2014 No. 79
The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014
Made
Coming into operation
The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 109, 164(1) and (4), 177(2) to (4) and 178(1) of the Pension Schemes (Northern Ireland) Act 19931, Articles 10(3), 41(1), (5), (5A) and (6) and 166(1) to (3) of the Pensions (Northern Ireland) Order 19952 and Articles 3(1)(b), 21(1)(a), (b)(i) and (c)(i) and (2), 31(1)(b)(ii), 42(1) and 73(3) and (4) of the Welfare Reform and Pensions (Northern Ireland) Order 19993, and now vested in it4.
PART 1General
Citation, commencement and expiryI11
1
These Regulations may be cited as the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 and shall come into operation on 6th April 2014.
2
On 6th April 2015 the following provisions cease to have effect—
a
paragraphs 2 and 3 of Schedule 6, and
b
paragraph 11(1)(b) and (2) of Schedule 8.
InterpretationI22
1
In these Regulations—
“the 1993 Act” means the Pension Schemes (Northern Ireland) Act 1993;
“the 1995 Order” means the Pensions (Northern Ireland) Order 1995;
“the 1999 Order” means the Welfare Reform and Pensions (Northern Ireland) Order 1999;
“the 2005 Order” means the Pensions (Northern Ireland) Order 20055;
F15“the 2014 Act” means the Public Service Pensions Act (Northern Ireland) 20145;
“accrued rights”—
- a
in relation to an occupational pension scheme, has the meaning given in Article 121(2) of the 1995 Order, and
- b
in relation to a personal pension scheme, means rights that have accrued under the scheme;
- a
“beneficiary” means a person, other than a member, who is entitled to the payment of benefits under the scheme;
F16“cash balance benefit” has the meaning given in section 75 of the Pension Schemes Act 20157;
F17“drawdown pension” has the meaning given in paragraph 4 of Schedule 28 to the Finance Act 20048;
“electronic communication” has the meaning given in section 4(1) of the Electronic Communications Act (Northern Ireland) 20016;
“excluded person” means a member or beneficiary—
- a
whose present postal address and electronic address are not known to the trustees or managers of the scheme, and
- b
in respect of whom the trustees or managers of the scheme have sent correspondence to that member’s or beneficiary’s last known—
- i
postal address and that correspondence has been returned, or
- ii
electronic address and the trustees or managers of the scheme are satisfied that that correspondence has not been delivered;
- i
- a
F18“flexible benefit” has the meaning given in section 74 of the Pension Schemes Act 2015;
F19...
“HMRC” means the Commissioners for Her Majesty’s Revenue and Customs;
F20“ill-health condition” has the meaning given in paragraph 1 of Schedule 28 to the Finance Act 2004;
“illustration date” means the date specified by the trustees or managers of the scheme as the date by reference to which amounts are calculated for the purpose of giving the information in Part 2 of Schedule 6;
“lifestyling” means an investment strategy that aims progressively to reduce the potential for significant variation caused by market conditions in the value of the member’s rights;
“member”—
- a
in relation to an occupational pension scheme, has the meaning given in Article 121(1)7 of the 1995 Order, and
- b
in relation to a personal pension scheme, means a member of the scheme;
- a
“prospective member” means a person who, under the terms of that person’s contract of service or the scheme rules or both—
- a
can choose to become a member of the scheme;
- b
will be able to choose to become a member of the scheme if that person continues in the same employment for a certain period of time;
- c
will become a member of the scheme automatically unless that person chooses not to become a member of the scheme, or
- d
can become a member of the scheme if that person’s employer consents;
- a
F21“normal minimum pension age” has the meaning given in section 279(1) of the Finance Act 2004;
“pensions guidance” means guidance given by a designated guidance provider (which has the meaning given in section 333E(1) of the Financial Services and Markets Act 20009 (designation of providers) for the purpose of helping a member of a pension scheme, or a survivor of a member of a pension scheme, to make decisions about what to do with the flexible benefits that may be provided to the member or survivor;
“recipient” means the person, organisation or body to whom these Regulations require information or documents to be made available;
“recognised trade union” means an independent trade union (within the meaning given in Article 2(3) of the Employment Rights (Northern Ireland) Order 19968) that is recognised to any extent for the purposes of collective bargaining in relation to members and prospective members of a scheme;
“the Regulator” means the Pensions Regulator9 established under section 1 of the Pensions Act 200410;
“relevant employment” means any employment to which the scheme relates;
“relevant guidance” means the document entitled “AS TM1: Statutory Money Purchase Illustrations” that is adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited11;
“relevant person” means a—
- a
member or prospective member of the scheme;
- b
spouse or civil partner of a member or prospective member;
- c
beneficiary of the scheme;
- d
recognised trade union;
- a
“retirement date” has the meaning given in regulation 19(5);
“scheme year” means, in relation to an occupational pension scheme—
- a
a year specified for the purposes of the scheme in any scheme document or, if there is no such year specified, a period of 12 months commencing on 1st April or on such other date as the trustees choose, or
- b
a period between 6 and 18 months specified by the trustees in connection with—
- i
the commencement or termination of the scheme, or
- ii
a variation of the date on which the period referred to in paragraph (a) is to commence;
- i
- a
F22“survivor” has the meaning given in section 76(1) of the Pension Schemes Act 2015 (interpretation of Part 4);
“tax registered scheme” means a scheme that—
- a
is registered under section 153 of the Finance Act 200412 (registration of pension schemes);
- b
was formerly registered under that section;
- c
is deemed to be registered under that section by virtue of paragraph 1 of Schedule 36 to that Act (pension schemes etc: transitional provisions and savings), or
- d
has applied for registration under that section and HMRC have not decided whether to register the scheme;
- a
F23“transferrable rights” has the meaning given in section 89(11)(b)10 of the 1993 Act (scope of Chapter 1);
F64“unfunded public service defined benefits scheme” has the meaning given in section 91(2C) of the 1993 Act;
“wholly insured scheme” means a scheme under which all the benefits provided are secured by a policy or policies of insurance or annuity contract or contracts.
F241A
In these Regulations—
F65a
a member has an opportunity to transfer flexible benefits where—
i
the member—
aa
has transferrable rights in relation to flexible benefits, or
bb
would have transferrable rights in relation to flexible benefits if the member stopped accruing rights to some or all of the flexible benefits (see sub-paragraph (b)),
and the making of a transfer or transfer payment in respect of the flexible benefits is not prohibited by Article 119(4)(a) of the 2005 Order, or
ii
the member has an opportunity to transfer accrued rights to flexible benefits out of the scheme under the scheme rules;
b
a member stops accruing rights to flexible benefits when there are no longer arrangements in place for the accrual of rights to those flexible benefits for or in respect of the member.
2
Subject to paragraph (3), the Interpretation Act (Northern Ireland) 195413 shall apply to these Regulations as it applies to an Act of the Assembly.
3
For the purposes of these Regulations and notwithstanding section 39(2) of the Interpretation Act (Northern Ireland) 1954, where a period of time is expressed to begin on, or to be reckoned from, a particular day, that day shall be included in the period.
Recognised trade unionI33
Where there is a question about whether an organisation is a recognised trade union, that question must be referred to an industrial tribunal.
Application of these RegulationsI44
1
Subject to paragraphs (2), (3) and (6), the trustees or managers of an occupational pension scheme that falls within paragraph 1 of Schedule 1 must give information in accordance with regulations 6, 8 to 22, 24 and 25.
2
Regulations 9, 10, 12, 13 and 15 do not apply to a public service pension scheme14 if—
a
there are no requirements for assets related to the intended rate or amount of benefit under the scheme to be set aside in advance (disregarding requirements relating to additional voluntary contributions);
b
it is made under Article 9 of the Superannuation (Northern Ireland) Order 197215 (superannuation of persons employed in local government service, etc.) F25or it is a defined benefits scheme under section 1 of the 2014 Act (schemes for persons in public service) in relation to persons specified in subsection (2)(c) of that section, or
3
Regulation 17 does not apply to a stakeholder pension scheme within the meaning of Article 318 of the 1999 Order.
4
Subject to paragraph (6), the trustees or managers of a pension scheme that is—
a
an occupational pension scheme that does not fall within paragraph 1 of Schedule 1, or
b
established under the Salvation Army Act 196319,
must give information in accordance with regulation 7.
5
Subject to paragraphs (3) and (6), the managers of a personal pension scheme that falls within paragraph 2 of Schedule 1 must give information in accordance with regulations 10, 17 F27, 18 , 21 and 23.
6
Paragraphs (1), (4) and (5) do not require the trustees or managers of a scheme to give information to—
a
a member or prospective member if no person who employs that member in relevant employment has informed the trustees or managers of the scheme that that member is a member or prospective member;
b
a recognised trade union if no person who employs a member or prospective member in relation to whom the trade union is a recognised trade union has informed the trustees or managers of the scheme that the trade union is a recognised trade union, or
c
a member of an occupational pension scheme where all the members are trustees or managers of the scheme.
7
F28Except where information is given verbally in accordance with regulation 18B(3), when any information is given in accordance with paragraph (1), (4) or (5), it must be accompanied by the postal address and electronic address to which a person should send requests for further information or any other enquiry.
F298
In this regulation “defined benefits scheme” has the meaning given in section 34 of the 2014 Act.
Civil penalties relating to occupational pension schemesI55
Where in relation to an occupational pension scheme a person fails without reasonable excuse to comply with any requirement imposed under these Regulations, the Regulator may, by notice in writing, require that person to pay, within 28 days, a penalty that must not—
a
in the case of an individual, exceed £5,000, and
b
in any other case, exceed £50,000.
PART 2Information for new and prospective members
Basic scheme informationI66
1
The basic scheme information mentioned in paragraph (2) must be given in accordance with this regulation.
2
The basic scheme information is the information listed in —
a
Part 1 of Schedule 2, and
b
Part 3 of that Schedule where the scheme contains provision for lifestyling (see regulation 18).
3
The information must be given to—
a
prospective members, if it is practicable to do so, and
b
members who have not already been given the information.
4
The information must also be given to a relevant person who—
a
makes a request for the information, and
b
has not been given that information in the previous 12 months.
5
Where the trustees or managers of the scheme have in relation to a member or prospective member received jobholder information, the information must be given within one month of the date that information was received.
6
Where the trustees or managers of the scheme have not received jobholder information in relation to a member or prospective member, the information must be given within 2 months of the date the person became an active member of the scheme.
7
Where the trustees or managers of the scheme have received a request for the information from a relevant person, the information must be given within 2 months of that request.
8
No information is required to be given under this regulation to—
a
a relevant person, except a recognised trade union, unless it is relevant to the person’s rights or prospective rights under the scheme, and
b
a recognised trade union unless it is relevant to the rights or prospective rights of persons who are in that recognised trade union.
9
In this regulation “jobholder information” means the information specified in regulation 3 of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 201020 (jobholder information).
