, date of birth and national insurance number of the member to whom the pension had been paid, the date on which the period of non-payment began and the annual rate of the pension, to which the member was entitled, immediately before that period began. |
6. Benefit crystallisation events and enhanced lifetime allowance or enhanced protection | |
A benefit crystallisation event occurs in relation to a member in respect of the scheme and—
(ii) together with amounts crystallised by other events in relation to that member, exceeds the standard lifetime allowance,
for the year in which the event occurs; and |
The name, address, date of birth and national insurance number of the member, the amount crystallised by the event, the date of the event and the reference number given by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006[6]. |
7. Pension commencement lump sum | |
The scheme makes a pension commencement lump sum payment to a member which—
(b) is more than 7.5% , but less than 25% , of the standard lifetime allowance for the tax year in which the sum is paid. |
The name, address, date of birth and national insurance number of the member, together with—
(b) the amount crystallised on the member becoming entitled to the pension, with which the lump sum is associated. |
8. Pension commencement lump sum: primary and enhanced protection provisions of Schedule 36 | |
The scheme makes a pension commencement lump sum payment to a member and the amount of the payment is an authorised payment by reason only of the application of paragraphs 24 to 30 of Schedule 36. | The name, address, date of birth and national insurance number of the member, the amount and date of the payment, and the reference number given to the member by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006. |
9. Transfers to qualifying recognised overseas pension schemes | |
The scheme makes a recognised transfer to a qualifying recognised overseas pension scheme which is not a registered pension scheme. | The name, address, date of birth and national insurance number of the member, the amount of the sums or assets transferred, the date of the transfer together with the name of the qualifying recognised overseas pension scheme and the country or territory under the law of which it is established and regulated. |
10. Member able to control scheme assets | |
A member of the scheme, whether alone or with others, gains or loses the ability to control the way in which scheme assets are used to provide pension benefits. |
The dates on which—
(b) no member is able to exercise control, where at least one had been able to do so immediately before. |
11. Changes in scheme rules | |
The scheme changes its rules to—
(b) permit investment other than in policies of insurance. |
The fact of the change and the date on which the change takes effect. |
12. Changes to rules of pre-commencement scheme treated as more than one scheme | |
The scheme, being one which immediately before 6th April 2006 was treated in accordance with section 611 of ICTA as two or more separate schemes, changes its rules in any way. | The fact of the change and the date on which the change takes effect. |
13. Change in legal structure of scheme | |
The legal structure of the scheme changes from one of the following categories to another. The categories are—
(b) an overall trust within which there are individual trusts applying for the benefit of each member; (c) an overall trust within which specific assets are held as, or within, sub-funds for each member; (d) an annuity contract; (e) a body corporate; and (f) other. |
The date on which the change took effect, together with—
(b) in the case of a change falling within category (f), a brief description of the nature of the new category of legal structure of the scheme. |
14. Change in number of members | |
The number of scheme members falls in a different band at the end of a tax year from that in which it fell at the end of the previous tax year. The bands are—
(b) 1 to 10 members; (c) 11 to 50 members; (d) 51 to 10,000 members; and (e) more than 10,000 members. |
The new band applicable to the number of scheme members. |
15. Alternatively secured pension | |
Sums or assets in respect of at least one member of the scheme meets Condition A or Condition B in paragraph 11 of Schedule 28 for the first time during the reporting year. |
The number of members who, having met Condition A or Condition B in paragraph 11 of Schedule 28 for the first time during the reporting year, fall within each of the following bands in respect of the funds or assets held. The bands are—
(b) £50,001— £100,000; (c) £100,001—£250,000; (d) £250,001—£500,000; and (e) more than £500,000. |
16. Transfer lump sum death benefit | |
At least one transfer lump sum death benefit is paid during the reporting year |
The number of transfer lump sum death benefits paid during the reporting year, the value of which falls in each of the following bands. The bands are—
(b) £50,001— £100,000; (c) £100,001—£250,000; (d) £250,001—£500,000; and (e) more than £500,000. |
17. Lump sum payment after the death of a member aged 75 or over | |
A lump sum payment is made in respect of a member after the member has died after reaching the age of 75. | The name, date of birth, last known address and national insurance number of the deceased member, together with the name and address of the person to whom the lump sum payment was made, and the amount, nature and date of the payment. |
(4) No event report is required by virtue of reportable event 10 in respect of arrangements—
(5) No event report is required by virtue of reportable event 17—
(6) The event report shall—
Provision of information in respect of a pension scheme which has been wound-up
4.
