Finance Act 2011 – Information Requirements Issued

On 20 July 2011 the Government laid before Parliament the Registered Pensions Schemes (Provision of Information) (Amendment no.2) Regulations 2011. The regulations took effect from 11 August 2011. These regulations are just one of a set that deal with the changes contained within the Finance Act 2011. They are designed to put in place the provision of information requirements that will apply to trustees (and where relevant members) in order to operate the changes introduced under the Finance Act 2011.

The regulations require trustees to tell members automatically if their pension savings in any tax year exceed the annual allowance. They contain provisions requiring members and sponsoring employers of defined benefit schemes to provide information to Trustees, in order to enable the trustees to calculate members' pensions savings.