Basic scheme information to be given by certain schemesI77
1
The basic scheme information mentioned in paragraph (2) must be given in accordance with this regulation.
2
The basic scheme information is the information listed in—
a
Part 2 of Schedule 2, and
b
Part 3 of that Schedule where the scheme contains provision for lifestyling (see regulation 18).
3
The information must be given to—
a
prospective members;
b
members who have not already been given the information, and
c
a recognised trade union on request.
4
The information must be given to—
a
a prospective member, if it is practicable to do so;
b
a member within 2 months of membership beginning, and
c
a recognised trade union within 2 months of the date the request is made.
PART 3Changes to information
Material alterations to basic scheme informationI88
1
The information mentioned in paragraph (2) must be given in accordance with this regulation where—
a
there is a change in relation to the scheme, and
b
that change results in a material alteration in the information listed in Part 1 of Schedule 2.
2
The information is the information referred to in paragraph (1)(b) that has materially changed.
3
The information must be given to all members and beneficiaries of the scheme, except excluded persons, and to a recognised trade union.
4
The information must be given before or as soon as practicable after (and in any event within 3 months after) the change referred to in paragraph (1)(a) takes effect.
5
No information is required to be given under this regulation to—
a
relevant persons, except a recognised trade union, unless it is relevant to the person’s rights or prospective rights under the scheme, and
b
a recognised trade union unless—
i
it is relevant to the rights or prospective rights of persons who are in that recognised trade union, and
ii
basic scheme information has already been given to the recognised trade union under regulation 6.
Modification by the RegulatorI99
Active members must be informed of any modification to the scheme by the Regulator under Article 210(2)(a) of the 2005 Order (powers of the Regulator) within one month of the modification taking effect.
Former stakeholder pension schemesI1010
1
The information mentioned in paragraph (2) must be given in accordance with this regulation where a scheme is removed from the register of stakeholder pension schemes kept under Article 421 of the 1999 Order.
2
The information is a statement that the scheme—
a
has been removed from the register;
b
is no longer a stakeholder pension scheme, and
c
is required to begin winding up.
3
The information must be given to members except excluded persons.
4
The information must be given within no more than 2 weeks of the trustees or managers of the scheme being notified that the scheme has been removed from the register.
PART 4Information to be given on request
Constitution of the schemeI1111
1
The information listed in Part 1 of Schedule 3 must be given to a relevant person in accordance with this regulation where the relevant person makes a request for the information.
2
The information must be given within 2 months of the date the request is made.
3
The information must be given in accordance with regulation 29.
4
Any document that must be given under paragraph (1) which is not in the English language must be accompanied by a translation in that language.
5
No information is required to be given under this regulation—
a
to relevant persons, except a recognised trade union, unless it is relevant to the person’s rights or prospective rights under the scheme;
b
to a recognised trade union unless it is relevant to the rights or prospective rights of persons who are in that recognised trade union, and
c
where the information has been given to the relevant person in the previous 12 months unless there has been a change in the information.
Annual reportI1212
1
A document containing the information listed in Part 2 of Schedule 3 must be prepared within 7 months of the end of each scheme year and given in accordance with this regulation.
2
The document must be given to a relevant person where the relevant person—
a
makes a request for the document within 5 years of the end of the scheme year to which the information relates, and
b
has not been given the document before.
3
The document must be given within 2 months of the date the request is made.
4
The document must be given in accordance with—
a
regulation 26 or 29(3), where the document relates to the most recent scheme year, or
b
regulation 29, where the document does not relate to that year.
Other information to be given on requestI1313
1
The information listed in Part 3 of Schedule 3 must be given to a relevant person in accordance with this regulation where the relevant person makes a request for the information.
2
The information must be given within 2 months of the date the request is made.
3
The information must be given in accordance with regulation 29.
Transfer creditsI1414
1
The information listed in Part 4 of Schedule 3 must be given in accordance with this regulation.
2
Subject to paragraph (3), the information must be given to any member or prospective member who makes a request for it.
3
Paragraph (2) does not apply where the request mentioned in that paragraph is made less than 12 months after the last occasion on which such information was given.
4
The information must be given within 2 months of the date the request is made.
PART 5Funding statements, benefit statements and illustrations
Summary funding statementsI1515
1
The information listed in Schedule 4, in the form of a summary funding statement, must be given in accordance with this regulation where the trustees or managers of the scheme have obtained an actuarial valuation or report under Article 203 of the 2005 Order.
2
The information must be given to all members and beneficiaries of the scheme except—
a
excluded persons, and
b
members or beneficiaries whose only entitlement to benefits under the scheme is, or will be, to money purchase benefits.
3
The information must be given on, before, or within a reasonable period after, the date by which the trustees or managers of the scheme are required under Article 203 of the 2005 Order to ensure that the valuation or report is received by them.
Statements of benefits: non-money purchase benefitsI1616
1
The information mentioned in paragraph (2) must be given in accordance with this regulation where—
a
the member has rights to benefits that are not money purchase benefits;
b
the member requests that F30information;
c
information has not been given to that member under this regulation in the 12 months before that F31request, and
F32d
in relation to active members, a benefit information statement has not been provided pursuant to section 14(1) of the 2014 Act (information about benefits) in the 12 months before the request in sub-paragraph (b).
2
The information is—
a
for active members, the information listed in Parts 1 and 2 of Schedule 5;
b
for deferred members, the information listed in Parts 2 and 3 of that Schedule;
c
for pension credit members, the information listed in Part 4 of that Schedule.
3
The information must be given as soon as practicable and in any event no more than 2 months after the date the request is made.
4
In this regulation “pension credit member” means a person who has rights under the scheme that are attributable (directly or indirectly) to a credit under Article 26(1)(b) of the 1999 Order (creation of pension debits and credits) or under section 29(1)(b) of the Welfare Reform and Pensions Act 199922.
F1Statements of benefits: cash balance benefits16A
1
The information mentioned in paragraph (2) (in addition to the information required under regulation 16) must be given to any member in accordance with this regulation where—
a
the member has rights to cash balance benefits;
b
the member requests that information, and
c
information has not been given to that member under this regulation in the 12 months before that request.
2
The information is that listed in paragraphs 6A, 9 to 14, 16A and 17 of Schedule 6.
3
The information must be given as soon as practicable but no more than 2 months after the date the request is made.
Statements of benefits: money purchase benefitsI1717
1
Information relating to a member’s money purchase benefits must be given in accordance with this regulation to a member who—
a
has rights to money purchase benefits, and
b
is not an excluded person.
2
The information listed in Part 1 of Schedule 6 must be given.
3
The information listed in paragraphs 6 to 8 of Schedule 6 must be given except where paragraph (6) applies.
4
Where paragraph (6) applies, the information listed in paragraphs 6 to 8 of Schedule 6 may be given.
5
Where the information listed in paragraphs 6 to 8 of Schedule 6 is given under paragraph (3) or (4), the information listed in—
a
paragraphs 9 to 14 of that Schedule must be given with that information, and
b
Part 3 of that Schedule must be given.
6
This paragraph applies where—
a
the member is in receipt of benefits under the scheme;
b
the date referred to in paragraph 4 of Schedule 6 is not more than 2 years before the member’s retirement date for the purpose of Part 2 of Schedule 6;
c
in relation to the member—
i
the value, determined in accordance with the relevant guidance, of the member’s accrued rights to money purchase benefits under the scheme was less than £5,000 on the last illustration date in respect of which the information listed in Part 2 of Schedule 6 was last given;
ii
since that previous illustration date, no contributions (including transfers of pension rights or pension credits) have been made to the scheme by, or on behalf of, the member in respect of the member’s money purchase benefits, and
iii
the trustees or managers of the scheme have previously given notice to the member that the information listed in Part 2 of Schedule 6 will not be given to the member again unless further contributions referred to in head (ii) have been made;
d
in relation to the member—
i
on the first illustration date after 5th April 2003, the value, determined in accordance with the relevant guidance, of the member’s accrued rights to money purchase benefits under the scheme was less than £5,000;
ii
no contributions, including transfers of pension rights and pension credits, have been made to the scheme by, or on behalf of, the member after 5th April 2003 in respect of the member’s money purchase benefits, and
iii
the trustees or managers of the scheme think that no further such contributions are likely to be made after that illustration date, or
e
the member’s benefit is calculated by reference to the greater of a money purchase formula and a defined benefit formula and the trustees or managers of the scheme think the benefit calculated using the money purchase formula is unlikely to affect the pension payable.
7
The information to be given under paragraphs (2) to (5) must be given within 12 months of—
a
in the case of an occupational pension scheme, the end of each scheme year except where paragraph (9) applies, and
b
in the case of a personal pension scheme—
i
the date—
aa
the person became a member of the scheme, or
bb
contributions were first credited to the scheme in respect of the person, and
ii
each subsequent anniversary of that date.
8
Where paragraph (9) applies, the information mentioned in paragraphs (2) to (5) may be given.
9
This paragraph applies where—
a
the scheme year is the first to end on or after the date the person became a member of the scheme, and
b
the end of that scheme year falls at a time when—
i
no contributions have been credited to the scheme in respect of the person, or
ii
the person has the right to opt out of the scheme under section 8 of the Pensions (No. 2) Act (Northern Ireland) 200823.
10
For the purposes of paragraph (6), a part of an occupational pension scheme that provides additional money purchase benefits where the member pays voluntary contributions to that part is to be treated as a separate scheme from any other part of that scheme.
PART 6Lifestyling and accessing benefits
LifestylingI1818
1
The information listed in Part 3 of Schedule 2 must be given to a member in accordance with this regulation where the scheme contains provision for lifestyling.
2
The information must, subject to paragraph (3), be given between 5 and 15 years before the member’s retirement date.
3
Information need not be given under paragraph (2) where it has been given in the previous 12 months under regulation 6.
F9Information to be given on request and on a member providing certain information18A
1
The information mentioned in paragraph (2) must be given in accordance with this regulation to a member who—
a
has an opportunity to transfer flexible benefits;
b
i
requests information about what the member may do with the flexible benefits, or
ii
informs the trustees or managers of the scheme that the member is considering, or has made a decision in relation to, what to do with the flexible benefits;
c
i
will reach normal minimum pension age within 4 months of making a request, or informing the trustees or managers of the scheme, in accordance with sub-paragraph (b);
ii
has reached normal minimum pension age, or
iii
meets the ill-health condition, and
d
has not been given information under this regulation or regulation 19(2)(b)(ii) in the previous 12 months.
2
The information is—
a
a statement of the options available to the member under the scheme rules, and
b
that listed in Part 3 of Schedule 7 and in Schedule 9A.
3
The information must be given within 2 months of the member making a request, or informing the trustees or managers of the scheme, in accordance with paragraph (1)(b).
