2015 No. 1455
The Registered Pension Schemes (Provision of Information) (Amendment No. 2) Regulations 2015
Made
Laid before the House of Commons
Coming into force
Citation, commencement and effect1
1
These Regulations may be cited as the Registered Pension Schemes (Provision of Information) (Amendment No. 2) Regulations 2015 and come into force on 1st September 2015.
2
The amendments in regulations 3 to 10 have effect for the tax year 2015-16 and subsequent years.
3
The amendment in regulation 11 has effect in respect of transfers on or after 6th April 2015.
Amendment of the Registered Pension Schemes (Provision of Information) Regulations 2006
2
The Registered Pension Schemes (Provision of Information) Regulations 20064 are amended as follows.
3
In regulation 7(3)(a) (percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event: application to other provisions)5 after “(2A)” insert “, (2B)”.
4
Regulation 8 (death: provision of information by scheme administrator to personal representatives)6 is amended as follows—
a
in paragraph (1) after “(2A)” insert “, (2B)”,
b
after paragraph (2A) insert—
2B
The information is the percentage of the standard lifetime allowance expended, the aggregate of the amount of such of the sums and the market value of such of the assets applied to the purchase of the annuity as are relevant unused uncrystallised funds7, and the date on which the person became entitled to the annuity where benefit crystallisation event 5D (entitlement to a dependants’ annuity or nominees’ annuity)8 occurs in relation to the member.
The information shall be provided no later than the last day of the period of 3 months beginning with the day on which the person became entitled to the annuity.
c
in paragraph (3) after “paragraph (2A)” insert “and any aggregate amount in respect of an entitlement referred to in paragraph (2B)”.
5
Regulation 10 (death: provision of information by personal representatives to the Commissioners)9 is amended as follows—
a
in paragraph (1)(b) after “benefit crystallisation event 5C” insert “ or 5D”,
b
in paragraph (1A)(b)10 for “benefit crystallisation event 7” substitute “benefit crystallisation event 5D or 7”,
c
after paragraph (1A) insert—
1B
Where—
a
benefit crystallisation event 5D (entitlement to a dependants’ annuity or nominees’ annuity) occurs in respect of a deceased member of a registered pension scheme, and
b
that entitlement, of itself, or together with any other benefit crystallisation event 5D or any benefit crystallisation event 5C or 7 results in a lifetime allowance charge,
the personal representatives of the member shall provide to the Commissioners the information specified in paragraph (2B).
d
after paragraph (2A) insert—
2B
The information required is—
a
the name of the pension scheme which held the relevant unused uncrystallised funds and the name and address of the scheme administrator of that scheme;
b
the name of the deceased member whose relevant unused uncrystallised funds were used to purchase the dependants’ annuity or the nominees’ annuity;
c
the aggregate of the amount of such of the sums and the market value of such of the assets applied to the purchase of the annuity as are relevant unused uncrystallised funds;
d
the date on which the dependant or the nominee (as the case may be) became entitled to the annuity; and
e
the chargeable amount in respect of which a lifetime allowance charge is payable by virtue of the dependant or the nominee (as the case may be) becoming entitled to the annuity.
e
in paragraph (3)(b) for “or (1A)” substitute “, (1A) or (1B)”, and
f
in paragraph (5) for “or (1A)” substitute “, (1A) or (1B)”.
6
In regulation 14(2)(c) (information provided to members by scheme administrators about benefit crystallisation events: exceptions)11 for “or (2A)” substitute “, (2A) or (2B)”.
7
In regulation 14ZA(4)(b)(ii) (information provided to member by scheme administrator where it appears member may be first flexibly accessing pension rights)12 after “registered pension scheme” insert “or the scheme manager of a qualifying recognised overseas pension scheme13 or former qualifying recognised overseas pension scheme”.
8
In regulation 14ZB(6) (passing-on by member of information under regulation 14ZA if active or contributing etc) after “14ZE(3) or (4),” insert “or has complied with regulation 3AB(2) or (3) of the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 200614,”.
