RPSM12303010 - Scheme Administrator
Pages: Information Requirements and Administration: Information the
scheme administrator is required to provide to the scheme member:
Lifetime allowance charge
Lifetime allowance charge - Information about scheme
administrator’s liability
[Reg. 12 The Registered Pension Schemes (Provision of
Information) Regulations2006 - SI 2006/567]
When a
benefit crystallisation event takes place that
results in a
lifetime allowancecharge and the
scheme administrator has made or intends to make a
payment on account of his liability to account for tax on the
charge, the scheme administrator must provide the member with the
following information within 3 months of the benefit
crystallisation event
- the chargeable amount that has arisen as a
result of the benefit crystallisation event
- details of how the chargeable amount has
been calculated
- the amount of tax due
- which of the two following alternatives
applies
- the scheme administrator has already accounted for
the tax, or
- the scheme administrator intends to account for
tax at a later date.
This information given to the member is to enable them to
complete their self assessment tax return.
It is required in addition to any information that needs to
be given to HMRC on an Event Report (see page
RPSM12301080).
