The Registered Pension Schemes (Notice of Joint Liability for the Annual Allowance Charge) Regulations 2011
Schedule 17 to the Finance Act 2011 makes provision for reducing the annual allowance charge in respect of benefits paid into registered pension schemes to £50,000 for tax years 2011-12 onwards. Paragraph 15 of that Schedule inserts new sections 237A to 237F into the Finance Act 2004. They enable individuals in certain circumstances to elect for their pension scheme to pay their annual allowance charge in return for an actuarial reduction to their benefits within the scheme. These Regulations make provision for the notice which the individual must give to the scheme administrator in order to make that election.