Regulation 18 of The Registered Pension Schemes (Provision of
Information) Regulations 2006 – SI 2006/567 requires a
scheme administrator to keep a record of any lump
sum payments made to the member that are more than 25% of the
combined value of the pension and lump sum benefits coming into
payment for a period of 6 years following the end of the tax year
in which the payments are made.
Failure to keep the correct records may result in a penalty
of up to £3,000.
| Glossary ( RPSM20000000) |