—(1) The person who, immediately before the winding-up of a registered pension scheme, was the scheme administrator shall give notice to the Commissioners of the fact that the scheme has been wound up and the date on which the winding up was concluded.
(2) No notice is required by virtue of paragraph (1) in respect of—
(3) Where a pension scheme is wound up, the time prescribed in respect of any information required to be delivered under these Regulations (whether in the event report or otherwise) is any time on or before—
whichever is the earlier.
Provision of information by employer company to the Commissioners
5.
—(1) Where a registered pension scheme makes an unauthorised employer payment to a company, the company shall provide the information specified in paragraph (2).
(2) The information required is—
(3) This information shall be provided to the Commissioners no later than the 31st January following the tax year in which the payment is made.
Scheme administration
6.
The person who has been, but has ceased to be, the scheme administrator must notify the Commissioners of the termination of his appointment, together with the date on which the termination took effect, within 30 days.
Percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event
7.
—(1) The percentage of standard lifetime allowance expended on the happening of each relevant benefit crystallisation event for the purposes of the provisions listed in paragraph (3) is found by the application of the formula—
100 | ||
× | ||
RSLA |
(2) The amount of lifetime allowance expended on the happening of a benefit crystallisation event is the sum of AC and SFTP.
(3) The provisions to which this paragraph applies are—
(4) The total percentage of standard lifetime allowance expended in relation to a member is the sum of the percentages found in accordance with paragraph (1) in respect of benefit crystallisation events in respect of the member.
Death: provision of information by scheme administrator to personal representatives
8.
—(1) The scheme administrator of a registered pension scheme shall provide to the personal representatives (within the meaning of section 279) of a deceased member of that scheme, the information specified in paragraphs (2) and (3).
(2) The information is the percentage of standard lifetime allowance expended by, and the amount and the date of payment of, a relevant lump sum death benefit by the scheme in relation to the member.
(3) The information is the total percentage of standard lifetime allowance expended, at the date of the statement, by—
have not been transferred to another registered pension scheme, and
(b) where sums or assets have been transferred to the scheme from another registered pension scheme (whether directly or indirectly) in respect of the deceased member any benefit crystallisation event in connection with—
the insurance company shall, on request by the member's personal representatives, provide them with the information specified in paragraph (2).
(2) The information is the total percentage of standard lifetime allowance expended, at the date of the statement, by—
have not been transferred to another such scheme, and
(b) where sums or assets have been transferred to the scheme from another registered pension scheme (whether directly or indirectly) in respect of the deceased member's rights, any benefit crystallisation event in connection with—
(3) The information shall be provided no later than the last day of the period of 2 months beginning with the day on which the request was received.
Death: provision of information by personal representatives to the Commissioners
10.
—(1) Where—
the personal representatives of the member shall provide to the Commissioners the information specified in paragraph (2).
(2) The information required is—
(3) The information required shall be provided on or before the later of—
(4) Where a requirement to provide information under this regulation arises after the period specified in paragraph (3) has expired, the information shall be provided no later than the last day of the period of 30 months beginning with the death of the member.
(5) If the personal representatives discover after the latest date for providing information under paragraph (4) any information required to be provided under paragraph (1), that information shall be provided no later than the last day of the period of 3 months beginning with the discovery of that information.
Information provided by member to scheme administrator: enhanced lifetime allowance
11.
If the member of a registered pension scheme intends to rely on entitlement to an enhanced lifetime allowance, or to enhanced protection, by virtue of any of the provisions listed in section 256(1), he must give to the scheme administrator the reference number issued by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006[9] in respect of that entitlement.
Information about scheme administrator's liability for a lifetime allowance charge
12.
If the scheme administrator of a registered pension scheme has made or intends to make a payment, on account of his liability to account for tax in respect of a lifetime allowance charge on a benefit crystallisation event, the scheme administrator shall within 3 months after the benefit crystallisation event provide the member with a notice stating—
Provision of information about unauthorised payments
13.
