Information and administration: essential principles: information requirements for qualifying overseas pension schemes (QOPS) and corresponding schemes
Paragraph 5 Schedule 33 Finance act 2004
When a scheme manager notifies HMRC that their scheme meets the conditions to be an overseas pension scheme and that they want the scheme to be a QOPS they undertake to comply with prescribed information requirements about benefit crystallisation events (BCEs). If a scheme manager fails to comply with these information requirements HMRC can remove the QOPS status from their pension scheme (exclusion from being a QOPS, see PTM111400).
Paragraph 51 Schedule 36 Finance Act 2004
A member may continue to receive corresponding relief after 5 April 2006 if the scheme manager of the corresponding scheme complies with prescribed information requirements about BCEs.
Regulations 2 & 4 The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 - SI 2006/208
Where a BCE occurs in respect of a member the scheme manager must report it to HMRC by 31 January following the end of the tax year in which the BCE occurs. PTM111800 provides full guidance on this reporting requirement.
Where HMRC has reasonable grounds for believing that the scheme manager has failed or may fail to comply with this requirement HMRC may require the information to be provided within 30 days of a written notice