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Amendment of the Registered Pension Schemes.
The information that pension scheme administrators must provide to members for the transitional year 2015/16, as a result of the tapered reduction in the pensions annual allowance is contained in new regulations. The normal allowance of £40,000 is reduced by £1 for every £2 of income that an individual has over £150,000, with the maximum reduction to £10,000 for those with incomes exceeding £210,000.
After consultation on the draft regulations, administrators will not have to provide a statement to members whose pensionable earnings exceed £110,000 in a tax year.
Details are in SI 2016/308.