—(1) Where a registered pension scheme has made to a member of the scheme an unauthorised payment under section 173(1) (provision of benefits), the scheme administrator shall provide to the member before 7th July following the tax year in which the payment is made the information specified in paragraph (2).
(2) The information is—
Information provided to members by scheme administrators about benefit crystallisation events
14.
—(1) The scheme administrator shall provide a statement containing the information in paragraph (3) to each member of the scheme—
(2) No obligation to provide a statement arises—
(3) The information is the percentage of standard lifetime allowance expended by—
Information between scheme administrators
15.
—(1) This regulation applies if, and to the extent that, a member's crystallised rights under one registered pension scheme ("Scheme A"), are transferred to another such scheme ("Scheme B").
(2) The scheme administrator of Scheme A shall provide to the administrator of Scheme B, within 3 months of the transfer, a statement of the total percentage of the standard lifetime allowance expended, at the date of the statement, by—
Pensions and annuities in payment: information provided to and by insurance companies
16.
—(1) This regulation applies if a registered pension scheme has provided an insurance company with funds, otherwise than from an unsecured pension fund, to secure the payment of—
(2) The scheme administrator shall provide the insurance company, within 3 months of the date on which the recipient becomes entitled to the pension or annuity, with a statement of the total percentage of standard lifetime allowance expended, at the date of the statement by benefit crystallisation events in respect of that pension or annuity, and any pension commencement lump sum connected with that pension or annuity.
(3) The insurance company shall provide to each pensioner or annuitant, at least once in each tax year, a statement of the percentage of the standard lifetime allowance expended at the date of the statement, by benefit crystallisation events in respect of that pension or annuity and any pension commencement lump sum paid in connection with that pension or annuity.
Payments to insurance companies from unsecured pension funds
17.
—(1) This regulation applies if a registered pension scheme has provided an insurance company with sums or assets from an unsecured pension fund, to secure the payment of—
(2) If the sums or assets provided comprise part of the member's unsecured pension fund, the scheme administrator shall provide the insurance company, within 3 months of the purchase of the pension or annuity, with a statement of the percentage of standard lifetime allowance expended by the member becoming entitled to the scheme pension or the lifetime annuity.
(3) The insurance company shall provide to each pensioner or annuitant, at least once in each tax year, a statement of the percentage of the standard lifetime allowance expended at the date of the statement, in respect of that pension or annuity.
(4) If the sums or assets provided comprise the whole of the member's unsecured pension fund, the scheme administrator shall provide the insurance company, within 3 months of the purchase of the pension or annuity, with a statement containing the information in paragraph (5).
(5) The information is—
(b) the sum of the percentages of standard lifetime allowance expended by benefit crystallisation events—
(6) The insurance company shall provide to the pensioner or annuitant, once in each tax year, a statement containing the information in paragraph (7).
(7) The information is—
(b) the sum of the percentages of standard lifetime allowance expended by benefit crystallisation events—
Retention of records
18.
—(1) The persons prescribed by paragraph (2) shall preserve any documents in their possession or under their control in relation to a registered pension scheme and relating to—
(2) In relation to a registered pension scheme the persons prescribed are—
(3) Any person who has ceased to act in relation to the scheme or ceased to provide administrative services to the scheme shall not be required to preserve documents where he has transferred all the documents to another person who has succeeded him in acting in relation to the scheme or providing administrative services to the scheme.
(4) Documents must be preserved for the tax year to which they relate and for a period of 6 years following that year.
David Varney
Paul Gray
Two of the Commissioners for Her Majesty's Revenue and Customs
9th March 2006
[2] The functions of the Commissioners of Inland Revenue ("the former Commissioners") were transferred to the Commissioners for Her Majesty's Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11) See also section 50 of that Act in relation to the construction of references to the former Commissioners in other enactments.back
[3] This is defined in section 160(2) and includes payments treated as unauthorised payments.back
[4] This is defined in s160(4) and includes anything treated as an unauthorised payment.back
[5] See section 279(1) and paragraph 21 of Schedule 36..back
[8] These provisions are repealed with effect from 6&supt&suph; April 2006 by section 326 of, and the relevant entry in Part 3 of Schedule 41 to the Finance Act 2004.back
[10] "Sponsoring employer" has the meaning given by section 150(6) of the Finance Act 2004.back