9
In regulation 14ZD(8) (individual to whom flexible drawdown arrangements applied before 6th April 2015 must tell other schemes if active or contributing etc) after “14ZE(3) or (4),” insert “or has complied with regulation 3AB(2) or (3) of the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006,”.
10
In regulation 14ZE(6) (member to inform other schemes if active or contributing etc and, under paragraph 8C of Schedule 28, drawdown pension fund becomes flexi-access drawdown fund and is flexibly accessed)15 after “14ZD(3) or (4),” insert “or has complied with regulation 3AB(2) or (3) of the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006,”.
11
After regulation 17A (transfers between insurance companies)16 insert—
Information between insurance companies: transfer of sums or assets representing beneficiaries’ annuities17B
1
This regulation applies if and to the extent to which there is a transfer of sums or assets (or both) which represent—
a
a lifetime annuity that is being paid pursuant to pension rule 2 in section 165 (guaranteed period for payment of scheme pension or annuity)17,
b
a dependants’ annuity,
c
a nominees’ annuity, or
d
a successors’ annuity,
as a result of which an annuity payable by an insurance company (“Insurer A”) ceases to be payable and a new annuity becomes payable by another insurance company (“Insurer B”) in the circumstances described in regulation 6(1), 10(1)18, 19(1)19 or 20(1) (as the case may be) of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 200620.
2
Insurer A shall provide the information specified in paragraph (3) to Insurer B within 3 months of the transfer.
3
The information is—
a
which of the descriptions in paragraphs (1)(a) to (d) applies to the annuity in respect of which the sums or assets (or both) are transferred,
b
where sums or assets (or both) are transferred in respect of a lifetime annuity that is being paid pursuant to pension rule 2 in section 165, a dependants’ annuity or a nominees’ annuity, the age at death of the deceased member,
c
where sums or assets (or both) are transferred in respect of a successors’ annuity, the age at death of the immediately preceding dependant, nominee or successor (as the case may be), and
d
where the deceased member referred to in sub-paragraph (b), or the immediately preceding dependant, nominee or successor referred to in sub-paragraph (c) died before the age of 75—
i
confirmation as to whether or not section 646B(1) to (4) of ITEPA 2003 (registered schemes: beneficiaries’ annuities from unused funds)21 apply to payments of the annuity, and
ii
if so, confirmation as to which of section 646B(1) to (4) apply to those payments.
Information between insurance companies: transfer of sums or assets representing beneficiaries’ short-term annuities17C
1
This regulation applies if and to the extent to which there is a transfer of sums or assets (or both) which represent—
a
a dependants’ short-term annuity,
b
a nominees’ short-term annuity, or
b
a successors’ short-term annuity,
as a result of which a short-term annuity payable by an insurance company (“Insurer A”) ceases to be payable and a new short-term annuity becomes payable by another insurance company (“Insurer B”) in the circumstances described in regulation 11, 1722 or 18 (as the case may be) of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006.
2
Insurer A shall provide the information specified in paragraph (3) to Insurer B within 3 months of the transfer.
3
The information is—
a
which of the descriptions in paragraphs (1)(a) to (c) applies to the short-term annuity in respect of which the sums or assets (or both) are transferred,
b
where sums or assets (or both) are transferred in respect of a dependants’ short-term annuity or a nominees’ short-term annuity, the age at death of the deceased member,
c
where sums or assets (or both) are transferred in respect of a successors’ short-term annuity, the age at death of the immediately preceding dependant, nominee or successor (as the case may be), and
d
where the deceased member referred to in sub-paragraph (b), or the immediately preceding dependant, nominee or successor referred to in sub-paragraph (c) died before the age of 75—
i
confirmation as to whether or not section 646C(1) and (2) of ITEPA 2003 (registered schemes: beneficiaries’ annuities from drawdown funds) apply to payments of the annuity, and
ii
if so, confirmation as to which of section 646C(1) and (2) apply to those payments.
(This note is not part of the Regulations)