Jurisdiction(s):
United Kingdom

Key definition

Reporting definition

What does Reporting mean? In pensions practice, reporting means the regular communications trustees or providers give to members on investment performance and the value of their pension benefits. The term is descriptive; the underlying disclosure duties are set by legislation and regulation. Across England & Wales, Scotland and Northern Ireland, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and, for contract‑based/personal pensions, FCA rules require at least an annual benefit statement. For money purchase (DC) benefits, this must include an annual Statutory Money Purchase Illustration (SMPI) projecting benefits to retirement in today’s terms, calculated in line with FRC Actuarial Standard TM1....

Offshore reporting funds (UK): minor and serious breaches, correction thresholds, reporting failures, HMRC exclusion notices, appeals and voluntary exit

Published by a LexisNexis Tax expert

Practice notes

In order to keep reporting fund status, a reporting fund must meet ongoing obligations laid out in Part 3 of the Offshore Funds (Tax) Regulations 2009, SI 2009/3001 (the Offshore Funds Regulations). These cover the fund’s accounting policy, the duty to compute ‘reportable income’, and the obligation to provide reports and specified information to investors and HMRC. Observing these obligations is considered essential to ensure the reporting fund regime operates as intended. Because offshore funds are otherwise outside HMRC’s jurisdiction (by virtue of being ‘offshore’), the offshore funds legislation equips HMRC with sanctions to deal with any failures to meet these obligations. Where a reporting fund falls short of the stipulated requirements, the aim is that any outcome should be fair and proportionate. Failures are therefore categorised as ‘minor’ or ‘serious’. Where a reporting fund commits a ‘serious’ failure of the regulations’ requirements, or accumulates ‘minor’ failures within a given period, the fund can be removed from the reporting fund regime. For more detail on the reporting and other requirements of the reporting fund, compliance underpins the regime’s intended operation, and HMRC may apply sanctions under the offshore funds legislation to address such breaches, with outcomes intended to remain reasonable...

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Michael Alliston

Norton Rose Fulbright

Michael Alliston is a tax lawyer based in London. He advises on a wide range of corporate tax matters, including M&A, corporate reorganizations, capital markets transactions and financings.Michael's practice comprises a mix of transactional and stand-alone advisory work. He assists companies across a wide variety of sectors, including energy, infrastructure, financial institutions, funds, real estate and transport.Michael has particular experience advising M&A and tax risk underwriters....

Web page updated on 21/05/2026

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