The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2018

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2018 and come into force on 30th January 2018.

(2) The amendments in regulation 3 have effect for the tax year 2018-19 and subsequent years.

(3) The amendments in regulations 4, 5 and 7 have effect for the tax year 2017-18 and subsequent tax years.

Amendments to the Registered Pension Schemes (Provision of Information) Regulations 2006

2.  The Registered Pension Schemes (Provision of Information) Regulations 2006(1) are amended as follows.

3.  In regulation 3 (provision of information by scheme administrator to the Commissioners)—

(a) in the table in paragraph (1), after entry 20 insert—

“20A. Master Trust scheme
The scheme becomes, or ceases to be, a Master Trust scheme within the meaning of section 1 of the Pension Schemes Act 2017(2)	The fact of the change and the date on which the change took effect.”

(b) after paragraph (7) insert—

“(8) An event report in respect of reportable event 20A must be delivered within 30 days of the event”.

4.  In regulation 14ZA(3)(b) (information provided to member by scheme administrator where it appears member may be first flexibly accessing pension rights)(3) for “£10,000”, in both places, substitute “£4,000”.

5.  In Regulation 14A (annual allowance: annual provision of information by scheme administrator to member)(4)—

(a) in paragraph (9) Condition E for “£10,000” substitute “£4,000”,

(b) in paragraph (10)(d) for “£10,000” substitute “£4,000”,

(c) for paragraph (10)(e) substitute —

“(e) (i) the unadjusted alternative allowance for each of the three preceding tax years, and the fact that the member’s money purchase input sub-total for each of those preceding years will be tested against—

(aa) a £4,000 allowance for the tax year 2017-18 and subsequent years,

(bb) a £10,000 allowance for the tax year 2016-17, or

(ii) if any of those preceding years is the tax year 2014-15 or earlier, the annual allowance for that year, and”.

Amendments to the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006

6.  The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006(5) are amended as follows.

7.  In Regulation 3AA(3)(b) (information provided to member of QROPS or former QROPS by scheme manager where it appears member may be first flexibly accessing pension rights)(6) for “£10,000”, in both places, substitute “£4,000”.

Melissa Tatton

Penny Ciniewicz

Two of the Commissioners for Her Majesty’s Revenue and Customs

8th January 2018