Information to be given on communicating with a member about what the member may do with flexible benefits18B
1
Subject to paragraph (5), the information mentioned in paragraph (2) must be given to a member in accordance with this regulation where—
a
the member has an opportunity to transfer flexible benefits;
b
the trustees or managers of the scheme contact the member, or the member contacts the trustees or managers of the scheme, in connection with what the member may do with the flexible benefits, and
c
the member—
i
will reach normal minimum pension age within 4 months of the date on which the contact mentioned in sub-paragraph (b) is made;
ii
has reached normal minimum pension age, or
iii
meets the ill-health condition.
2
The information is—
a
that listed in paragraphs 1, 4 and 5 of Schedule 9A;
b
that listed in paragraphs 2 and 3 of Schedule 9A, unless the trustees or managers of the scheme—
i
give information under this regulation verbally, and
ii
offer to give the member information about how the member may access the pensions guidance and the offer is declined by the member, and
c
where information has not been given to the member under regulation 18A in the previous 12 months, a statement that—
i
the member may request information about—
aa
the flexible benefits that may be provided to the member;
bb
the member’s opportunity to transfer those benefits, and
cc
the options available to the member under the scheme rules, and
ii
the information may help the member to decide what to do with the flexible benefits.
3
The information may be given verbally unless the member requests that the information is given in writing.
4
The information must be given within 20 days of the contact mentioned in paragraph (1)(b) or the request mentioned in paragraph (3), whichever is later.
5
No information is required to be given under this regulation where—
a
the member informs the trustees or managers of the scheme that the member has accessed the pensions guidance in the previous 12 months;
b
the member informs the trustees or managers of the scheme that the member has received independent financial advice in the previous 12 months about what the member may do with the flexible benefits, or
c
the trustees or managers of the scheme—
i
have given information to the member under regulation 18A in the 2 months immediately preceding the date on which the contact mentioned in paragraph (1)(b) is made, or
ii
are required to give information to the member under regulation 18A within 2 months of the date on which the contact mentioned in paragraph (1)(b) is made.
First information on accessing benefitsI1919
1
The information mentioned in paragraph (2) must be given in accordance with this regulation to a member who has F33a right or entitlement to flexible benefits .
F342
The information is—
a
where the member has been given information in accordance with regulation 18A in the 12 months before the date on which the trustees or managers of the scheme give information under this regulation—
i
a statement that the member has been given information about—
aa
the flexible benefits that may be provided to the member;
bb
the member’s opportunity to transfer those benefits, and
cc
the options available to the member under the scheme rules, and
ii
that listed in paragraphs 1 to 9 of Schedule 9A, and
b
in any other case—
i
a statement of the options available to the member under the scheme rules, and
ii
where the member has an opportunity to transfer flexible benefits, that listed in Part 3 of Schedule 7 and in Schedule 9A.
3
The information must be given at least 4 months before—
a
where there is a retirement date, that date, or
b
where there is no retirement date, the date the member attains normal pension age24.
4
For the purposes of paragraph (3), where the interval between the date on which the retirement date is specified and the date that the benefits will become payable is less than 4 months, the information must be given within F3520 days of the date on which the retirement date is specified.
5
In this regulation “retirement date” means the date specified by—
a
the member to the trustees or managers of the scheme that is acceptable under the rules of the scheme, or
b
the trustees or managers of the scheme where no acceptable date has been specified under sub-paragraph (a).
F61Retirement risk warnings19A
1
Subject to paragraphs (5) and (7), the trustees or managers of the scheme must give a retirement risk warning to a member in accordance with this regulation where they are giving a member—
a
information in accordance with regulation 18A, 18B or 19 or the member has been given such information previously, and
b
an application form, online access, information about access or any other method of access that enables the member to require the trustees or managers of the scheme to take any of the actions in paragraph (2).
2
The actions referred to in paragraph 1(b) are—
a
the application of sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;
b
the payment of a lump sum in respect of flexible benefits, or
c
the designation of sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.
3
A retirement risk warning under paragraph (1) must be given at the same time as the method of access in paragraph (1)(b) and before any of the actions set out in paragraph (2) are concluded.
4
When giving a retirement risk warning to a member, the trustees or managers of the scheme must also give the member a statement that asks the member to note the importance of—
a
reading the retirement risk warning, and
b
accessing pensions guidance or independent advice.
5
A retirement risk warning for any specific action in paragraph (2) need not be given to a member within 12 months of a retirement risk warning for that action having been given in accordance with this regulation to that member.
6
For the purpose of—
a
this regulation, “retirement risk warning” means a statement that sets out the characteristic attributes and features of an annuity, lump sum and drawdown pension referred to in paragraph (2) and the factors in sub-paragraph (b)(iv), and
b
sub-paragraph (a)—
i
the statement must be generic in nature and not tailored to or based on the personal circumstances of any individual member;
ii
the statement may be limited to the characteristic attributes and features of an annuity, lump sum or drawdown pension referred to in paragraph (2) in respect of which the trustees or scheme managers are giving the member a method of access in paragraph (1)(b);
iii
characteristic attributes and features are those that have the potential to adversely affect the retirement income of any member or their widow, widower, surviving civil partner, nominee, successor or other dependant, and
iv
the factors are those that have the potential to affect the appropriateness of an annuity, lump sum and drawdown pension for a member such as: the impact of health status and lifestyle choices; whether a member has dependants, is in debt or in receipt of means tested benefits; and any other relevant factors.
7
Subject to paragraph (8)—
a
a retirement risk warning under paragraph (1) need not be given where the trustees or managers of the scheme give the member an appropriate risk warning before any of the actions listed in paragraph (2) are concluded;
b
an appropriate risk warning must be given either verbally or in writing;
c
for the purposes of sub-paragraphs (a) and (b), an appropriate risk warning is a statement—
i
that sets out the risks associated with any of the actions listed in paragraph (2) that the member is proposing to require the trustees or managers of the scheme to take and that have the potential to adversely affect the retirement income of that member or their widow, widower, surviving civil partner, nominee, successor or other dependant, and
ii
that is based on the characteristic attributes and features of an annuity, lump sum or drawdown pension referred to in paragraph (2) and answers to questions the trustees or managers of the scheme have asked the member in order to identify any factors or other variables that increase the risks referred to in head (i).
8
Paragraph (7) only applies where trustees or managers of the scheme have—
a
asked the member whether the member has received pensions guidance or independent advice, and
b
if the member has not received such guidance or advice, or is unsure, encouraged the member to use pensions guidance or to take independent advice to understand the options available to that member at retirement.
Second information on accessing benefitsI2020
1
The information mentioned in paragraph (2) must be given to a person in accordance with this regulation where benefit under the scheme has, or is about to, become payable to the person.
2
The information is the information listed—
a
in paragraphs 6 to 9 of F36Schedule 7;
b
in Part 1 of that Schedule where the person has an opportunity to select an annuity under any rights and options in relation to the death of the F37member, and
F38c
in Part 1 of Schedule 9A where the person, under any rights and options in relation to the death of the member, has an opportunity to—
i
transfer accrued rights to flexible benefits out of the scheme under the scheme rules;
ii
apply sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;
iii
take payment of a lump sum in respect of flexible benefits, or
iv
designate sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.
3
The information mentioned in paragraph (2)(a) must be given—
a
where benefit becomes payable on or after normal pension age before benefit becomes payable, if practicable and in any event within one month after benefit becomes payable, or
b
where benefit becomes payable on a date before normal pension age, within 2 months of that date.
F394
Before benefit becomes payable—
a
the information mentioned in sub-paragraph (b) of paragraph (2) must be given to a person having the opportunity mentioned in that sub-paragraph;
b
the information mentioned in sub-paragraph (c) of paragraph (2) must be given to a person having an opportunity mentioned in that sub-paragraph.
Accessing benefits on the death of the member or beneficiaryI2121
1
The information mentioned in paragraph (2) must be given in accordance with this regulation where the trustees or managers of the scheme are aware that—
a
a member or beneficiary of the scheme has died, and
b
a person may be entitled to exercise rights or options under the scheme as a result of that death.
2
The information is the information listed in—
a
Part 1 of, and paragraphs 8 to 10 of, Schedule 7 where the person referred to in paragraph (1)(b) has an opportunity to select an F40annuity;
b
Part 2 of that Schedule in any other F41case, and
F42c
Part 1 of Schedule 9A where the person has an opportunity to—
i
transfer accrued rights to flexible benefits out of the scheme under the scheme rules;
ii
apply sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;
iii
take payment of a lump sum in respect of flexible benefits, or
iv
designate sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.
3
The information must be given to—
a
the person referred to in paragraph (1)(b), if that person is at least 18 years old and the trustees or managers of the scheme know that person’s postal address or electronic address, and
b
subject to paragraph (4), a person who is—
i
a personal representative of the member or beneficiary of the scheme, or
ii
authorised to act on behalf of the person referred to in paragraph (1)(b).
4
For the purposes of paragraph (3), the information—
a
must be given only where the personal representative or the person authorised to act requests it, and
b
need not be given where a request is made within 3 years of the same information being given under this regulation to the same person in the same capacity.
5
The information must be given as soon as practicable and in any event within 2 months of—
a
the date on which the trustees or managers of the scheme become aware of the death, or
b
the request referred to in paragraph (4).
PART 7Information about benefits in payment
Changes to benefitsI2222
1
The information listed in paragraphs 6, 8 and 9 of Schedule 7 must be given to a person in accordance with paragraph (2) where—
a
the amount of benefit payable to the person alters, and
b
that alteration is not made in accordance with the provisions referred to in paragraph 7(b) of Schedule 7.
2
The information must be given before the date on which the decision to alter the benefit takes effect, where practicable and in any event within one month of that date.
PART 8Information about winding up
Personal pension schemes that have begun winding upI2323
1
The information mentioned in paragraph (3) must be given to members, except excluded persons, in accordance with this regulation.
2
The information must be given where a decision has been made to wind up the scheme or to cease accepting contributions or to cause the scheme to cease to manage the contributions already paid to it (“the decision”).
3
The information is—
a
notification of the decision;
b
the information listed in paragraphs 11 to 13 of Schedule 8;
c
the information listed in paragraph 14 of Schedule 8 where the scheme is unable to meet in full its liabilities to its members.
4
The information must be given as soon as practicable after the decision and, in any event—
a
the notification referred to in paragraph (3)(a) must be given within one month, and
b
the information mentioned in paragraph (3)(b) and (c) must be given within 4 months,
of the decision.
Occupational pension schemes during winding upI2424
1
The information mentioned in paragraph (2) must be given to members and beneficiaries of the scheme, except excluded persons, in accordance with this regulation where the trustees have begun to wind up the scheme.
2
The information is the information listed in—
a
Part 1 of Schedule 8;
b
paragraphs 5, 6 and 7 of that Schedule;
c
Part 4 of that Schedule.
3
Where the trustees begin to wind up the scheme on a date on or after 6th April 2014—
a
the information mentioned in paragraph (2)(a) must be given as soon as practicable and in any event within no more than one month of that date, and
b
the information mentioned in paragraph (2)(b) must be given within every 12 months of the date information was given under sub-paragraph (a) until the trustees complete winding up the scheme.
