Policy paper

Draft legislation: The Registered Pension Schemes (Provision of Information) (Amendment No. 2) Regulations 2015

This draft legislation amends the Information Regulations, requiring scheme administrators to tell beneficiaries where the payment of an annuity is subject to the lifetime allowance charge.

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These regulations are now finalised and have been published. Please read The Registered Pension Schemes (Provision of Information) (Amendment No 2) Regulations 2015, SI 2015/1455.

Documents

Details

HM Revenue and Customs has published a draft Statutory Instrument and draft Explanatory Memorandum for comment.

These amend the Information Regulations and require scheme administrators to tell beneficiaries where the payment of an annuity is subject to the lifetime allowance charge. They also require that when beneficiaries annuities are transferred between insurance companies then the transferring insurance company must provide certain information to the receiving insurance company so that the correct tax treatment can be applied following the transfer.

The Information Regulations are expected to have effect from 6 April 2015.

If you have any comments on these regulations please email these by 29 May 2015 to pensions.policy@hmrc.gsi.gov.uk marking your email ‘Draft Regulations’

Published 25 March 2015