Section 49: Information
Summary
1.Section 49 amends section 251(5) of the Finance Act 2004 to provide for the information provision requirements to pension scheme administrators to be amended.
Details of the Section
2.Section 49 inserts a new category of persons who can be required, by regulations, to provide information to registered pension scheme administrators.
Background Note
3.Certain persons can already be required to provide information to the scheme administrators of registered pension schemes. This is to ensure that scheme administrators have the necessary information so they can comply with their statutory obligations to HM Revenue and Customs. The proposed change will add a new category to the list of persons who can be required, by regulations, to provide information to scheme administrators and to whom scheme administrators can be required to provide information to.
4.The change is being made as part of proposals to restrict pensions tax relief to basic rate for individuals with high incomes. Members affected by these proposals are going to have to obtain statements of their pension benefits from their scheme administrator in order to complete their Self Assessment return. In order to speed up the process, regulations will be introduced to place an obligation on an employer to identify any employee to whom they provide employment income of £130,000 or over and to request from the pension scheme administrator that they provide a benefit statement to the employee.