RPSM13100440 - Technical Pages: International: Enhancement: Recognised overseas scheme transfer factor: Notification procedure

Notification procedure

An individual has to notify HMRC of their entitlement to a recognised overseas scheme transfer factor in accordance with Regulation 8 of The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2005 – to be laid. Notification should be made on form APSS 202 no later than five years after the 31 January following the end of the tax year in which the transfer took place.

Example

Beryl transferred funds from her recognised overseas pension scheme to a registered pension scheme on 5 February 2007, during the 2006/2007 tax year. This means that she must submit a completed form APSS 202 to HMRC no later than five years after 31 January 2008 i.e. by 31 January 2013.

Separate APSS 202 notification forms should be submitted to HMRC in the following circumstances:

• where transfers to a registered pension scheme are made from different recognised overseas pension schemes,
• where transfers to different registered pension schemes are made from one or more recognised overseas pension schemes, and
• where transfers to a registered pension scheme from a recognised overseas pension scheme are made on different dates,

However, a single APSS 202 form can be submitted to HMRC where there have been transfers from more than one arrangement under a recognised overseas pension scheme to the same registered pension scheme at the same time. The total figures for the transfers from those different arrangements should be shown in the boxes at 7.2 and 7.3.

Incorrect information provided

If an individual has received a certificate and later realises that the information provided on the APSS 202 notification form was incorrect they should send another form to HMRC. They should complete all of the relevant boxes as if it was a new notification, but must tick the "yes" box at 1.5 on the form and enter there the reference number that is shown on the certificate. In addition, if after the certificate was issued there has been a benefit crystallisation event in respect of any of the individual's pension arrangements they must inform HMRC about that in a covering letter.