The Registered Pension Schemes (Provision of Information) (Amendment) (No.2) Regulations 2011

Amendment of the Registered Pension Schemes (Provision of Information) Regulations 2006

4.—(1) The table appended to Regulation 3(1) (provision of information by scheme administrators to the Commissioners) is amended as follows.

(2) In the second column of entry 1 (unauthorised payments)(1), in sub paragraph (c), for “HMRC” substitute “the Commissioners”.

(3) In entry 6 (benefit crystallisation events and enhanced lifetime allowance or enhanced protection)—

(a) for the heading substitute—

“Benefit crystallisation events and enhanced lifetime allowance, enhanced protection or fixed protection”,

(b) in the first column, for paragraph (b) substitute—

“(b) in order to reduce or eliminate liability to the lifetime allowance charge the member relies on entitlement to—

(i) an enhanced lifetime allowance,

(ii) enhanced protection, or

(iii) fixed protection.”, and

(c) for the entry in the second column, substitute—

“The name 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 —

(a) the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006(2) (where the member relies on an enhanced lifetime allowance or enhanced protection), or

(b) the Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011(3) (where the member relies on fixed protection).”.

(4) In entry 7 (pension commencement lump sum), for the text in column 1 substitute—

“The scheme makes a pension commencement lump sum payment to a member which—

(a) exceeds 25% of the amount found by adding the amount of the payment to the entitlement amount; and

(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.

For the purposes of this reportable event, “the entitlement amount” is—

(i) the amount crystallised by reason of the member becoming entitled to the pension with which the lump sum payment is associated, or

(ii) where a benefit crystallisation event did not occur by reason of the member becoming entitled to the pension with which the lump sum payment is associated, the amount that would have been so crystallised if the member had been under the age of 75 at the date the entitlement arose.”;

(5) In the second column of entry 7, for the words in paragraph (b), substitute “the entitlement amount”.

(6) In the second column of entry 9 (transfers to qualifying recognised overseas pension schemes), in paragraph (a), after “country” insert “or territory” and for “located” substitute “situated”.

(7) Omit entries 15 (alternatively secured pension) and 17 (lump sum payment after the death of a member aged 75 or over).

(8) In entry 18 (scheme chargeable payment), in column 1 omit “section 181A (alternatively secured pensions: minimum level of payment);”.

(9) After entry 20 (occupational pension scheme) insert—

“21 Flexible drawdown arrangements Section 165(3A) or 167(2A)(4) applies to an arrangement.

The name and national insurance number of the member or dependant (“the member”) who meets the flexible drawdown conditions together with the total amount of drawdown pension or dependant’s drawdown pension (“drawdown pension”) paid under the arrangement to the member during the reporting year and the country or territory where the sole or main address of the member was situated on the date— (i) the declaration under sections 165(3A)(b) or 167(2A)(b) was made in respect of the arrangement, or (ii) if later, the first payment of drawdown pension was made under the arrangement in the reporting year.”

(1)

Entries 1 and 9 were amended by S.I. 2011/301

(2)

S.I. 2006/131 as amended by S.I. 2006/3261; there are other amending instruments but none is relevant.

(3)

S.I. 2011/1752.

(4)

Sections 165(3A) and 167(2A) were inserted by paragraphs 1 and 11 of Schedule 16 to the Finance Act 2011 (c. 11).