RPSM12306010 - Scheme Administrator Pages: Information Requirements and Administration: Scheme pension or lifetime annuity provided by insurance company: Information provided by scheme administrator to insurance company

Information provided by scheme administrator to insurance company

When registered pension scheme funds (which are not unsecured pension funds) have been used to purchase a scheme pension or lifetime annuity from an insurancecompany, the scheme administrator must provide the insurance company with statements containing the following information.

The information to be provided is the total percentage of the standard lifetime allowance expended by benefit crystallisation events in respect of the pension or annuity, and any pension commencement lump sum connected with that pension or annuity.

The information is required to enable the insurance company to provide the annual statement to the pensioner or annuitant under regulation 16(3). It must be provided within 3 months of the date the recipient became entitled to the pension or annuity. It must be based on the position at the date of the statement.

Details of how to find the percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event are on page RPSM12306030.