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

Other situations - Information provided by the insurance company to the pensioner or annuitant

Having accepted registered pension scheme funds (which were not unsecured pensionfunds) 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. 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