(This note is not part of the Regulations)
These Regulations amend the Registered Pension Schemes (Provision of Information) Regulations 2006 (“the principal Regulations”) which specify the provision of information requirements in connection with registered pension schemes under Part 4 of the Finance Act 2004.
Regulation 3 makes various amendments to the Table in regulation 3(1) of the principal Regulations which specifies the information scheme administrators are required to give to the Commissioners upon certain reportable events.
Regulation 4 of the principal Regulations sets out the reporting requirements where a registered pension scheme is wound up. Regulation 4(2) of the principal Regulations exempts certain types of registered pension scheme. Regulation 4 of these Regulations extends the exemption from the reporting requirements to a further category of registered pension scheme, namely an annuity contract which became a registered pension scheme by virtue of section 153(8) of the Finance Act 2004.
Regulation 5 removes the reference to the definition of “personal representatives” in regulation 8 of the principal Regulations, as it has been superseded. Regulation 2(3) of the principal Regulations imports definitions found in the Finance Act 2004 in any event.
Regulation 6 ensures that where information has to be provided by a scheme administrator under new Regulation 17A (which is inserted by regulation 7) the same information does not also have to be provided under Regulation 14(1) of the principal Regulations. Also, provision is made for information to be provided to personal representatives where the member dies.
Regulation 7 inserts new regulation 17A. The new regulation extends the information requirements to cover situations where a lifetime annuity or a scheme pension in payment is transferred between insurance companies and in consequence of this the reporting requirement obligations are also passed on to the receiving insurance company.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
A regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004 and the subordinate legislation that was expected to be made under it, was published by the former Board of Inland Revenue on 8th April 2004. The assessment is available on HM Revenue & Customs website at http://www.hmrc.gov.uk/ria/simplifying-pensions.pdf or (for hard copies) by writing to the Ministerial Correspondence Unit, 1st Floor, HM Revenue & Customs, Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.