4
Where the trustees began to wind up the scheme before 6th April 2014, the information mentioned in paragraph (2)(b) must be given within 12 months of 6th April 2014 and within every 12 months thereafter until the trustees complete winding up the scheme.
5
Where a request is made for the information mentioned in paragraph (2)(c), it must be given within 2 months of the date the request is made.
6
For the purposes of this regulation, the date the trustees begin to wind up the scheme is to be determined—
a
in a case where regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 199625 (commencement of winding up) applies, in accordance with that regulation, and
b
in any other case, in accordance with Article 121(4)26 and (5) of the 1995 Order.
7
Where a scheme is a sectionalised scheme, this regulation applies as if—
a
each section of the scheme were a separate scheme, and
b
the members of each section were the members of a separate scheme.
8
For the purposes of paragraph (7), a sectionalised scheme is a scheme where—
a
Part 4 of the 2005 Order applies to the scheme as if a section of a scheme were a separate scheme by virtue of paragraph 1 of Schedule 2 to the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 200527 (sectionalised multi-employer schemes), or
b
Part 4 of the 2005 Order does not apply to the scheme, but would apply in that way if it did.
Occupational pension schemes after winding up for individual membersI2525
1
The information mentioned in paragraph (2) must be given in accordance with this regulation where—
a
the scheme is being wound up, and
b
the trustees or managers of the scheme have done what they can to discharge the scheme’s liabilities for a particular member or beneficiary of the scheme.
2
The information is—
F7a
where the member or beneficiary of the scheme—
i
has rights to benefits other than money purchase benefits, the information mentioned in Part 2 of Schedule 8, or
ii
has rights to money purchase benefits, the information mentioned in paragraph 10 of Schedule 8, and
b
where the member or beneficiary of the scheme is, for the time being—
i
entitled to payment of benefits, the information listed in paragraphs 6 and 7 of Schedule 7, or
ii
except in relation to money purchase benefits, not entitled to payment of benefits, the information listed in paragraph 16 of Schedule 8.
3
The information mentioned in paragraph (2) must be given to the member or beneficiary of the scheme except that an excluded person need not be given the information mentioned in paragraph (2)(b)(ii).
4
The information must be given as soon as practicable after, and in any event within no more than 3 months of, the date paragraph (1)(b) is satisfied.
PART 9Giving information and documents
Giving information and documentsI2626
1
Except where these Regulations otherwise provide, the methods for giving information or documents that these Regulations require to be given include the methods set out in paragraph (2).
2
The information may be given by—
a
sending it (including by ordinary post) to the person’s last known postal address, or
b
subject to paragraphs (3) to (5), using either or both of the following methods—
i
sending it to the person’s last known electronic address;
ii
making it available on a website (see regulation 27).
3
Where a member or beneficiary of the scheme has requested in writing that—
a
any of the information, or
b
all of the information,
is not given in accordance with paragraph (2)(b), that information may not be given in accordance with paragraph (2)(b).
4
Information may only be given by an electronic communication where the trustees or managers of the scheme are satisfied that the electronic communications have been designed—
a
so that the person will be able to—
i
get access to, and
ii
store or print,
the information, and
b
taking into account the requirements of disabled persons.
5
Where—
a
a member or beneficiary of the scheme was a member or beneficiary of the scheme on 1st December 2010, and
b
information was not given by the trustees or managers of the scheme before that date by the methods described in paragraph (2)(b),
information may not be given to that member or beneficiary of the scheme in accordance with paragraph (2)(b) unless the trustees or managers of the scheme have given that member or beneficiary the written notice referred to in paragraph (6).
6
The written notice mentioned in paragraph (5) must state that—
a
the trustees or managers of the scheme propose to give information to the member or beneficiary of the scheme by means of an electronic communication, and
b
the member or beneficiary of the scheme may request in writing that information is not given by means of an electronic communication.
7
The written notice mentioned in paragraph (5) must not be given by the methods mentioned in paragraph (2)(b).
Provision of information on a websiteI2727
1
Where a website is used for the first time to make available the information or document, a notification must be given to the recipient.
2
The notification referred to in paragraph (1) must include—
a
a statement that the information or document is available on the website;
b
the website address;
c
details of the place on the website where the information or document may be read, and
d
an explanation of how the recipient may read the information or document on the website.
3
Subject to regulation 28, each time a website is used at a subsequent time to make available information or documents, a notification must be given to the recipient.
4
The notification referred to in paragraph (3) must state that the information or document is available on the website.
5
The notifications mentioned in paragraphs (1) and (3) must not be given by making them available on a website.
Provision of information on a website: supplementalI2828
1
The notification mentioned in regulation 27(3) need not be given where paragraphs (2) to (4) are satisfied.
2
This paragraph is satisfied where—
a
the trustees or managers of the scheme have given the recipient at least 2 documents by either of the following methods—
i
given by hand, or
ii
sent to the recipient’s last known postal address, and
b
each of those documents—
i
asks the recipient to give that recipient’s electronic address to the trustees or managers of the scheme except where the trustees or managers of the scheme do not have the facility for sending information or documents to that address, and
ii
states that the recipient may request in writing that information or documents are not given by means of an electronic communication.
3
This paragraph is satisfied where—
a
paragraph (2) is satisfied, and
b
the trustees or managers of the scheme have given the recipient, by either of the methods mentioned in paragraph (2)(a), a further document that—
i
meets the requirements of paragraph (2)(b), and
ii
states that further information and documents will be available to read on the website and that no further notifications will be sent to the recipient.
4
This paragraph is satisfied where—
a
paragraphs (2) and (3) are satisfied, and
b
the trustees or managers of the scheme—
i
do not know the recipient’s electronic address or do not have the facility for sending information or documents to that address, and
ii
have not received a written request that information or documents are not given to the recipient by means of an electronic communication.
5
Where the information to be made available is that required by regulation 17(1), the notification mentioned in regulation 27(3) need only be given as required by regulation 17(7).
Giving information and documents in certain casesI2929
1
Information or documents to be given in accordance with this regulation are to be given as follows.
2
Where the person or recognised trade union makes a request for the information in hard copy form, the trustees or managers of the scheme must, subject to paragraph (3), give the information in that form and if a charge is levied for giving the information in that form, it must not exceed the cost of producing and giving it.
3
Where the information in hard copy form is publicly available, the trustees or managers of the scheme may give details of where it is publicly available instead of giving it under paragraph (2).
4
Where the person or recognised trade union makes a request for the information other than in hard copy form, it may be made available free of charge—
a
for inspection at a place that is reasonable having regard to who made the request, or
b
on a website.
5
For the purposes of paragraph (4)(b), the provisions of regulations 27 and 28 do not apply except that the trustees or managers of the scheme must give the notification described in regulation 27(2) to the person or recognised trade union who requested the information.
6
Information is in “hard copy form” if it is given in a paper copy or similar form capable of being read.
Responsibility for giving information and documentsI3030
The trustees or managers of a scheme are responsible for ensuring that information or documents are given in accordance with these Regulations whether they give the information or documents—
a
directly, or
b
indirectly through a third party.
PART 10Consequential amendments and revocations
Consequential amendmentsI3131
Schedule 9 shall have effect.
Consequential revocationsI3232
The provisions specified in column (1) of Schedule 10 are revoked to the extent specified in column (3).
Sealed with the Official Seal of the Department for Social Development on 13th March 2014
SCHEDULES
SCHEDULE 1Description of schemes
I331
1
An occupational pension scheme falls within this paragraph if it meets the following conditions.
2
The first condition is that the scheme—
a
is a tax registered scheme;
b
was formerly—
i
approved by HMRC for the purposes of section 590 or 591 of the Income and Corporation Taxes Act 198828;
ii
a statutory scheme as defined in section 611A29 of that Act, or
iii
approved by HMRC under Chapter 4 of Part 1430 of that Act;
c
has a superannuation fund as referred to in section 615(6) of the Income and Corporation Taxes Act 1988 (exemption from tax in respect of certain pensions) and has trustees or managers of the scheme who are—
i
authorised under Article 264 of the 2005 Order (general authorisation to accept contributions from European employers), and
d
is a public service pension scheme33.
3
The second condition is that the scheme—
a
has 2 or more members;
b
does not provide only death benefits;
c
is established in the United Kingdom or has at least one trustee or manager resident in the United Kingdom, and
d
is not established by the Salvation Army Act 196334.
I342
A personal pension scheme falls within this paragraph if it is not a pension scheme that is—
a
either—
i
set up or established in an annuity contract, or
ii
a trust scheme, and
b
to be treated as becoming a registered pension scheme under section 153(9) of the Finance Act 200435 (registration of pension schemes) in accordance with paragraph 1(1)(f) of Schedule 36 to that Act (deemed registration of existing schemes).
SCHEDULE 2Basic information
PART 1Information to be given by occupational pension schemes that fall within paragraph 1 of Schedule 1
I351
The conditions persons must meet to become members of the scheme and a summary of the categories of persons who are eligible to become members of the scheme.
I362
How persons who are eligible to be members of the scheme are admitted to it.
I373
A summary of what can be done with a member’s accrued rights where the member leaves pensionable service before normal pension age, including whether accrued rights can be transferred out of the scheme, converted into an annuityF43, designated as available for the payment of drawdown pension and commuted to a lump sum.
I384
A statement relating to the matters mentioned in paragraph 3—
a
as to whether a charge may be made, and
b
that further information is available on request.
F104A
Where the member has flexible benefits, a statement explaining the circumstances in which the member may transfer accrued rights to flexible benefits out of the scheme.
4B
F66Subject to paragraph 4C Where the member has safeguarded benefits (which has the meaning given in section 51(8) of the Pension Schemes Act 2015 (independent advice in respect of conversions and transfers: Northern Ireland)), a statement that the member may be required to take independent advice before the member may—
a
convert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;
b
transfer safeguarded benefits to another pension scheme with a view to acquiring a right or entitlement to flexible benefits, and
c
withdraw an uncrystallised funds pension lump sum (which has the meaning given in paragraph 4A of Schedule 29 to the Finance Act 2004) (uncrystallised funds pension lump sum).
F624C
Paragraph 4B does not apply to a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, unless it is a scheme in relation to which section 91(2A)(a)(i) of the 1993 Act has been disapplied, pursuant to section 91(2B) of the 1993 Act.
I395
Whether the scheme is a tax registered scheme or, if not, whether an application for the scheme to become a tax registered scheme is under consideration by HMRC.
I406
A statement that explains whether transfers can be made into the scheme, including whether such transfers can be made in accordance with F44Chapters 1 and 2 of Part 4ZA of the 1993 Act.
I417
The arrangements, if any, for the payment by members of additional voluntary contributions.
I428
A summary of how the contributions, if any, payable by the employer and the member are calculated.
