HM Revenue & Customs (HMRC) has published the draft Registered Pension Schemes (Provision of Information) (Amendment No. X) Regulations 2011 setting out the new requirements for registered pension schemes and employers to provide information each year about the pension contributions and accruals of members affected by the reduction in the annual allowance (AA).
Scheme administrators are required to provide a ‘pensions savings statement’ to any members whose pension savings relevant for the tax year in that scheme exceed the AA. This statement must, amongst other items, include the following:
- details of a member’s pension input amounts in each of the scheme’s arrangements, for the arrangement’s pension input period (PIP) ending in the tax year;
- a similar date for the previous three tax years because the carry forward provisions for the AA charge need this; and
- where a PIP is one that begins before 14 October 2010 and ends after 5 April 2011, effectively the pension input amount for accrual from 14 October 2010 to the end of the PIP.
Employers will also be required to provide administrators with the information that they require to calculate all active members’ pension input amounts for PIPs ending in 201/2012 onwards.
Employers are reminded that for the 2011/12 tax year that they will have to provide this information to the scheme administrator by 6 July 2013 and the scheme administrator will have until 6 October 2013 to issue the pension savings statements. Subsequently the dates are 6 July and 6 October immediately following the end of the tax year, or 3 months after request if relevant.