The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2006

• Citation: S.I. 2006/1961
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2006, and shall come into force on 11th August 2006.

Section 2 Amendment to the Registered Pension Schemes (Provision of Information) Regulations 2006

Amend the Registered Pension Schemes (Provision of Information) Regulations 2006 as follows.

Section 3 Amendment to the Registered Pension Schemes (Provision of Information) Regulations 2006

(1) Amend regulation 3 (provision of information by scheme administrator to the Commissioners) as follows.

(2) In the table in paragraph (1)

(a) after entry 8 insert—

The scheme makes a stand-alone lump sum payment to a member where—

condition A in article 25(2) of the Taxation of Pension Schemes (Transitional Provisions) Order 2006 is met and the payment is more than 7.5% of the standard lifetime allowance for the tax year in which the sum is paid; or

condition B or C in that article is met.

The name, address, date of birth and national insurance number of the member;

the amount and date of payment of the lump sum; and

the reference number, if any, given by the Commissioners under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 .

(b) for entry 10 substitute—

The date on which the scheme becomes, or ceases to be, an investment-regulated pension scheme; and

whether all the investments held by the scheme comprise contracts or policies of insurance.

(c) in entry 11 in paragraph (b) in column 1 after “in” insert “contracts or”;

(d) in entry 13 omit paragraphs (b) and (c) in column 1;

(e) at the end insert—

(3) For paragraph (4) substitute—

(4) Subject to paragraph (4A), in the tax year 2006-07 an event report is required by virtue of reportable event 10 where—

(a) the scheme is an investment-regulated pension scheme, and

(b) the scheme was registered on or after 6th April 2006 and did not state on the application that a member of the scheme, whether alone or with others, is able to control the way in which scheme assets are used to provide pension benefits.

(4A) Paragraph (4) does not apply to a scheme treated as becoming a registered pension scheme on 6th April 2006 by virtue of paragraph 1(1) of Schedule 36 if the scheme is an investment-regulated pension scheme throughout the tax year.

Section 4 Amendment to the Registered Pension Schemes (Provision of Information) Regulations 2006

After regulation 11 insert—

Information provided by members to scheme administrators: recycling of lump sums

(11A) Where a registered pension scheme is treated as making to a member of the scheme an unauthorised payment under paragraph 3A of Schedule 29 (recycling of lump sums) , the member shall notify—

(a) the date on which the unauthorised payment is treated as made, and

(b) the amount of the payment,

to the scheme administrator within 30 days of the date on which the unauthorised payment is treated as made.

Information provided by members to scheme administrators: pension commencement lump sums

(11B) Where—

(a) a registered pension scheme intends to pay a pension commencement lump sum to a member of the scheme,

(b) paragraph 2(5)(a) of Schedule 29 (available portion of the member’s lump sum allowance) applies to determine the permitted maximum, and

(c) a benefit crystallisation event has occurred previously in relation to the member in respect of a scheme pension that crystallised under a money purchase arrangement,

the member shall provide such information as will enable the scheme administrator to calculate the available portion of the member’s lump sum allowance.

Section 5 Amendment of the Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006

In regulation 3(2) of the Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 —

(a) for “174 and” substitute “174A ,”, and

(b) after “Schedule 28” insert “and 3A of Schedule 29”.