Legislation – The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024
Part 3Amendments of subordinate legislation
The Registered Pension Schemes (Provision of Information) Regulations 200624.
(1)
(2)
In regulation 3 (provision of information by scheme administrator to HMRC)—
(a)
(i)
omit the “and” at the end of paragraph (i);
(ii)
at the end of paragraph (j) insert “; and”
;
(iii)
“(k)
the amount of the member’s overseas transfer allowance that is available on the making of the transfer.”;
(b)
omit paragraph (5).
(3)
In regulation 8 (death: provision of information by scheme administrator to personal representatives)—
(a)
in paragraph (1), after “paragraphs” insert “(1A),”
;
(b)
“(1A)
The information specified in this paragraph is—
(a)
the name of the scheme and the name and address of the scheme administrator of the scheme;
(b)
each relevant reference number (if any) in relation to the deceased member;
(c)
the name, address, date of birth and national insurance number of each individual (if any) to whom a relevant lump sum death benefit in respect of the deceased member has been, or will be, paid under the scheme.
The information is to be provided no later than the last day of the period of 2 months beginning with the day on which a request for it is received from the member’s personal representatives.”;
(c)
in paragraph (2)—
(i)
after “The information” insert “specified in this paragraph”
;
(ii)
for “a relevant lump sum death benefit” substitute “each relevant lump sum death benefit paid”
;
(d)
in paragraph (3), in the words before paragraph (a), after “The information” insert “specified in this paragraph”
.
(4)
“(ae)
a statement of the amount of the member’s overseas transfer allowance that is available on the making of the transfer;”.
(5)
“(5)
Paragraph (6) applies if—
(a)
in connection with a member of a registered pension scheme (“the transferring scheme”), there is a recognised transfer from the transferring scheme to another registered pension scheme (“the recipient scheme”), and
(b)
paragraph 12 of Schedule 36 (enhanced protection)35 applies in the case of the member.(6)
The scheme administrator of the transferring scheme must provide the scheme administrator of the recipient scheme with a statement stating, for each arrangement under the transferring scheme relating to the member, the amount that would be “the permitted maximum” in relation to each of the following lump sums if a lump sum of that description were paid to or in respect of the member under the arrangement —
a pension commencement lump sum;
a serious ill-health lump sum;
an uncrystallised funds pension lump sum;
a defined benefits lump sum death benefit;
a pension protection lump sum death benefit;
an uncrystallised funds lump sum death benefit;
an annuity protection lump sum death benefit;
a drawdown pension fund lump sum death benefit;
a flexi-access drawdown lump sum death benefit.
(7)
In this regulation “the permitted maximum”, in relation to a lump sum of any description, means the permitted maximum relating to a lump sum of that description under Chapter 15A of Part 9 of ITEPA 2003, as that Chapter has effect in relation to the member as modified by paragraph 12A of Schedule 36.”.
(6)
In regulation 14A (annual allowance: annual provision of information by scheme administrator to member)—
(a)
in paragraph (9), in condition E, in the words before sub-paragraph (a), for “£4,000” substitute “£10,000”
;
(b)
in paragraph (10), in sub-paragraph (d), for “£4,000” substitute “£10,000”
.
(7)
In regulation 15 (information between scheme administrators on transfer)—
(a)
in paragraph (2), in the words before sub-paragraph (a), for “, at the date of the statement,” substitute “in each of the reportable periods”
;
(b)
“(3)
In paragraph (2) “the reportable periods” means—
(a)
the period ending with 5th April 2024, and
(b)
the period beginning with 6th April 2024 and ending with the date of the statement.”.