RPSM12306020 - Scheme Administrator Pages: Information Requirements and Administration: Scheme pension or lifetime annuity provided by insurance company: Other situations - Information provided by the insurance company to the pensioner or annuitant

 [Reg 16 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567 

Having accepted registered pension scheme funds (which were not drawdown pension funds) for the provision of a scheme pension or lifetime annuity for the member, an insurance company is required to provide the annuitant with a statement.

The statement must show the percentage of the standard lifetime allowance expended at the date of the statement by benefit crystallisation events in respect of that pension or annuity and any pension commencement lump sum paid in connection with that pension or annuity.

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

The insurance company is required to provide this information to the pensioner or annuitant at least once in each tax year up to an including the tax year in which the member reaches age 75. Although not required to do so, the insurer may choose to continue providing annual statements beyond the tax year in which the member is age 75. The percentage expressed on the statement should go to two decimal places (e.g. 25.55%). This should be a rounded down figure, so 25.558% becomes 25.55%.

An option for insurance companies is to provide this information to members by including the figure on form P60 substitute issued annually to members in receipt of a pension. Any scheme administrator wishing to adapt form P60 substitute for this purpose should first contact

The Substitute Forms Officer
HM Revenue & Customs
Room 57
1^st Floor New Wing
Somerset House
Strand
London
WC2R 1LB