The Registered Pension Schemes (Provision of Information) (Amendment) Regulations, SI 2015/606, specify the information scheme administrators must provide with effect from 6 April 2015 both to the receiving scheme administrator when transferring pension funds which can be paid tax free, and to HMRC when schemes change their structure, range or number of members, in the interests of preventing pension liberation. A change from the draft version published in December 2014 ensures that individuals do not have to provide information to schemes before they become subject to the money purchase annual allowance.
The Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2015/673, align the reporting requirements for overseas pension schemes more closely with those for registered pension schemes following the pension flexibility changes which take effect from 6 April 2015. They will: strengthen the requirements for overseas schemes or providers to be regulated in their home country; require scheme benefits to be payable no earlier than they would be under the rules of a registered pension scheme; and modify the conditions for tax-free transfers to include countries covered by tax information exchange agreements. The main change from the December 2014 consultation draft is the retention for the time being of the requirement for some overseas schemes to use at least 70% of UK funds to provide individuals with an income for life.
The Registered Pension Schemes (Splitting of Schemes) (Amendment) Regulations, SI 2015/667, ensure that sub-scheme administrators of the new Police and Fire Service Pension Schemes being introduced from 6 April 2015 in England and Wales will be similarly responsible for the tax-related obligations of the new schemes as they are for the current Police and Fire Service Schemes.
The Registered Pension Schemes (Provision of Information) (Amendment) Regulations, SI 2015/606, specify the information scheme administrators must provide with effect from 6 April 2015 both to the receiving scheme administrator when transferring pension funds which can be paid tax free, and to HMRC when schemes change their structure, range or number of members, in the interests of preventing pension liberation. A change from the draft version published in December 2014 ensures that individuals do not have to provide information to schemes before they become subject to the money purchase annual allowance.
The Overseas Pension Schemes (Miscellaneous Amendments) Regulations, SI 2015/673, align the reporting requirements for overseas pension schemes more closely with those for registered pension schemes following the pension flexibility changes which take effect from 6 April 2015. They will: strengthen the requirements for overseas schemes or providers to be regulated in their home country; require scheme benefits to be payable no earlier than they would be under the rules of a registered pension scheme; and modify the conditions for tax-free transfers to include countries covered by tax information exchange agreements. The main change from the December 2014 consultation draft is the retention for the time being of the requirement for some overseas schemes to use at least 70% of UK funds to provide individuals with an income for life.
The Registered Pension Schemes (Splitting of Schemes) (Amendment) Regulations, SI 2015/667, ensure that sub-scheme administrators of the new Police and Fire Service Pension Schemes being introduced from 6 April 2015 in England and Wales will be similarly responsible for the tax-related obligations of the new schemes as they are for the current Police and Fire Service Schemes.