I439
Where the scheme is the National Employment Savings Trust Corporation established under section 75(1) of the Pensions Act 200837, a statement of the maximum amount, if any, of contributions that may be paid in any tax year in relation to a member of the scheme.
I4410
A statement that—
a
the Pensions Advisory Service38 is available at any time to assist members and beneficiaries with—
i
pensions questions, and
ii
issues they have been unable to resolve with the trustees or managers of the scheme;
b
the Pensions Ombudsman39 may investigate and determine certain complaints or disputes about pensions that are referred to the Pensions Ombudsman in accordance with the 1993 Act, and
c
the Regulator may intervene in the running of schemes where trustees, managers, employers or professional advisers have failed in their duties.
I4511
The postal address and electronic address at which each of the bodies referred to in paragraph 10 may be contacted.
I4612
Except where the scheme has no relevant employment which is contracted-out employment within the meaning of section 440 of the 1993 Act, which relevant employment is and which is not contracted-out employment.
I4713
If a member of the scheme has to give a period of notice to terminate that member’s pensionable service, the length of that period of notice.
I4814
Whether, and if so on what conditions (if any), a member of the scheme, whose pensionable service has terminated before normal pension age, may re-enter pensionable service.
I4915
The following information about benefits payable under the scheme (referred to in this paragraph as “benefits”)—
a
what the benefits are;
b
how benefits are calculated;
c
how the scheme defines pensionable earnings, if appropriate;
d
how and when benefits in payment are increased, if appropriate;
e
the rate at which rights to benefits accrue, if appropriate;
f
the conditions on which benefits are payable;
g
when benefits (including survivor’s benefits) are payable.
I5016
Where the member has money purchase benefits, a statement that the value of the pension will depend on several factors including the amount of the contributions paid, F45any cost of exercising any right to transfer the benefits, any charges payable, the age at which the member accesses the benefits, the performance of F46investments and any cost of converting the benefit into an annuity.
F216A
Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, F47any cost of exercising any right to transfer the benefits, any charges payable, the age at which the member accesses the benefits, any guaranteed interest or bonuses F48applied and any cost of converting the benefits into an annuity.
I5117
Except where the scheme is a public service pension scheme, a statement that the scheme annual report will be given on request.
I5218
1
The scheme’s internal dispute resolution arrangements.
2
The postal address or electronic address and job title of the person who should be contacted to use those arrangements.
3
This paragraph does not apply to a scheme within Article 50(8) of the 1995 Order41 (requirement for dispute resolution arrangements).
PART 2Information to be given by occupational pension schemes not falling within paragraph 1 of Schedule 1 and schemes that are established under the Salvation Army Act 1963
I5319
The following information about benefits payable under the scheme (referred to in this paragraph as “benefits”)—
a
what the benefits are;
b
how benefits are calculated;
c
how the scheme defines pensionable earnings, if appropriate;
d
how and when benefits in payment are increased, if appropriate;
e
the rate at which rights to benefits accrue, if appropriate;
f
the conditions on which benefits are payable;
g
when benefits (including survivor’s benefits) are payable.
I5420
A statement that explains whether transfers can be made into the scheme, including whether such transfers can be made in accordance with F49Chapters 1 and 2 of Part 4ZA of the 1993 Act.
I5521
A summary of what can be done with a member’s accrued rights where the member leaves pensionable service before normal pension age, including whether the accrued rights can be transferred out of the scheme, converted into an annuityF50, designated as available for the payment of drawdown pension and commuted to a lump sum.
I5622
A statement relating to the matters mentioned in paragraph 21—
a
as to whether a charge may be made, and
b
that further information is available.
F1122A
Where the member has flexible benefits, a statement explaining the circumstances in which the member may transfer accrued rights to flexible benefits out of the scheme.
22B
F67Subject to paragraph 22C Where the member has safeguarded benefits (which has the meaning given in section 51(8) of the Pension Schemes Act 2015), a statement that the member may be required to take independent advice before the member may—
a
convert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;
b
transfer safeguarded benefits to another pension scheme with a view to acquiring a right or entitlement to flexible benefits, and
c
withdraw an uncrystallised funds pension lump sum (which has the meaning given in paragraph 4A of Schedule 29 to the Finance Act 2004).
F6322C
Paragraph 22B does not apply to a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, unless it is a scheme in relation to which section 91(2A)(a)(i) of the 1993 Act has been disapplied, pursuant to section 91(2B) of the 1993 Act.
I5723
1
The scheme’s internal dispute resolution arrangements.
2
The postal address or electronic address and job title of the person who should be contacted to use those arrangements.
3
This paragraph does not apply to a scheme within Article 50(8) of the 1995 Order.
I5824
A statement that—
a
the Pensions Advisory Service is available at any time to assist members and beneficiaries with—
i
pensions questions, and
ii
issues they have been unable to resolve with the trustees or managers of the scheme;
b
the Pensions Ombudsman may investigate and determine certain complaints or disputes about pensions that are referred to the Pensions Ombudsman in accordance with the 1993 Act, and
c
the Regulator may intervene in the running of schemes where trustees, managers, employers or professional advisers have failed in their duties.
I5925
The postal address and electronic address at which each of the bodies referred to in paragraph 24 may be contacted.
F5126
A statement setting out—
a
which benefits—
i
are provided by means of the setting aside of resources (other than assets at the disposal of the employer of any person who is employed in relevant employment) for a benefit, before the benefit becomes payable, that are related to the intended rate or amount of benefit, and
ii
are not provided by that means, and
b
the manner in which any benefits mentioned in sub-paragraph (a)(i) are secured.
I6027
A statement that most of the provisions of the 1995 Order do not apply to the scheme.
I6128
Where the member has money purchase benefits, a statement that the value of the pension will depend on several factors including the amount of the contributions paid, the performance of investments and the cost of converting the benefit into an annuity.
F328A
Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity.
PART 3Lifestyling
I6229
A statement explaining lifestyling, its advantages and disadvantages, and either—
a
that lifestyling will be adopted, indicating when lifestyling is likely to be adopted, or
b
that lifestyling has been adopted.
SCHEDULE 3Information to be given on request
PART 1Information on the constitution of the scheme
I631
The contents of any trust deed or document under which the scheme is made.
I642
The scheme rules.
I653
The contents of any document that supplements or alters in any way the information referred to in paragraphs 1 and 2.
I664
The name and postal address and electronic address of every person who employs any member of the scheme in relevant employment.
PART 2Information in the annual report etc.
I675
A copy of the appropriate audited accounts or auditor’s statements prepared and audited in accordance with regulations made under Article 41 of the 1995 Order42 (provision of documents for members).
I686
If Part 4 of the 2005 Order applies, a copy of the certificate by the actuary under Article 206 of the 2005 Order (schedule of contributions) about the adequacy of the contributions payable towards the scheme.
I697
Any of the information listed in Part 5 that applies.
PART 3Information on funding principles and actuarial valuations etc.
I708
The latest statement of funding principles where required under Article 202 of the 2005 Order.
I719
Where Part 4 of the 2005 Order applies to the scheme, a copy of the last actuarial valuation referred to in Article 203 of the 2005 Order (actuarial valuations and reports) that the trustees or managers of the scheme have received.
I7210
Where Part 4 of the 2005 Order applies to the scheme, the latest actuarial report referred to in Article 203 of the 2005 Order that the trustees or managers of the scheme have received after the last actuarial valuation.
I7311
Any recovery plan prepared under Article 205 of the 2005 Order that is currently in force.
I7412
The latest payment schedule under Article 85 of the 1995 Order43 (schedules of payments to money purchase schemes) or the latest schedule of contributions under Article 206 of the 2005 Order that relates to the employer of the member.
I7513
The latest statement of principles governing decisions about investments where required by Article 3544 of the 1995 Order.
I7614
A summary of the winding up procedure under Article 210A45 of the 2005 Order (requirements for winding up procedure).
PART 4Information on transfer credits
I7715
Whether the member or prospective member is entitled to acquire transfer credits in exchange for—
a
b
any transfer payment (within the meaning of F52Chapter 1 of Part 4ZA , or Chapter 2 of Part 4A, of the 1993 Act) provided by another scheme.
I7816
A statement of any transfer credits referred to in paragraph 15 which the member or prospective member is entitled to acquire.
PART 5Information that applies to the scheme
I7917
The names of the persons who are trustees of the scheme, and in the case of a scheme none of the trustees of which is an individual, the names of the directors of any company that is a trustee, during the scheme year to which the information relates (referred to in this Part as “the year”).
I8018
The provisions of the scheme in relation to the appointment of trustees and their removal from office and, in the case of a scheme none of the trustees of which is an individual, the provisions in the articles of association of each trustee that relate to the appointment and removal from office of any directors.
I8119
The names of the professional advisers and of such banks, custodians and other persons and organisations who have acted for or who have been retained by the trustees during the year, with an indication (except in a case where regulation 12 is complied with by the trustees of a scheme for the first time) of any changes since the previous year.
I8220
The postal address and electronic address to which enquiries about the scheme generally or about an individual’s entitlement to benefit should be sent.
I8321
The number of beneficiaries and active, deferred and pensioner members as at any one date during the year.
I8422
Except in the case of a money purchase scheme, the percentage increases made (otherwise than in accordance with a legislative requirement) during the year (or, if there have been different increases for different individuals or groups of individuals, the maximum, minimum and average percentage increases) to—
a
pensions that were payable, and
b
deferred pensions,
with a statement whether the increases were to any extent discretionary.
I8523
Except in the case of a money purchase scheme that is a wholly insured scheme, the following information—
a
where any cash equivalents F53... (within the meaning of F54Chapter 1 of Part 4ZA , or Chapter 2 of Part 4A, of the 1993 Act) paid during the year were not calculated and verified in the manner prescribed by regulations made under section 9347 or 97I of the 1993 Act (calculation of cash equivalents), as the case may be, a statement explaining why;
b
c
a statement of when full values became, or are likely to become, available, and
d
a statement whether discretionary benefits are included in the calculation of the transfer values and, if so, the method by which the value of discretionary benefits is assessed.
I8624
A statement as to whether the accounts have been prepared and audited in accordance with regulations made under Article 41(1) and (6) of the 1995 Order (unless the scheme is exempt from such requirements by virtue of those regulations).
I8725
If the auditor’s statement made in accordance with regulations made under Article 41(1)(a) and (2)(b) of the 1995 Order is negative or qualified, an account of the reasons why and a statement as to how the situation has been or is likely to be resolved.
I8826
If such situation as is mentioned in paragraph 25 in respect of a previous scheme year was not resolved in a previous year, a statement as to how it has been or is likely to be resolved.
I8927
Who has managed the investments of the scheme during the year and the extent of any delegation of this function by the trustees.
I9028
Whether the trustees have produced a statement of the principles governing decisions about investments for the purposes of the scheme in accordance with Article 3549 of the 1995 Order (unless the scheme is exempt from such requirement by virtue of regulations made under that Article) and, where the trustees have produced such a statement, a statement that a copy is available on request.
