[Regs 7, 14 & 16 The Registered Pension Schemes
(Provision of Information) Regulation 2006 – SI
2006/567]
When benefits crystallise the
scheme administrator must give the member a
statement telling them how much of the
standard lifetime allowance has been used up by
the
benefit crystallisation event.
This statement must be provided even though the member cannot
be liable to the
lifetime allowance charge because the member has
enhanced protection. (The individual may later lose or give up
enhanced protection and so later could become liable to the
lifetime allowance charge.)
The statement must be provided to the member within 3 months
of the benefit crystallisation event. And where the benefit
crystallisation event is a pension the statement must be provided
at least once in a tax year thereafter.
Where a
registered pension scheme has given funds to an
insurance company to provide a
scheme pension or a
lifetime annuity the insurance company is
responsible for providing the required annual statement.
Further information about these benefit statements can be
found at
RPSM12303030 and
RPSM12306020.
| Glossary ( RPSM20000000) |
