Rolls-Royce UK Pension Fund (the scheme) Transfer to an overseas pension arrangement

Transcription

1 Rolls-Royce UK Pension Fund (the scheme) Transfer to an overseas pension arrangement This six-page form must be fully completed before a transfer of benefits from the Rolls-Royce UK Pension Fund (RRUKPF) can take place. This form, all requested documents and supporting evidence must be received in the Rolls-Royce pensions department within three months of the guarantee date shown on the quote. The guaranteed transfer value will not be payable if anything is outstanding when the guarantee period expires. If the member still wishes to transfer, a new application must be made. There are four sections to this form that need to be completed. Please don t under any circumstances return this form to us until every section has been completed and any documents requested have been attached. All overseas transfers Section number Name of section Who needs to fill this in? One Member details The scheme member who wants to transfer their benefits Two Lifetime Allowance declaration The scheme member who wants to transfer their benefits Three Transfer to a Qualifying Recognised Overseas Pension Scheme The scheme member who wants to transfer their benefits and the scheme that is receiving the transferred benefits Four Checklist of additional requirements The member s financial adviser and/or the pension arrangement that the transfer value is being paid to Five Appropriate independent advice declaration The financial adviser who has given advice to the scheme member who is applying to transfer their benefits. Depending on the size of the transfer value or the type of receiving scheme, this section might not need to be completed If this form is returned partially completed, it will be rejected Section One: Member details Your name Your national insurance number Your Rolls-Royce pension number Your current postal address Are you resident in the UK for tax purposes? (answer Yes or No) Transfer ID number (this can be found on your statement of entitlement) PENSION LIBERATION FRAUD important notice for members HM Revenue and Customs have an active programme to tackle all attempted misuse or abuse of the pension tax rules and are taking firm action to deter and pursue those who promote pension liberation schemes. They are Page 1 of 7

2 proactively liaising with scheme administrators and will de-register pension schemes where the rules are not adhered to. HMRC is taking firm action and applying tax charges wherever there is abuse of pension tax relief but it is far more important that individuals recognise the dangers of entering into these schemes and don t put their retirement savings at risk in the first place. HMRC want to ensure that individuals with pension savings are protected so that those savings are available to provide an income for the individual later in their life. The Pensions Regulator has urged administrators and pension providers to carry out due diligence when processing transfer requests and to ensure that the paperwork for proceeding transfers is carefully scrutinised. Careful processing of your proposed transfer is for your protection and as such, we may need to contact you if any aspect of this transfer needs further clarification. It s often quicker if we can do so by contacting you either by or telephone. If you are happy for us to contact you in this way about your transfer, please provide details below. These details won t be used for any other purpose. If no details are provided, we will write to your home address with any questions. Member address Member telephone number Section Two: Lifetime Allowance Declaration In accordance with the Finance Act 2004 we are required to check whether the benefits payable from the Rolls- Royce UK Pension Fund will give rise to a chargeable amount for tax purposes. This is known as a lifetime allowance charge. For your benefits to be taxed appropriately you must answer the questions included on the declaration and sign this where indicated. Please note that we are unable to transfer your benefits until the information requested in this form is provided. You should declare any pension that you are currently receiving with the exception of the following, which are not measured against the Lifetime Allowance: State Benefits An entitlement to a pension following death e.g. a spouse s, registered civil partner s or dependant s pension You are not required to inform us of any pension benefits that you are not planning to start taking until after the date of this transfer. These will be tested against the Lifetime Allowance when you take the benefit. Please answer all of the questions included on the declaration. Question Are you currently in receipt of pension benefits from a registered pension scheme? Do you have pension benefits that are currently not in payment but will either commence before or at the same time as your Rolls-Royce UK Pension Fund benefits? Have you transferred any of your benefits and rights from a registered Answer Yes or No Next step If you have answered Yes to this question please complete section 2a of this declaration If you have answered Yes to this question please complete Section 2b of this declaration. If you have answered Yes to question 3, then the Administrator of the transferring scheme(s) should Page 2 of 7

