RPSM12301100 – Scheme Administrator Pages: Information Requirements and Administration: Information the scheme administrator is required to provide to HMRC: The Event Report: Event number 8 - Pension commencement lump sum: primary and enhanced protection

Event number 8 - Pension commencement lump sum: primary and enhanced protection

[Reg. 3 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567]

Reportable event

A reportable event will occur when

• the scheme makes a pension commencement lump sum payment to a member and
• the amount of the payment is only an authorised payment because paragraphs 24 to 30 of Schedule 36 Finance Act 2004 apply (lump sum rights exceeding £375,000: primary and enhanced protection) - see RPSM03105000.

Information required

The information required is

• the name of the member
• their address
• their date of birth
• their National Insurance number (if known)
• the amount of the payment
• the date of payment and
• the reference number given by HM Revenue & Customs under the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 [SI 2006/131].

Where a lump sum payment is made before the member becomes entitled to it, the scheme administrator will not initially know whether the payment is a pension commencement lump sum or an unauthorised payment. Where the payment is a pension commencement lump sum (see RPSM09100340, and if the member has enhanced protection see also RPSM03105200) it is reportable in relation to the tax year in which it was paid (which may be different from the tax year in which entitlement to it arose), where the bullet points above apply. Where the tax year of payment is different to the tax year of entitlement, the test (above) for whether the lump sum is reportable is made using the standard lifetime allowance for the tax year of payment.