The Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Amendment) Regulations, SI 2013/1740, which come into force on 12 August 2013, ensure that fixed protection from the lifetime allowance charge is not lost in a number of specified circumstances which are outside the control of the individual. They also extend protection to members of non-UK pension schemes subject to the lifetime allowance, giving such individuals until 5 April 2014 to apply for fixed protection.
The Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations, SI 2013/1741, set out how individuals may give notice to HMRC that they intend to rely on ‘fixed protection 2014’, which preserves the lifetime allowance at the current level of £1.5m for those who meet certain conditions and apply by 5 April 2014.
The Registered Pension Schemes (Provision of Information) (Amendment) Regulations, SI 2013/1742, which set out the information scheme administrators and individuals must provide to HMRC in connection with ‘fixed protection 2014’, including transfers to overseas schemes, from April 2014 onwards. There is a new requirement, applying from April 2013, for scheme administrators to report when they provide an individual with a pension savings statement in connection with an excess of contributions over the annual allowance.
The Registered Pension Schemes (Authorised Payments) (Amendment) Regulations, SI 2013/1818, which make changes to reflect the abolition of contracting-out through defined contribution pension schemes after April 2012, with corresponding legislation in FA 2013. The changes include clarification that age-related rebates paid by HMRC, and ‘minimum payments’ made by employers to registered pension schemes and recovered from employees, are ‘members contributions’ which can be included in the calculation of the upper limit on partial short service refund lump sums.
The Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Amendment) Regulations, SI 2013/1740, which come into force on 12 August 2013, ensure that fixed protection from the lifetime allowance charge is not lost in a number of specified circumstances which are outside the control of the individual. They also extend protection to members of non-UK pension schemes subject to the lifetime allowance, giving such individuals until 5 April 2014 to apply for fixed protection.
The Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations, SI 2013/1741, set out how individuals may give notice to HMRC that they intend to rely on ‘fixed protection 2014’, which preserves the lifetime allowance at the current level of £1.5m for those who meet certain conditions and apply by 5 April 2014.
The Registered Pension Schemes (Provision of Information) (Amendment) Regulations, SI 2013/1742, which set out the information scheme administrators and individuals must provide to HMRC in connection with ‘fixed protection 2014’, including transfers to overseas schemes, from April 2014 onwards. There is a new requirement, applying from April 2013, for scheme administrators to report when they provide an individual with a pension savings statement in connection with an excess of contributions over the annual allowance.
The Registered Pension Schemes (Authorised Payments) (Amendment) Regulations, SI 2013/1818, which make changes to reflect the abolition of contracting-out through defined contribution pension schemes after April 2012, with corresponding legislation in FA 2013. The changes include clarification that age-related rebates paid by HMRC, and ‘minimum payments’ made by employers to registered pension schemes and recovered from employees, are ‘members contributions’ which can be included in the calculation of the upper limit on partial short service refund lump sums.
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