I9129
Except in relation to a wholly insured scheme, a statement as to the trustees’ policy on the custody of the scheme assets.
I9230
Where the scheme is one to which Article 35 of the 1995 Order applies, an investment report containing—
a
a statement by the trustees or the fund manager providing details of any investments made for the scheme during the year that were not made in accordance with the statement of investment principles governing decisions about investments required under Article 35 of the 1995 Order;
b
where investments for the scheme have been made in the year that do not accord with the statement of investment principles governing decisions about investments required under Article 35 of the 1995 Order (or were made in a previous year and continued to be held at the end of the year), a statement by the trustees or the fund manager giving the reasons why and explaining what action, if any, it is proposed to take or has already been taken to remedy the position;
c
a review of the investment performance of the scheme’s fund—
i
during the year, and
ii
except where the scheme has existed for less than 3 scheme years, during a period of not less than 3 and not more than 5 scheme years ending with the year,
including an assessment of the nature, disposition, marketability, security and valuation of the scheme’s assets;
d
the trustees’ policy (if any) in relation to the rights (including voting rights) attaching to investments, and
e
the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments.
I9331
A copy of any statement made on the resignation or removal of the auditor or actuary and made in accordance with regulations made under Article 47(6) of the 1995 Order (professional advisors).
I9432
Except where the scheme is a trust scheme that applies to earners in employments under different employers, where the scheme has employer-related investments (within the meaning of Article 40(2)50 of the 1995 Order), a statement—
a
as to the percentage of the scheme’s resources invested in such investments at the end of the year;
b
if that percentage exceeds 5 per cent. as to the percentage of the scheme’s resources that are investments to which regulation 13 of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 200551 (investments to which restrictions do not apply) applies, and
c
if any resources of the scheme are invested in contravention of paragraph (1) of Article 40 of the 1995 Order—
i
as to the steps the trustees or managers of the scheme have taken or propose to take to secure that the scheme complies with that Article, and
ii
as to the time when any proposed steps will be taken.
I9533
1
Where the scheme is a trust scheme that applies to earners in employments under different employers, a statement in accordance with paragraph 32 or a statement—
a
listing the 100 largest investments by value held by the scheme as at the end of the year and stating what percentage of the resources of the scheme each such investment represents;
b
identifying which of the investments referred to in head (a) are employer-related investments, and
c
if, as at the end of the year, more than 5 per cent. of the resources of the scheme are invested in employer-related investments in contravention of Article 40(1) of the 1995 Order in relation to a particular employer—
i
listing the employer-related investments and the name of the employer concerned;
ii
as to the steps the scheme has taken or proposes to take to ensure that the percentage is reduced to 5 per cent. or less, and
iii
as to the time when any proposed steps will be taken.
2
In sub-paragraph (1) “employer-related investments” has the same meaning as in the definition in Article 40(2) of the 1995 Order but as if the following words in that definition were omitted—
a
in paragraph (a) “or by any person who is connected with, or an associate of, the employer”, and
b
“or any such person” in each place where they occur.
F5934
Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, the statement which the trustees or managers are required to prepare by regulation 23 of those Regulations (annual statement regarding governance).
SCHEDULE 4Summary funding statements
I961
A summary that—
a
explains the extent to which the assets of the scheme are adequate to cover its technical provisions, and
b
is based on—
i
the last actuarial valuation under Article 203 of the 2005 Order (actuarial valuations and reports) received by the trustees or managers of the scheme, and
ii
any actuarial report under that provision they have received since that actuarial valuation.
I972
In the case of the first summary funding statement issued in respect of the scheme, an explanation of the changes in the funding position of the scheme since—
a
the last actuarial valuation of the scheme under Article 203(1)(a) of the 2005 Order, or
b
if no such valuation was obtained, the last actuarial valuation under the scheme rules.
I983
In the case of any subsequent summary funding statement, an explanation of any change in the funding position of the scheme since the date of the previous summary funding statement.
I994
The actuary’s estimate of solvency contained in the last actuarial valuation under Article 203 of the 2005 Order received by the trustees or managers of the scheme.
I1005
A summary of any recovery plan prepared under Article 205 of the 2005 Order that is currently in force.
I1016
A statement explaining—
a
whether the scheme has been modified under Article 210(2)(a) of the 2005 Order;
b
whether the scheme is subject to directions by the Regulator under Article 210(2)(b) of the 2005 Order, and
c
whether the scheme is bound by a schedule of contributions imposed by the Regulator under Article 210(2)(c) of the 2005 Order.
I1027
Where there has been a modification, directions or a schedule of contributions referred to in paragraph 6, a summary of the circumstances in which they were made.
I1038
A statement explaining whether any payment to the employer under Article 3752 of the 1995 Order (payment of surplus to employer) has been made—
a
in the case of the first summary funding statement issued in respect of the scheme, in the 12 months before the date on which that statement is prepared, and
b
in the case of any subsequent summary funding statement issued in respect of the scheme, since the date of the last such statement.
I1049
Where a payment referred to in paragraph 8 has been made, the amount of that payment.
SCHEDULE 5Statements of benefits: non money purchase benefits
PART 1Information for active members
I1051
The amount of any benefits (and how they are calculated) that would be payable on a date specified by the trustees or managers of the scheme if the member of the scheme were to die in service.
I1062
One of the following amounts, chosen by the trustees or managers of the scheme, of the member’s benefits and survivors’ benefits calculated without regard to possible increases in the member’s salary—
a
the amounts that would be payable from the date benefits are payable if pensionable service were to end on a date specified by the trustees or managers of the scheme;
b
the amounts that would be payable from the date benefits are payable if pensionable service were to end on the member attaining normal pension age, or
c
the amounts that would be payable from the date benefits are payable if pensionable service were to end on a date agreed between the member and the trustees or managers of the scheme.
I1073
The amount of the member’s pensionable remuneration on a date specified by the trustees or managers of the scheme.
PART 2Information for active and deferred members
I1084
The date on which the member’s pensionable service started.
I1095
A summary of the method for calculating the member’s benefits and any survivors’ benefits.
I1106
Details of how any deduction from benefits is calculated.
PART 3Information for deferred members
I1117
The date the member’s pensionable service ended.
I1128
The amount of the member’s benefits and survivors’ benefits payable from the date benefits are payable.
I1139
The amount of the member’s pensionable remuneration on the date pensionable service ended.
PART 4Information for pension credit members
I11410
The amount of the member’s benefits and survivors’ benefits payable from the date benefits are payable.
I11511
A summary of the method for calculating the member’s benefits and any survivors’ benefits.
I11612
Details of how any deduction from benefits is calculated.
SCHEDULE 6Statements of benefits: money purchase benefits F4and cash balance benefits
PART 1Information for all money purchase members
I1171
The amount of contributions (before any deductions are made) credited to the member under the scheme during—
a
in the case of an occupational pension scheme—
i
the immediately preceding scheme year, and
ii
the scheme year mentioned in regulation 17(9)(a) if—
aa
contributions have been credited during that year, and
bb
the information relating to that year has not been given, and
b
in the case of a personal pension scheme, the 12 months immediately preceding a date specified by the managers of the scheme.
I1182
F56Where an occupational pension scheme was a contracted-out scheme at any time before the abolition date53—
a
the date of birth used in determining the appropriate age-related percentage for the purposes of section 38A54 of the 1993 Act (reduced rate of Class 1 contributions, and rebates);
b
the name and postal address or electronic address of a person who can be contacted if the date of birth is incorrect, and
c
the amount of the contributions referred to in paragraph 1 paid to the scheme in respect of the member during the scheme years referred to in that paragraph which is attributable to—
i
the minimum payments made by the member’s employer;
ii
any payments made by the Department in accordance with Article 9(1) of the Social Security (Northern Ireland) Order 198655 (schemes becoming contracted-out between 1986 and 1993);
iii
any age-related payments made by HMRC in accordance with section 38A(3) of the 1993 Act.
I1193
F561
Where a personal pension scheme was an appropriate scheme at any time before the abolition date—
a
the date of birth used in determining the appropriate age-related percentage for the purposes of section 41(1)56 of the 1993 Act (amount of minimum contributions);
b
the name and postal address or electronic address of any person who can be contacted if the date of birth is incorrect, and
c
the amount of the minimum contributions paid by HMRC in respect of the member during the 12 months preceding a specified date that are attributable to section 41(1) of the 1993 Act identifying separately that part of the contributions that is attributable to tax relief on the employee’s share of minimum contributions, being the difference between that share and the grossed-up equivalent of that share.
2
In sub-paragraph (1)(c) the expressions “employee’s share” and “grossed-up equivalent” have the meanings given to them by section 202(3) and (4) of the Finance Act 200457 (minimum contributions under pensions legislation).
I1204
The value of the member’s accrued rights under the scheme at a date specified by the trustees or managers of the scheme.
I1215
Any cash equivalent in respect of the transfer of the member’s rights mentioned in paragraph 4 that would be different from the values to be specified, at the date specified, under that paragraph, calculated in accordance with—
a
sections 9358 and 97I of the 1993 Act (calculation of cash equivalents), in the case of an occupational pension scheme, or
b
regulations 3 and 4 of the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 198759 (calculation and verification and increases and reductions of cash equivalents), in the case of a personal pension scheme.
PART 2Pension illustration
I1226
F8For money purchase benefits, an illustration of the amount of the pension—
a
that is calculated in accordance with paragraphs 7 and 8;
b
an entitlement to which would be likely to accrue to the member, or be capable of being secured by the member, at the member’s retirement date, and
c
in respect of rights to money purchase benefits that may arise under the scheme.
F56A
For cash balance benefits, an illustration of the amount of the pension calculated—
a
in accordance with paragraph 7(1)(a)(ii) and (2);
b
in accordance with the rules of the scheme, and
c
where appropriate, in a manner consistent with the relevant guidance,
that is likely to be secured by the member at the member's normal pension age in respect of the member's rights to cash balance benefits that have arisen or may arise under the scheme.
I1237
1
The amount referred to in paragraph 6 must be calculated—
a
by reference to—
i
the relevant guidance, and
ii
the assumptions listed in paragraph 8;
b
having regard to the value of the member’s accrued rights to money purchase benefits under the scheme on the illustration date.
2
For the purposes of paragraph 6, the calculation of the amount of the pension may take account of a lump sum.
I1248
1
The assumptions are—
a
where the calculation relates to the rights of a non-contributing member, that no contributions will be made to the scheme by the member, or on the member’s behalf, after the illustration date, or
b
in any other case, that until the member’s retirement date—
i
contributions to the scheme will be made by the member or on the member’s behalf, and
ii
the scheme will maintain its tax registration under section 153 of the Finance Act 2004 (registration of pension schemes).
2
In this paragraph “non-contributing member” means a member in respect of whom no further contributions to the scheme are due or expected after the illustration date.
