keep The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2014
Amendment regulations that update the Registered Pension Schemes (Provision of Information) Regulations 2006 to accommodate 'individual protection 2014', a transitional lifetime allowance protection introduced by the Finance Act 2014. The regulations require scheme administrators to report to HMRC when members claim individual protection 2014, and require members to notify scheme administrators of their reference number and relevant amount when relying on this protection.
While this regulation imposes administrative reporting burdens on pension schemes, deletion would leave a gap in the compliance framework for the lifetime allowance transitional protections introduced by Finance Act 2014. Without these reporting mechanisms, scheme administrators would lack the information needed to correctly apply individual protection 2014 to member benefits, and HMRC would be unable to verify proper use of these protections. The reporting requirements, while burdensome, are integral to the functioning of the lifetime allowance system that Parliament has enacted. Britons relying on individual protection 2014 would face uncertainty and potential over-taxation without this notification framework.