117.—(1) The scheme manager is appointed to be responsible for all functions that are functions conferred or imposed on a scheme administrator by or under Part 4 of the FA 2004.
(2) In this regulation ‘scheme administrator’ has the meaning given in Part 4 of the FA 2004.
118.—(1) This regulation applies if—
(a)an event that is a benefit crystallisation event listed in the table in section 216(1) of the FA 2004 (“the table”) occurs in relation to a member;
(b)the member and scheme manager are jointly and severally liable in relation to that event.
(2) If this regulation applies—
(a)the scheme manager must pay the lifetime allowance charge payable on the event;
(b)if the event is benefit crystallisation event 8 in the table (transfer to qualifying recognised overseas pension scheme), the amount or value of the sums or assets transferred must be reduced; and
(c)in the case of any other event in that table, the amount or value of the benefits payable to or in respect of the member must be reduced.
(3) The amount or value of the reduction must be such that in the opinion of the scheme manager, having consulted the scheme actuary, fully reflects the amount of the lifetime allowance charge so paid and is consistent with normal actuarial practice.
119.—(1) The scheme manager must provide a member with information about the payment of an annual allowance charge under section 227 of FA 2004 if the member’s total pension input amount for that tax year exceeds the amount of the annual allowance for that tax year.
(2) The member may request the scheme manager to pay the charge in respect of this scheme on the member’s behalf.
(3) Such a request must be made by notice in writing in such form and subject to such conditions as the scheme manager requires.
120.—(1) If the scheme manager pays the annual allowance charge on a member’s behalf, the amount or value of the benefits payable to or in respect of the member must be reduced.
(2) The amount or value of the reduction of benefits must be such that in the opinion of the scheme manager, having consulted with the scheme actuary, it fully reflects the amount of the charge so paid and is consistent with normal actuarial practice.