Explanatory note

These Regulations amend the Retirement Benefits Schemes (Information Powers) Regulations 1995 (S.I. 1995/3103) (“the principal Regulations”).

Regulation 1 provides for the citation and commencement of these Regulations. Regulation 2 provides a definition of “the principal Regulations” for the purposes of these Regulations.

Regulation 3 inserts new definitions in regulation 2 of the principal Regulations of “electronic communications”, “governing instrument” and “signed”, substitutes new definitions of “controlling director” and “small self-administered scheme” and omits the definition of “unlisted company”.

Regulation 4 amends regulation 5 of the principal Regulations, substituting a new paragraph (4). The effect of the substitution is to remove the obligation on the prescribed person in respect of a small self-administered scheme to furnish information to the Commissioners of Inland Revenue about investments in unlisted companies which are open-ended investment companies within the meaning of section 236 of the Financial Services and Markets Act 2000 (c. 8). Regulation 4 also amends regulation 5 of the principal Regulations so that information required to be furnished to the Board may be delivered electronically.

Regulation 5 amends regulation 6(1) of the principal Regulations so as to permit documents requiring information, and information so required, to be delivered electronically, and regulations 6(2), 7(2), 8(a) and 9 make similar amendments in respect of information required to be supplied in respect of special contributions, controlling directors becoming members of schemes, chargeable events and information required to be supplied by insurance companies.

Regulation 6(3) makes a drafting amendment so that the time within which the payment of a special contribution falls to be reported, under regulation 7(2) of the principal Regulations, is computed by reference to the end of the scheme year, in which falls the end of the chargeable period, in the course of which it is paid.

Regulation 7(3) makes an amendment consequential on the new definition of “controlling director”.

Regulations 8(b) and 11 respectively amend regulations 10 and 12 of the principal Regulations so as to widen references in those regulations, and regulation 11 of the principal Regulations, to approved retirement benefits schemes so as to include schemes which have at any time been approved.

Regulation 10 inserts new regulations 11A, 11B and 11C in the principal Regulations. The new regulation 11A imposes a duty upon the relevant person in respect of an approved retirement benefits scheme, a relevant statutory scheme or an annuity contract referred to in section 605(1B) of the Income and Corporation Taxes Act 1988 (c. 1), other than one providing immediate benefits, to furnish information to the Board of Inland Revenue within 28 days on the happening of the event specified in the new regulation 11A(3). The event is the making of any transfer payment from such a scheme or contract where the value of the assets comprised in the payment equals or exceeds £250,000 or the aggregate market value of assets comprised in a series of such payments made within a period of 365 days equals or exceeds that amount. The new regulation 11B imposes a similar reporting requirement in respect of a transfer payment or transfer payments to a retirement benefits scheme which is for the time being approved by the Board, other than a statutory scheme, or an annuity contract within section 605(1B)(c), other than one providing immediate benefits, if the amount of the payment, or the amount of the payments when aggregated, exceeds that amount. The new regulation 11C contains interpretation provisions in respect of regulations 11A and 11B.

Regulation 12 amends regulation 14 of the principal Regulations so as to make it clear that a notice under that regulation need not specify the schemes in respect of which a prescribed person is required to make records available to an officer of the Board.

Regulation 13 makes an amendment to regulation 15 of the principal Regulations to provide for the retention of records in respect of information required to be supplied under the new regulations 11A and 11B.