I1259
A statement that the information given under this Part is given only for the purposes of illustration and that it does not represent any promise or guarantee as to the amount of benefit that may be receivable by the member or a beneficiary of the scheme under the scheme.
I12610
A statement of how the person to whom the information given under this Part relates may obtain from the trustees or managers of the scheme further details about that information.
I12711
A statement that general assumptions have been made.
I12812
A statement that any amounts in the information given under this Part are expressed in today’s prices.
I12913
The member’s retirement date used for the purposes of the information given under this Part.
I13014
The illustration date used for the purposes of the information given under this Part.
PART 3Further information to be given on pension illustration
I13115
A statement that—
a
assumptions have been made about the nature of the investments made for the purposes of the member’s money purchase benefits and their likely performance, and
b
those assumptions may not correspond with the investments actually made for those purposes or their actual performance.
I13216
A statement that the amount of any pension payable under the scheme to, or in respect of, the member will depend on considerations (including the performance of investments and the cost of buying an annuity at the time the pension becomes payable) which may be different from any assumptions made.
F616A
A statement that the amount of any pension payable under the scheme to or in respect of the member will depend on considerations (including the cost of buying an annuity at the time the pension becomes payable) which may be different from any assumptions made.
I13317
A statement of any—
a
assumptions made relating to future contributions to the scheme;
b
assumptions made relating to the lump sum, the level of increases in the pension and the pension payable to the spouse or civil partner, and
c
changes to the assumptions mentioned in sub-paragraph (b) that were used for the previous information given under paragraph 6.
SCHEDULE 7Information to be given by schemes that relates to accessing benefits
Word in Sch. 7 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations (Northern Ireland) 2015 (S.R. 2015/154), regs. 1(1), 12(2)
PART 1Information to be given to persons having an opportunity to select an annuity
I1341
A statement that the person has an opportunity to select an annuity.
I1352
A statement that the person has an opportunity to select the provider of the annuity.
I1363
A statement that different annuities have different features and different rates of payment including annuities that provide—
a
the same payments every year;
b
increasing payments every year;
c
payments only for the person;
d
payments for the person’s spouse or civil partner;
e
a guarantee on the early death of the person.
I1374
Either—
a
an explanation of the characteristic features of the annuities referred to in paragraph 3, or
b
a copy of guidance giving that explanation that has been prepared or approved by the Regulator.
I1385
A statement that the person should consider taking advice about which annuity is most suitable for that person.
PART 2Information on accessing benefits for members and survivors
I1396
The amount of benefit that is payable.
I1407
If benefit is payable periodically—
a
any conditions for continuing to make the payments, and
b
any provisions which would allow the payments to be altered.
I1418
Any rights and options that persons have on the death of the member or beneficiary of the scheme.
I1429
Any procedures for exercising the rights and options referred to in paragraph 8.
I14310
The provisions (or, as the case may be, a statement that there are no provisions) under which the pension payable to the survivor of a member or beneficiary of the scheme may or will be increased and the extent to which such increases are dependent on the exercise of a discretion.
F13PART 3Information to be given to members having an opportunity to transfer flexible benefits
11
A statement that the member has an opportunity to transfer flexible benefits to one or more different pension providers.
12
A statement that different pension providers offer different options in relation to what the member can do with the flexible benefits, including the option to select an annuity.
13
A statement that different options have different features, different rates of payment, different charges and different tax implications.
14
Either—
a
a copy of guidance that explains the characteristic features of the options referred to in paragraph 13 that has been prepared or approved by the Regulator, or
b
a statement that gives materially the same information as that guidance.
SCHEDULE 8Information to be given by schemes about winding up
PART 1Information to be given by occupational pension schemes during winding up
I1441
A statement that the scheme is being wound up.
I1452
The reasons why the scheme is being wound up.
I1463
I1474
In the case of active members, whether death in service benefits will continue to be payable.
I1485
A summary of the action that is being taken, and that has been taken, to—
a
establish the scheme’s liabilities, and
b
recover any assets.
I1496
An estimate of when—
a
the scheme’s liabilities are likely to be established, and
b
any assets are likely to be recovered.
I1507
Either—
a
an indication of the extent to which (if at all) the actuarial value of accrued rights or benefits are likely to be reduced, or
b
a statement that there is insufficient information to provide such an indication.
PART 2Information to be given by occupational pension schemes after winding up
I1518
Whether the member or beneficiary’s benefits are reduced because the scheme’s resources are not sufficient to meet its liabilities.
I1529
The amount of any reduction of the member’s, or beneficiary’s, benefits.
I15310
Who has or will become liable for the payment of the member’s, or beneficiary’s, benefits.
PART 3Information to be given by personal pension schemes after winding up
I15411
1
The amount of—
a
contributions (before the making of any deductions), including a nil amount, credited to the member under the scheme during the period of 12 months preceding a date specified by the managers of the scheme, and
b
F57where the scheme was, at any time before the abolition date, an appropriate scheme, the minimum contributions paid by HMRC in respect of the member in that 12 month period that is attributable to section 41(1) of the 1993 Act identifying separately that part of the contributions that is attributable to tax relief on the employee’s share of minimum contributions, being the difference between that share and the grossed-up equivalent of that share.
2
F58In sub-paragraph (1)(b) the expressions “employee’s share” and “grossed-up equivalent” have the meanings given to them by section 202(3) and (4) of the Finance Act 2004 (minimum contributions under pensions legislation).
I15512
At a date specified by the managers of the scheme—
a
the value of the member’s accrued rights under the scheme, and
b
if different, the value of the cash equivalent calculated in accordance with regulations 3 and 4 of the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1987 (calculation and verification and increases and reductions of cash equivalents).
I15613
The options available to a member for preserving, transferring or otherwise disposing of the member’s accrued rights under the scheme.
I15714
An account of the amount by which the member’s accrued rights have been reduced and of the action taken by the managers of the scheme, or which is open to the member to take, in order, so far as may be possible, to restore the value of the member’s accrued rights under the scheme.
PART 4Report under Article 72A of the 1995 Order
I15815
Where a report has been made to the Regulator under Article 72A62 of the 1995 Order (reports to Authority about winding up), a copy of that report.
PART 5Information on expected benefits
I15916
An estimate of the amount of the member’s and beneficiary’s benefits that are expected to be payable from normal pension age or death.
SCHEDULE 9Consequential amendments
I1601
In the Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 199163—
a
in regulation 1 (interpretation) after paragraph (3)64 add—
4
Any information or documents required to be furnished under these Regulations to a person, may be given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
b
in regulation 9(6)(c)65 (bought out benefits) for the words from “and the notice” to “his last known address” substitute “(the notice being sent to the member in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents)”.
I1612
In regulation 3(3) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 199666 (notices by employers of intended election)—
a
in sub-paragraph (a) for head (i) substitute—
i
sending it to the earner in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents);
ia
delivering it to the earner, or
b
for sub-paragraph (b) substitute—
b
to any other person, by—
i
sending it to that person in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents), or
ii
delivering it to that person.
I1623
In regulation 11 of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 199667 (disclosure) after paragraph (6) add—
7
The trustees may provide any information or notification under this regulation in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
I1634
In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 199668—
a
in regulation 7 (requirements applicable to notices of discharge under regulation 6) after paragraph (10) add—
11
A discharge notice and any notice under paragraph (3) may be given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
b
in regulation 11(2) (records and information) after “in writing” insert “in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents)”.
I1645
In the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 199769—
a
in regulation 2 (requirement of trustees or managers to obtain documents) after paragraph (2)70 insert—
2AA
Information may be made available under paragraph (2) in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
F60b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I1656
In regulation 6(5)(b)(ii) of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 199773 (further conditions on which liability may be discharged) for the words from “the notice,” to “last known address” substitute “the notice to the widow, widower or surviving civil partner in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents)”.
I1667
After regulation 10 of the Pensions on Divorce etc. (Provision of Information) Regulations (Northern Ireland) 200074 (provision of information after receipt of an earmarking order) add—
Provision of information – general11
1
Subject to paragraph (2), a person required to provide information under regulation 2, 4, 6, 7, 8 or 10 must provide that information in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
2
Information may be provided to the court by means of an electronic communication only where the court has given its permission.
3
In this regulation “electronic communication” has the meaning given by section 4(1) of the Electronic Communications Act (Northern Ireland) 200175.
I1678
In the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 200076—
a
in regulation 1(5) for “Without” substitute “Subject to the following provisions of these Regulations, without”;
b
in regulation 8(6)(a) (bought out benefits) for “sent to that person at his last known address” substitute “given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents)”;
c
in regulation 10(5)(a) (transfer of a person’s pension credit rights without consent) for “sent to that person at his last known address” substitute “given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents)”;
d
in regulation 15(5)(b) (further conditions on which liability may be discharged) for “sent to that person at his last known address” substitute “given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2014 (giving information and documents)”.
I1689
In the Stakeholder Pension Schemes Regulations (Northern Ireland) 200077—
a
in regulation 1(3) (interpretation)—
i
in the definition of “non-contributing member”78—
aa
omit paragraph (a);
bb
in paragraph (b) omit “in relation to a personal pension scheme,”;
ii
b
in regulation 18(7)81 (disclosure of information to members)—
i
in sub-paragraph (a) for “manager;” substitute “manager, and”;
ii
in sub-paragraph (b)(ii) for “delivered, and” substitute “delivered.”;
iii
omit sub-paragraph (c);
c
in regulation 18A—
i
in paragraph (1) for “Where a” substitute “Subject to paragraph (1A), where a”;
ii
after paragraph (1) insert—
1A
The information mentioned in paragraph (1) need not but may, nevertheless, be given in respect of a statement year where—
a
the statement year is the first to end on or after the date the person became a member of the scheme, and
b
the end of that statement year falls at a time when—
i
no contributions have been credited to the scheme in respect of the person, or
ii
the person has the right to opt out of the scheme under section 8 of the Pensions (No. 2) Act (Northern Ireland) 200882 (jobholder’s right to opt out).
1B
Where—
a
the information is not provided to the person by virtue of paragraph (1A), and
b
contributions have been credited in respect of the member in respect of the statement year mentioned in paragraph (1A)(a),
it must be provided no later than the information that relates to the next following statement year.
iii
after paragraph (2) insert—
2A
For the purposes of paragraph (2), the calculation of the amount of the pension mentioned in that paragraph may take account of a lump sum.
iv
in paragraph (4)—
aa
in sub-paragraph (c)(iii) for “behalf;” substitute “behalf, or”;
bb
in sub-paragraph (d)(iii) for “date, or” substitute “date.”;
cc
omit sub-paragraph (e);
d
in regulation 18B83—
i
in paragraph (1)(b) omit the words from “and about annuities” to “relevant guidance”;
ii
omit paragraphs (3) and (4);
e
in regulation 18C (service of information by a scheme) for paragraph (4) substitute—
4
Where—
a
a member or beneficiary was a member or beneficiary of the scheme on 1st December 2010, and
b
relevant information was not given by the trustees or manager of the scheme before that date by the methods described in paragraph (1)(b),
relevant information may not be furnished or given to the member or beneficiary in accordance with paragraph (1)(b) unless the trustees or manager of the scheme have given that member or beneficiary the written notice referred to in paragraph (5).
