RPSM03307022 - Scheme Administrator Pages: Protecting pension rights from tax charges: benefit payments - other forms of protection: Pension credits info to HMRC

Information to HMRC after paying benefits using an enhanced lifetime allowance due to pre 6 April 2006 pension credit rights

[‘Reportable event 6’ Reg 3 The Registered Pension Schemes (Provision of Information) Regulation 2006 – SI 2006/567]

After paying benefits using an enhanced lifetime allowance due to pre 6 April 2006 pension credit rights the scheme administrator must submit an Event Report where the total amounts (from this and any previous benefit crystallisation) crystallised is more than the value of the standard lifetime allowance for the tax year in which the benefit crystallisation event occurs.

The information that needs to be reported is

• in respect of the member: the member’s name, address, date of birth, National Insurance number, and the reference number of the member’s certificate of enhanced protection; and
• in respect of the benefit crystallisation event: the amount crystallised, and the date.

The Event Report should be made once a year. It should contain details of all the reportable events that occurred in a tax year. The Event Report should be submitted to HMRC by 31 January following the end of the tax year to which the report relates. RPSM12301020 has more information on the Event Report.