Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567, the “Principal Regulations”) and the Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (S.I. 2006/208) which make provision for the provision of information in connection with registered pension schemes and overseas pension schemes under Part 4 of the Finance Act 2004 (c. 12).
Regulation 1 provides for the citation and commencement of the Regulations.
Regulation 2 introduces the amendments to the Principal Regulations.
Regulation 3 amends the table in regulation 3(1) of the Principal Regulations (provision of information by scheme administrator to HM Revenue and Customs) to provide for reportable events when a stand-alone lump sum is paid, when a scheme becomes, or ceases to be, an investment-regulated pension scheme, when a scheme chargeable payment arises, when there is a change in the country or territory in which a scheme is established and where a scheme becomes, or ceases to be, an occupational pension scheme.
Regulations 4 inserts two new regulations into the Principal Regulations requiring members to provide information in relation to recycling of lump sums and the available portion of the member’s lump sum allowance.
Regulation 5 amends regulation 3(2) of the Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (S.I. 2006/208) to require an overseas pension scheme to report unauthorised payments in relation to recycling provisions and investment-regulated pension schemes.
The Board of Inland Revenue published a regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004, and subordinate legislation under it, on 8 April 2004. That assessment is now available on the website of HM Revenue and Customs at www.hmrc.gov.uk/ria/simplifying-pensions.pdf or obtained by writing to The Ministerial Correspondence Unit, 1st Floor, Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.