These Regulations make provision for the furnishing of information and documents to the Board of Inland Revenue in connection with personal pension schemes approved by the Board, and for the inspection and retention of records relating to such schemes. The Regulations specify the information and documents to be furnished, the persons responsible for furnishing them, and the time within which they are to be furnished.

The Regulations are in a number of Parts of which Part I, comprising regulations 1 to 3, is introductory. Regulation 1 provides for citation and commencement, and regulation 2 for interpretation. Regulation 3 defines “self-invested personal pension scheme” for the purposes of the Regulations.

Part II, comprising regulations 4 and 5, deals with information which is to be furnished by approved personal pension schemes without the need for the Board to serve a notice requiring that information. Regulation 4 provides for the furnishing of information in relation to investment and borrowing transactions entered into by self-invested personal pension schemes or under arrangements made in accordance with such schemes. Regulation 5 provides for the furnishing of information in relation to the return of a member’s contributions after the member’s pension date.

Part III, comprising regulations 6 and 7, deals with particulars and documents relating to approved personal pension schemes, arrangements made under such schemes, and annuity contracts which the Board may by notice require any person prescribed by those regulations to furnish or produce within the time specified. Regulation 6 deals with approved personal pension schemes and arrangements, and regulation 7 with annuity contracts.

Part IV, comprising regulations 8 and 9, deals with inspection of records of approved personal pension schemes and annuity contracts by an officer of the Board (regulation 8), and the retention by prescribed persons of records relating to such schemes and contracts, and to arrangements made under such schemes (regulation 9).