|[Reg. 15 The Registered Pension Schemes (Provision of Information) Regulations 2006] [SI 2006/567]|
Where part or all of a member’s crystallised pension
rights are transferred to another registered pension scheme, the
administrator of the scheme making the transfer must provide the
following information to the administrator of the scheme receiving
The information to be provided is the total percentage of the standard lifetime allowance expended by
The information is required to enable the receiving scheme to
provide the member with an annual statement under regulation 14 and
should be provided within 3 months of the date of the transfer. It
should be based on the position at the date of the statement.
The percentage of standard lifetime allowance expended on the happening of each relevant benefit crystallisation event for these purposes is found using the following formula
AE means the amount of lifetime allowance expended on the happening of the benefit crystallisation event. This is found by adding AC and SFTP (see below).
AC = the amount crystallised by the benefit crystallisation event
SFTP = the amount covered by a scheme-funded tax payment (see RPSM11105200) in relation to that benefit crystallisation event
RSLA = the relevant standard lifetime allowance at the time of that event.
The total percentage of standard lifetime allowance expended in relation to a member is the sum of all the percentages calculated using the formula above for each relevant benefit crystallisation event in respect of the member.