Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2014 come into force
Implementation date: 18 August 2014
The Regulations amend the Registered Pension Schemes (Provision of Information) Regulations 2006 (SI 2006/567) as a consequence of the reduction in the pensions lifetime allowance from £1,500,000 to £1,250,000, with effect from 6 April 2014, in the Finance Act 2014. A member of a registered pension scheme likely to exceed the reduced lifetime allowance when he or she becomes entitled to pension benefits, and who would otherwise face a lifetime allowance charge on the excess, can apply for transitional individual protection on or before 5 April 2017. The Regulations prescribe the information requirements for scheme administrators and individuals where an individual wants to rely on transitional individual protection to reduce or eliminate a lifetime allowance charge. The Regulations can be viewed on the UK legislation website.