HMRC have published draft regulations dealing with the information scheme administrators (trustees) are to be required to give members relating to the annual allowance.
Where an active member’s pension inputs in any pension input period exceeds the annual allowance for the relevant tax year, the scheme administrator must provide a “pensions savings statement” which gives:
- the pension input amount;
- the relevant annual allowance;
- the pension input amount for the three previous tax years; and
- the annual allowances for the three previous tax years.
This information must be provided by 6 October following the end of the relevant tax year (but by 6 October 2013 for 2011/2012).
Where a member or former member makes a written request, the information must be provided within three months of the request or (if later) by 6 October following the end of the relevant tax year.
Sponsoring employers of DB, cash balance or hybrid schemes must provide scheme administrators with information relating to the pension input amount by 6 July following the end of the relevant tax year.
A scheme administrator waiting for relevant information from the employer has three months from the date it receives the information to supply it to the member.
Comments on the draft regulations are requested by 31 March 2011.