PART VFINANCIAL PLANNING FOR RETIREMENT

Retirement planning

Supply of housing benefit information213

1

Section 116D of the Social Security Administration (Northern Ireland) Act 1992 (c. 8) (supply of information by the Housing Executive) is amended as follows.

2

In subsection (1) for “or employment or training” substitute “ , employment or training, private pensions policy or retirement planning ”.

3

After subsection (2) insert—

2A

Information supplied under subsection (2) may be used for any purpose relating to private pensions policy or retirement planning.

4

After subsection (5) add—

6

In this section—

“private pensions policy” means policy relating to occupational pension schemes or personal pension schemes;

“retirement planning” means promoting financial planning for retirement.

Combined pension forecasts214

1

Regulations may require the trustees or managers of an occupational or personal pension scheme to provide any member of the scheme with—

a

the information specified in paragraph (2), together with

b

the information specified in paragraph (3).

2

The information referred to in paragraph (1)(a) is information relating to the member which—

a

is state pension information for the purposes of section 38 of the 2000 Act,

b

has been disclosed to the trustees or managers under that section (or, by virtue of that section, is treated as having been so disclosed), and

c

is of a description specified in the regulations.

3

The information referred to in paragraph (1)(b) is information which—

a

relates to the pensions and other benefits likely to accrue to the member, or capable of being secured by him, under the scheme, and

b

is of a description specified in the regulations.

4

Regulations under paragraph (1) may require information referred to in that paragraph to be provided at a time or times specified in the regulations.

Employee information and advice

Information and advice to employees215

1

Regulations may require employers to take action for the purpose of enabling employees to obtain information and advice about pensions and saving for retirement.

2

Regulations under paragraph (1) may in particular—

a

provide that they are to apply in relation to employers of a prescribed description and employees of a prescribed description;

b

make different provision for different descriptions of employers and employees;

c

make provision as to the action to be taken by employers (including the frequency at which, and the time and place at which, action is to be taken);

d

make provision as to the description of information and advice in relation to which requirements apply;

e

make provision about the description of person authorised to provide any such information and advice.

3

Employers to whom regulations under paragraph (1) apply must provide information to the Regulator about the action taken by them for the purpose of complying with the regulations.

4

Regulations may make provision as to—

a

the information to be provided under paragraph (3);

b

the form and manner in which the information is to be provided;

c

the period within which the information is to be provided.

5

Article 10 of the 1995 Order (civil penalties) applies to any person who, without reasonable excuse, fails to comply with paragraph (3).

6

In this Article “employer” means any employer, whether or not resident or incorporated in any part of the United Kingdom.