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Pensions Act 2008

Section 62: Disclosure of tax information etc

148.This section substitutes a new section 88 of the PA 2004. It allows HM Revenue and Customs (HMRC) to disclose information on specified matters to the Regulator to enable the Regulator to discharge its functions.  The section allows HMRC to share any information it holds in relation to:

  • tax or duty (including income tax);

  • national insurance contributions;

  • the national minimum wage.

149.The section also places controls on the Regulator's ability to disclose this information. Any information the Regulator receives from HMRC under this section must be treated as restricted information, and can only be disclosed if one of the following exceptions applies:

  • HMRC has authorised the disclosure (or the disclosure is back to HMRC);

  • it is needed for criminal proceedings;

  • it is needed for civil proceedings started by the Regulator;

  • it is needed for the Regulator to carry out its functions; or

  • the data has been anonymised.

150.Information received by the Regulator from HMRC under this section is specifically excluded from some of the grounds on which the Regulator can normally disclose information it holds. These are set out in sections 82, 83, 85-87, and 235 of the PA 2004. This includes, for example, disclosure with the consent of the person to whom the information relates, or where necessary to help other specified regulatory bodies exercise their functions, or to the Secretary of State for the purposes of private pensions and retirement planning policy.

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