3 pension scheme in the United Kingdom to a qualifying recognised overseas pension scheme since 6 April 2006? Section 2a have given you a statement confirming the percentage of your lifetime allowance already used up by the overseas transfer. Send a copy of this statement with this declaration. Please list in the table below any pensions that you have in payment from any registered pension schemes If any of the pensions above commenced on or after 6 April 2006 then the Administrator of the other scheme(s) should have given you a statement confirming the percentage of your lifetime allowance already used up. Send us the statement (or a copy) with this declaration. If you do not have a copy of this document, you must contact the scheme that issued it and request a duplicate copy. Name of scheme you re receiving a pension from Annual pension from the scheme (before tax) The date you started to receive this pension The date of the next increase to this pension (if known) Section 2b Please list in the table below any pensions that will come into payment before or at the same time as you transfer your Rolls-Royce UK Pension Fund benefits. You must confirm the order in which benefits will be taken from each scheme for the purpose of undertaking the lifetime allowance test. Name of scheme the pension will be payable from Estimated annual pension (before tax) The date you ll start to receive this pension Order in which this pension will be taken (1 st / 2 nd etc) Lifetime allowance protections If you hold any of the protections issued by HM Revenue and Customs you must send us a copy of your registration certificate when returning this declaration. If not, your benefits will be assessed against the Standard Lifetime Allowance for tax purposes. Lifetime allowance declaration The information I have given in this declaration is correct and complete to the best of my knowledge and belief. If I become aware of any alteration to the information given on this form after I have sent it to the Scheme Administrator, I hereby agree to notify the Scheme Administrator of any alterations at the earliest possible opportunity. Signed: Date: Page 3 of 7

4 IMPORTANT NOTE - If you or any individual makes a false statement or representation in completing this declaration, whether fraudulently or negligently, they will become liable to a penalty if this results in relief from any lifetime allowance charge being obtained (or any other tax due). Furthermore, if you make a false declaration relating to an entitlement to an enhanced lifetime allowance, whether fraudulently or negligently, you will become liable to a penalty of up to 25% of any relevant excess. Section Three: Transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS) What do you want to transfer? (member to tick either or both boxes as applicable) I want to transfer my safeguarded benefits transfer value currently held in the RRUKPF I want to transfer any flexible benefits currently held in the RRUKPF Name of the receiving scheme 1. The Member requests the Scheme to make a transfer payment on his/her behalf to the Receiving Scheme and the Receiving Scheme is willing and able to accept the transfer payment under the legislation of the country in which it is established. 2. Where the transfer payment includes contracted-out GMP and/or Section 9(2B) rights: The transfer payment is at least equal to the cash equivalent of the Member s accrued rights to the guaranteed minimum pension, calculated in a manner consistent with regulations made under section 97 of the 1993 Pension Schemes Act. The Member acknowledges and accepts that the Receiving Scheme may not be regulated in any way by the law of the United Kingdom, and that as a consequence there may be no obligation under that law on the Receiving Scheme or its trustees or administrators to provide any particular value or benefit in return for the transfer payment. The Member has received a statement from the Receiving Scheme showing the benefits to be awarded in respect of the transfer payment and the conditions (if any) on which these could be forfeited or withheld. 3. The Member acknowledges that he/she and his/her spouse have no recourse to the Scheme or the UK state scheme to make good any shortfall in benefits eventually paid by the Receiving Scheme compared with the equivalent benefits which would have been payable had the transfer not taken place. 4. The member acknowledges that the receiving scheme meets all of the Qualified Recognised Overseas Pension Scheme (QROPS) conditions and has notified HM Revenue & Customs (HMRC), that the scheme is a recognised overseas pension scheme and has provided such evidence and undertakings as HMRC require, including the new Pension Age Trust. The member and receiving arrangement understand that a transfer to a non-uk pension that is neither a registered pension scheme nor a QROPS will be liable to a tax charge (the unauthorised payments charge) of at least 40% of the transfer amount. For overseas transfers made after 9 March 2017, a transfer may be subject to a 25% tax charge called the overseas transfer charge, if certain conditions are not met. Please note that this can also Page 4 of 7

