Home > News > 2006 > October 2006 > HMRC - Event Report Summary
HMRC - Event Report Summary
Under the Finance Act 2004, it is necessary for the Scheme Administrator to inform HMRC if certain events happen during a Scheme's tax year.
When should a report be made?
The report should be made at the end of the tax year but no later than the following 31 January and you will be required to report the date on which the event took place.
How do I make a report?
The Event Report should be submitted electronically via the HMRC's software. The software enables you to add Events during the year as they occur, and save it as you go along ready for submission at the end of the year.
Only one Event Report per year may be submitted. Any further Reports will be treated as amendments.
In what circumstances do I need to complete an Event Report?
A report should be completed if any of the events outlined below occur. They are classified according to two headings:
- Events relating to changes in the scheme or its membership numbers;
- Events relating to movement of scheme funds.
Where further details are available about the Event in the Registered Pension Schemes Manual (RPSM), the RPSM Event Number is indicated together with a hyperlink
Where can I find further details?
Further details regarding specific events or completion of the Event Report form can be found at http://www.hmrc.gov.uk in the Registered Pension Schemes Manual, from page 19 onwards. http://www.hmrc.gov.uk/pensionschemes/chapter12.pdf
Events relating to movement in scheme funds
The following Reportable Events fall under the above heading:
- Unauthorised (member/employer) payment (as defined in s160 FA2004)
- Payment of total lump sum death benefits exceeding 50% of standard lifetime allowance
- Benefits provided to a member below minimum pension age who was a director of or closely associated with the sponsoring employer
- Payment of a serious ill-health lump sum to a member below minimum pension age who was a director of or closely associated with the sponsoring employer
- essation of ill-health pension (if ill-health criteria is no longer met)
- Benefit crystallisation event which exceeds the standard LTA or member relies on enhanced LTA or enhanced protection to reduce charge
- Pension Commencement Lump Sums (PCLS) paid which is more than 25% of member's pension rights and more than 7.5% but less than 25% of standard LTA
- PCLS paid to a member who relies on enhanced LTA or enhanced protection
- Stand-alone Lump Sums
- Transfers to qualifying recognised overseas pension schemes that is not a registered pension scheme
- Payment of transfer lump sum death benefits
- Lump sum payment after the death of a member aged 75 or over that would previously have prejudiced approval of the scheme
- Scheme chargeable payment made e.g. income from taxable property
- Alternatively secured pension
Alternatively secured pensions are sums or assets in respect of one or more scheme members that for the first time meet either condition a or b during the reporting year.
- the sums and assets were part of the member's unsecured pension fund in respect of the arrangement when the member reached 75
- the sums and assets
- became held for the purposes of the arrangement after the member reached 75
- have at any time since the member reached age 75 been designated as available for the payment of an alternatively secured pension to the member (if the arrangement became a money purchase arrangement after the member reached the age of 75 having previously been a hybrid arrangement where defined benefits could be payable (a relevant arrangement)).
Barnett Waddingham LLP, October 2006