HMRC this week published draft amendments [PDF] to the Registered Pension Schemes (Provision of Information) Regulations 2006 (SI 2006/567) which prescribe the information that scheme administrators have to give HMRC, members and other persons in connection with registered pension schemes.

In particular, the Regulations specify the information required

1. in the annual event report:
   Draft reg 4 amends the conditions which are required to be met when a scheme makes a stand-alone lump sum payment to a member in circumstances where such a payment is a reportable event.

2. when a pension scheme is wound-up:
   Reg 4(2) exempts certain types of registered pension scheme, and draft reg 5 extends the exemption from the reporting requirements to a further category of registered pension scheme, namely an annuity contract which became a registered pension scheme by virtue of s.153(8) FA 2004.

3. on transfer:
   The Regs prescribe the information that a scheme administrator is required to provide to other scheme administrators where there is a transfer of member's rights between schemes, and the records that must be preserved in relation to a registered pension scheme. Draft reg 14 extends the information requirements to cover situations where a lifetime annuity or a scheme pension in payment is transferred between insurance companies, and in consequence of this the reporting requirement obligations are also passed on to the receiving insurance company.

The fourth change concerns the information that scheme administrators and insurance companies have to provide in an annual statement to scheme members and the personal representatives of deceased scheme members, to enable them to ascertain the percentage of standard lifetime allowance (LTA) expended by benefit crystallisation events (BCEs) in respect of the member. This information is needed so that a member can monitor the amount of their available LTA and to determine any liability to a LTA charge. The draft amendments extend this requirement to "relevant existing pensions" * in payment on 5 April 2006 when the first BCE occurs in relation to a member. As a result such pensions will be reflected in the annual statement.

*defined in the amendment regs as "a pension within the meaning of paragraph 10(2) of Schedule 36 in respect of which an individual had an actual (as opposed to prospective) entitlement to payment on 5th April 2006"

NISPI Pensions Industry Newsletter No. 28

This series is aimed at administrators generally and often contains guidance about practical matters, including communications. This issue [PDF] tells you

1. not to use correction fluid and sellotape when preparing forms, as both damage NISPI’s machines;
2. that if a CEP isn't paid in time, the liability remains with the scheme (and when the member reaches SPA, NISPI will tell them to contact you to claim their pension);
3. to make sure you have a NINO to hand before calling any C/O helpline;
4. how to make sure a written enquiry reaches the right area and what ID is required;
5. of improvements to the deemed buy-back procedure (NISPI now has a computer program to calculate the Technical Amount); and
6. about the Pension Tracing Service.

Revised Contracted-out Guidance Booklets

New editions of the following manuals have been issued:

• CA14C [PDF]
• CA14D [PDF]
• CA14E [PDF]
• CA16A [PDF]

QROPS

Another update [PDF] to the list of Qualifying Recognised Overseas Pension Schemes (QROPS) was published last Friday. From now on, updates will officially appear twice each month instead of monthly. (NB. In these respects, today the QROPS web page is out of date.)