The Registered Pension Schemes (Provision of Information) Regulations 2006
| Jurisdiction | UK Non-devolved |
2006 No. 567
INCOME TAX
The Registered Pension Schemes (Provision of Information) Regulations 2006
Made 9th March 2006
Laid before the House of Commons 10th March 2006
Coming into force 6th April 2006
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by sections 220(5), 221(6), 224(9), 251(1)(a) and (b), (4)(a) and (b), (5) and (6) and 256 of, and paragraphs 7(1)(b), 12(1) and 18(6) of Schedule 36 to, the Finance Act 20041, and now vested in them2.
Citation, commencement and effect
1. These Regulations may be cited as the Registered Pension Schemes (Provision of Information) Regulations 2006, shall come into force on 6th April 2006, and have effect in relation to any reportable event which takes place on or after 6th April 2006.
Interpretation
2.—(1) In these Regulations—
“the Act” means the Finance Act 2004 and a reference, without more, to a numbered section or Schedule is a reference to the section of, or Schedule to the Act bearing that number;
“associated company” has the meaning given by section 416 of ICTA;
“the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;
“director” has the meaning given by section 417 of ICTA;
“event report” means the report required by regulation 3(1);
“relevant lump sum death benefit” means a defined benefits lump sum death benefit or an uncrystallised funds lump sum death benefit;
“reportable event” means an event in relation to which information is required to be provided by virtue of these Regulations;
“reporting year” means the tax year to which an event report relates.
(2) Section 839 of ICTA applies for the purpose of determining whether a person is connected with another for the purposes of these Regulations.
(3) Expressions defined, or otherwise explained, in section 280, have the same meaning in these Regulations as they have in Part 4 of the Act.
Provision of information by scheme administrator to the Commissioners
3.—(1) The scheme administrator of a registered pension scheme shall provide to the Commissioners an event report in respect of all of the reportable events specified in column (1) of the Table below which have occurred in respect of the scheme during the reporting year, containing the information specified in column (2).
Table
Reportable event |
Information |
1. Unauthorised payments | |
The scheme makes an unauthorised member payment3 or an unauthorised employer payment4. |
The name, date of birth (if applicable), address and national insurance or company registration number of the person to whom the payment was made, together with the nature, amount and date of the payment. |
2. Payments exceeding 50% of standard lifetime allowance | |
The scheme makes a lump sum death benefit payment to a person in respect of the death of a member, and that payment, either alone or when aggregated with other such payments from that scheme, amounts to more than 50% of the standard lifetime allowance applicable at the time of the member’s death. |
The name, date of birth, last known address and national insurance number of the deceased member, together with the name and address of the person to whom the payment was made, and the amount and date of the payment. |
3. Early provision of benefits | |
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The scheme provides benefits to a member of the scheme who is under the normal minimum pension age5 and before the benefits were provided the member was, either in the year in which they were provided or any of the preceding six years— (a) in relation to the sponsoring employer, or an associated company of that employer, a director or a person connected with a director; (b) whether alone or with others, the sponsoring employer; or (c) a person connected with the sponsoring employer. |
The name, address, date of birth and national insurance number of the member, the nature, date and amount of the benefits provided, and reasons for those benefits having been provided under normal minimum pension age. |
4. Serious ill-health lump sum | |
|
A scheme pays a member of the scheme a serious ill-health lump sum and before the payment was made the member was, either in the year in which they were provided or any of the preceding six years— (a) in relation to the sponsoring employer, or an associated company of that employer, a director or a person connected with a director; or (b) whether alone or with others, the sponsoring employer; or (c) a person connected with the sponsoring employer. |
The name, address, date of birth and national insurance number of the member, and the date and amount of the payment. |
5. Suspension of ill-health pension | |
An ill-health pension which has been paid, pursuant to pension rule 1 in section 165(1), is not now paid because the ill-health condition is no longer met. |
The name, address, date of birth and national insurance number of the member to whom the pension had been paid, the date on which the period of non-payment began and the annual rate of the pension, to which the member was entitled, immediately before that period began. |
6. Benefit crystallisation events and enhanced lifetime allowance or enhanced protection | |
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A benefit crystallisation event occurs in relation to a member in respect of the scheme and— (a) the amount crystallised by the event— (i) exceeds the standard lifetime allowance, or (ii) together with amounts crystallised by other events in relation to that member, exceeds the standard lifetime allowance, for the year in which the event occurs; and (b) the member relies on entitlement to either an enhanced lifetime allowance or enhanced protection in order to reduce or eliminate liability to the lifetime allowance charge. |
The name, address, date of birth and national insurance number of the member, the amount crystallised by the event, the date of the event and the reference number given by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 20066. |
7. Pension commencement lump sum | |
|
The scheme makes a pension commencement lump sum payment to a member which— (a) when added to the amount crystallised, by reason of the member becoming entitled to the pension with which the lump sum payment is associated, exceeds 25% of the total so found; and (b) is more than 7.5%, but less than 25%, of the standard lifetime allowance for the tax year in which the sum is paid. |
The name, address, date of birth and national insurance number of the member, together with— (a) the amount and date of payment of the lump sum; and (b) the amount crystallised on the member becoming entitled to the pension, with which the lump sum is associated. |
8. Pension commencement lump sum: primary and enhanced protection provisions of Schedule 36 | |
The scheme makes a pension commencement lump sum payment to a member and the amount of the payment is an authorised payment by reason only of the application of paragraphs 24 to 30 of Schedule 36. |
The name, address, date of birth and national insurance number of the member, the amount and date of the payment, and the reference number given to the member by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006. |
9. Transfers to qualifying recognised overseas pension schemes | |
The scheme makes a recognised transfer to a qualifying recognised overseas pension scheme which is not a registered pension scheme. |
The name, address, date of birth and national insurance number of the member, the amount of the sums or assets transferred, the date of the transfer together with the name of the qualifying recognised overseas pension scheme and the country or territory under the law of which it is established and regulated. |
10. Member able to control scheme assets | |
A member of the scheme, whether alone or with others, gains or loses the ability to control the way in which scheme assets are used to provide pension benefits. |
The dates on which— (a) at least one member becomes able to exercise control where none had been able to do so immediately before; and (b) no member is able to exercise control, where at least one had been able to do so immediately before. |
11. Changes in scheme rules | |
|
The scheme changes its rules to— (a) entitle any person to require the making of unauthorised payments; or (b) permit investment other than in policies of insurance. |
The fact of the change and the date on which the change takes effect. |
12. Changes to rules of pre-commencement scheme treated as more than one scheme | |
The scheme, being one which immediately before 6th April 2006 was treated in accordance with section 611 of ICTA as two or more separate schemes, changes its rules in any way. |
The fact of the change and the date on which the change takes effect. |
13. Change in legal structure of scheme | |
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The legal structure of the scheme changes from one of the following categories to another. The categories are— (a) a single trust under which all of the assets are held for the benefit of all members of the scheme; (b) an overall trust within which there are individual trusts applying for the benefit of each member; (c) an overall trust within which specific assets are held as, or within, sub-funds for each member; (d) an annuity contract; (e) a body corporate; and (f) other. |
The date on which the change took effect, together with— (a) the new category listed in column 1 which applies to the scheme; and (b) in the case of a change falling within category (f), a brief description of the nature of the new category of legal structure of the scheme. |
14. Change in number of members | |
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The number of scheme members falls in a different band at the end of a tax year from that in which it fell at the end of the previous tax year. The bands are— (a) 0 members; |
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