(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
The Retirement Benefits Schemes (Information Powers) Regulations
1995 (SI 1995 No 3103) were made under the powers contained in
Section 605 ICTA 1988 and came into force on January 1 1996. Part I
of the Regulations is introductory. Part II details those items and
events which must be submitted or notified to the PSO automatically
at prescribed times without the issue of a notice for the
information and is the subject of this Section. Part III of the
Regulations deals with information which is required by a formal
notice and is covered in Section 2 of these instructions.
Part II of the Regulations specifies statutory deadlines for
the submission of certain documents and information without the
issue of a notice and gives us the power to seek monetary penalties
when schemes fail to comply. They bring together a number of events
which were previously reportable under the undertakings,
SF176(U)(1989) and SF177(U) or set out in PN. The balance of the
reporting requirements in the undertakings was dispensed with
altogether, and since 1 January 1996, it has no longer been
necessary to submit an undertaking with an application for
approval. Those undertakings already submitted ceased to apply for
events occurring on or after 1 January 1996.
