RPSM12303020 - Scheme Administrator Pages: Information Requirements and Administration: Information the scheme administrator is required to provide to the scheme member: Unauthorised payments

Unauthorised payments

When a member of a registered pension scheme or a member of their family is provided with a benefit in the form of use of a scheme asset, this may be treated as an unauthorised payment under Section 173 (1) Finance Act 2004 – see RPSM07300040 for more details. When such an unauthorised payment is made, the scheme administrator is required to provide the member with the following information

• the nature of the benefit provided
• the amount of the unauthorised payment which is treated as being made by the provision of the benefit
• the date on which the benefit was provided.

This information given to the member is to enable them to complete their self assessment tax return.

It must be provided to the member before 7 July following the tax year in which the unauthorised payment was made.

The information is required in addition to any information that needs to be given to HMRC on an Event Report (see page RPSM12301030).