5 be chargeable retrospectively should the receiving scheme cease to meet the conditions within five years of the transfer payment. 5. The member acknowledges that at least one of the following conditions have been met: The member is a tax resident in the same country in which the QROPS scheme is established. The member is resident in a country within the European Economic Area (EEA) and the QROPS is established in a country also within the EEA. This includes one of the following EEA countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK (including Gibraltar) + Iceland, Liechtenstein and Norway The receiving QROPS is set up by an international organization for the purpose of providing benefits for or in respect of past service as an employee of the organization and them member is an employee of that international organization. The QROPS is an overseas public service pension scheme (i.e. UK equivalent set up under law or approved by the government) and the member is an employee of an employer that participates in the scheme. The QROPS is an occupational pension scheme and the member is an employee of a sponsoring employee under the scheme (i.e. multi-national employers). 6. The Member has completed a Lifetime Allowance Declaration Form and understands that, should a lifetime allowance charge be made by HMRC, the Trustees will deduct the amount of lifetime allowance charge from the Member s benefits prior to the transfer being paid. 7. The member acknowledges that the receiving QROPS scheme will need to require a copy of the scheme booklet, the scheme rules, and the scheme s regulatory & tax status. 8. Member acknowledges that if the QROPS is an occupational pension scheme, the following additional information will be required: Employer name Employer address Job Title Date employment started Employer s tax reference QROPS reference number Confirm their awareness that a tax charge may be liable HMRC Form APSS 263 completed and signed by member 9. The member confirms that the Trustees of the Rolls-Royce UK Pension Fund have made him/her aware of the Government s Pension Wise guidance service Overseas Scheme Bank Details (to be completed by the receiving scheme) Please confirm the currency that the transfer value is to be paid in (e.g. sterling or local currency) Transfer value to be paid in: (state currency here) Please also provide full banking details in the box below to enable the payment of this transfer value from the UK to the receiving scheme. You must include the IBAN number and SWIFT code Page 5 of 7

6 Receiving scheme manager information Name of scheme manager Name of organisation (if applicable) Address of scheme manager (including country) Scheme manager s address Scheme manager s telephone number I declare that the information given on the two sections of this form is complete and accurate Signed... Print name... Date... By the Member Signed... Print name... Date... On behalf of the Receiving Scheme For RR Pensions use only I have checked the information provided on this form and have, as required, reported this transaction to HM Revenue and Customs Signed... Print name... Date... On behalf of the Rolls-Royce UK Pension Fund Section Four: Checklist of additional requirements To avoid delays in processing the transfer, the member s advisor or the receiving scheme should complete this section, attaching the required documents and supporting evidence. Please tick Form or document required Confirmation from the relevant authority that the receiving scheme is permitted to accept a transfer of funds from a UK registered pension scheme Details of the receiving QROPS scheme regulatory and tax status. Confirmation that the receiving scheme continues to be a QROPS after 13 April HMRC APSS263 form (all parts completed) Proof of the member s identity (a photocopy of the member s birth certificate or passport personal details page). The proof of identity must match the member s current name Completed by (name) Page 6 of 7

7 Position in Company Name of Company Section Five: Appropriate independent advice declaration The trustees are required to check that appropriate independent advice has been received by the member before they are able to carry out a relevant transaction. The scheme requires the adviser to complete this section if: The transfer contains safeguarded benefits and; The transfer value is 30,000 or over and; The transfer value is to be paid to an arrangement providing flexible benefits Adviser s full name Adviser s Financial Conduct Authority (FCA) number Name and postal address of the Company of business that the Adviser s works for Financial Conduct Authority (FCA) number of the above named Company or business I have provided the member named in section one of this form with advice that is specific to the type of transaction proposed by him / her. I have permission under Part 4A of the Financial Services and Markets Act 2000(c), or resulting from any other provision of that Act, to carry on the regulated activity in article 53E of the Regulated Activities Order. The Company or business that I work for has authorisation from the FCA to carry on the regulated activity in article 53E of the Regulated Activities Order. The advice I have given to the member is in respect of the transfer of safeguarded benefits to flexible benefits. Adviser s Signature Date Please return this fully completed form and any requested documents to: Rolls-Royce Pensions (JH-19), PO Box 31, Derby, DE24 8BJ, United Kingdom You are advised to use a trackable postal service that provides proof of delivery and a guaranteed delivery date. We accept no responsibility for non or late arrival of documents carried by your chosen postal service. Page 7 of 7