4A
The written notice mentioned in paragraph (4) must not be given by the methods mentioned in paragraph (1)(b).
f
in regulation 18E (provision of information on a website)—
i
in paragraph (1) for “This regulation sets” substitute “This regulation and regulation 18F set”;
ii
for paragraph (2) substitute—
2
When a website is used for the first time to make available relevant information, a notification must be given to the recipient.
iii
for paragraph (4) substitute—
4
Subject to regulation 18F, each time a website is used at a subsequent time to make available information or documents, a notification must be given to the recipient.
4A
The notification referred to in paragraph (4) must state that the information or document is available on the website.
4B
The notifications mentioned in paragraphs (2) and (4) must not be given by making them available on a website.
iv
omit paragraph (6);
v
in paragraph (7) after “this regulation” insert “and regulation 18F”;
g
after regulation 18E insert—
Provision of information on a website: supplemental18F
1
The notification mentioned in regulation 18E(4) need not be given where paragraphs (2) to (4) of this regulation are satisfied.
2
This paragraph is satisfied where—
a
the trustees or manager of the scheme have given the recipient at least 2 documents by either of the following methods—
i
given by hand, or
ii
sent to the recipient’s last known postal address, and
b
each of those documents—
i
asks the recipient to give that recipient’s electronic address to the trustees or manager of the scheme except where the trustees or manager of the scheme do not have the facility for sending information or documents to that address, and
ii
states that the recipient may request in writing that information or documents are not given by means of an electronic communication.
3
This paragraph is satisfied where—
a
paragraph (2) is satisfied, and
b
the trustees or manager of the scheme have given the recipient, by either of the methods mentioned in paragraph (2)(a), a further document that—
i
meets the requirements of paragraph (2)(b), and
ii
states that further information and documents will be available to read on the website and that no further notifications will be sent to the recipient.
4
This paragraph is satisfied where—
a
paragraphs (2) and (3) are satisfied, and
b
the trustees or manager of the scheme—
i
do not know the recipient’s electronic address or do not have the facility for sending information or documents to that address, and
ii
have not received a written request that information or documents are not given to the recipient by means of an electronic communication.
5
Where the information to be made available is that required by regulation 18A(1), the notification referred to in regulation 18E(4) need only be given as required by regulation 18A(1).
h
in paragraph 6 of Schedule 384 (information for members)—
i
in sub-paragraph (c) for “scheme, and” substitute “scheme;”;
ii
for sub-paragraph (d) substitute—
d
a statement of any assumptions made relating to the lump sum, the level of increases in the pension and the pension payable to the spouse or civil partner, and
e
a statement of any changes to the assumptions mentioned in sub-paragraph (d) that were used for the previous information given under regulation 18A(2).
I16910
In regulation 5A of the Personal Pension Schemes (Payments by Employers) Regulations (Northern Ireland) 200085 (the issue of payment statements to an employee) after paragraph (5) add—
6
A statement referred to in paragraph (1) may be issued in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
I17011
In regulation 7 of the Occupational Pension Schemes (Winding Up Notices and Reports, etc.) Regulations (Northern Ireland) 200286 (applications to the Authority to modify schemes to secure winding up)—
a
in paragraph (3) for sub-paragraph (a) substitute—
a
to all members of the scheme (except a member mentioned in paragraph (3A)) in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents), and
b
after paragraph (3) insert—
3A
A member referred to in paragraph (3)(a) is a member—
a
whose present postal address and electronic address are not known to the trustees or managers of the scheme, and
b
in respect of whom the trustees or managers of the scheme have sent correspondence to that member’s last known—
i
postal address and that correspondence has been returned, or
ii
electronic address and the trustees or managers of the scheme are satisfied that that correspondence has not been delivered.
I17112
In regulation 13 of the Occupational Pension Schemes (Independent Trustee) Regulations (Northern Ireland) 200587 (disclosure requirements and penalty) after paragraph (8) add—
9
The appointed trustee may give any information under this regulation in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
I17213
In the Occupational Pension Schemes (Winding up, etc.) Regulations (Northern Ireland) 200588—
a
in regulation 6(6) (adjustments to discretionary awards) for “given by post” substitute “given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents)”;
b
in regulation 7(6) (adjustments to survivors’ benefits) for “given by post” substitute “given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).”.
I17314
In regulation 11 of the Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 200689 (requirement to provide information) after paragraph (2) add—
3
Information provided under this regulation may be provided in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
I17415
In the Occupational Pension Schemes (Payments to Employer) Regulations (Northern Ireland) 200690—
a
in regulation 10 (notification to members) after paragraph (3) add—
4
The trustees of the scheme may give the notice mentioned in paragraph (1) and provide a copy of the relevant valuation certificate mentioned in paragraph (2) in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
b
in regulation 15 (notice of proposal to distribute excess assets to the employer) after paragraph (5) add—
6
A notice under this regulation may be sent in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (giving information and documents).
I17516
In regulation 20 of the Pensions (2008 Act) (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Provisions) Regulations (Northern Ireland) 201291 for paragraph (4) (amendment of the Stakeholder Pension Schemes Regulations) substitute—
4
In Schedule 3 (information for members)—
a
in paragraph 1 omit sub-paragraph (d);
b
in paragraph 2 omit sub-paragraphs (e), (f) and (g).
F14SCHEDULE 9AInformation to be given on the pensions guidance and members’ benefits
Words in Sch. 9A inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations (Northern Ireland) 2015 (S.R. 2015/154), reg. 1(1), Sch.
PART 1Information on the pensions guidance
1
A statement that pensions guidance is available to help the person to understand their options in relation to what they can do with their flexible benefits.
2
A statement that the pensions guidance may be accessed on the internet, by phone, or face to face.
3
The phone number and website address at which the pensions guidance may be accessed and details of how the person may access the pensions guidance face to face.
4
A statement that the pensions guidance is free and impartial.
5
A statement that the person should access the pensions guidance and consider taking independent advice to help them decide which option is most suitable for them.
PART 2Information on members’ benefits
6
An estimate of the cash equivalent of any of the member’s accrued rights to flexible benefits that—
a
are transferrable rights, or
b
would be transferrable rights if the member stopped accruing rights to some or all of the flexible benefits,
calculated and verified in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 (manner of calculation and verification of cash equivalents) on the basis that the member stopped accruing, or will stop accruing, those rights on a particular date.
7
An estimate of the value of any accrued rights to flexible benefits that the member may transfer out of the scheme under the scheme rules, in respect of which an estimate of the cash equivalent is not required to be given under paragraph 6, calculated in accordance with the scheme rules and actuarial assumptions on the date of the calculation.
8
The date by reference to which the estimate of the cash equivalent or value (as appropriate) is calculated.
9
An explanation that the cash equivalent or value (as appropriate) is an estimate and may not represent the exact amount available to the member to transfer to another pension provider.
10
In relation to the member’s accrued rights to flexible benefits in respect of which there is an opportunity to transfer—
a
details of any guarantee to which the benefits are subject, and
b
details of any other features, restrictions and conditions that apply to the benefits that affect, or may affect, their value.
11
Where the member has a right or entitlement to benefits under the scheme that are not flexible benefits, that the member has that right or entitlement and how the member may access information about those benefits.
PART 3Further information
12
A statement that—
a
there may be tax implications associated with accessing the flexible benefits;
b
income from a pension is taxable, and
c
the rate at which income from a pension is taxable depends on the amount of income that the person receives from a pension and from other sources.
13
Where the member has accrued rights to flexible benefits that are not money purchase benefits, has not reached normal pension age and does not satisfy the ill-health condition—
a
a statement that the value of the member’s accrued rights to flexible benefits is likely to be lower if the member accesses the benefits before normal pension age, and
b
the age at which the member will reach normal pension age.
I176SCHEDULE 10Consequential revocations
Sch. 10 in operation at 6.4.2014, see reg. 1(1)
Column (1) | Column (2) | Column (3) |
|---|---|---|
Citation | Reference | Extent of evocation |
The Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1987 | The whole Regulations | |
The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations (Northern Ireland) 1988 | Regulation 6 | |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1992 | Regulations 18 to 24 | |
The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations (Northern Ireland) 1994 | Paragraph 13 of Schedule 2 | |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1995 | Regulation 5 | |
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1996 | Regulation 3 | |
The Personal Pension Schemes (Appropriate Schemes and Disclosure of Information) (Miscellaneous Amendments) Regulations (Northern Ireland) 1996 | Regulation 2 | |
The Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997 | The whole Regulations | |
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1997 | Paragraphs 1 and 19 of the Schedule | |
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1999 | Regulations 13 and 15 | |
The Stakeholder Pension Schemes Regulations (Northern Ireland) 2000 | Regulations 26 and 31 | |
The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000 | Regulations 2 and 5 | |
The Personal Pension Schemes (Payments by Employers) Regulations (Northern Ireland) 2000 | Regulation 1(5) | |
The Occupational Pension Schemes (Winding Up Notices and Reports, etc.) Regulations (Northern Ireland) 2002 | Regulation 14 | |
The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations (Northern Ireland) 2002 | Regulations 2, 3 and 4(2)(c) | |
The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003 | Regulation 2 | |
The Personal and Occupational Pension Schemes (Indexation and Disclosure of Information) (Miscellaneous Amendments) Regulations (Northern Ireland) 2005 | Regulations 17 to 20 | |
The Occupational Pension Schemes (Winding up, etc.) Regulations (Northern Ireland) 2005 | Paragraph 10 of the Schedule | |
The Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005 | Paragraphs 6 and 7 of Schedule 3 | |
The Occupational Pension Schemes (Republic of Ireland Schemes Exemption (Revocation) and Tax Exempt Schemes (Miscellaneous Amendments)) Regulations (Northern Ireland) 2006 | Regulation 3 | |
The Occupational Pension Schemes (Winding up Procedure Requirement) Regulations (Northern Ireland) 2006 | Regulation 3 | |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 | Regulations 2, 8 and 13(3) | |
The Occupational Pension Schemes (Internal Dispute Resolution Procedures) (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2008 | Regulation 6(2) | |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2009 | Regulation 9 | |
The Occupational, Personal and Stakeholder Pension Schemes (Disclosure of Information) (Amendment) Regulations (Northern Ireland) 2010 | Regulations 2 and 3 | |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2011 | Regulation 2 | |
The Pensions (2008 Act) (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Provisions) Regulations (Northern Ireland) 2012 | Regulations 4, 8, 13(4), 15, 16, 17 and 19 | |
The Pensions (Financial Reporting Council) (Amendment) Regulations (Northern Ireland) 2012 | Paragraphs 1, 6 and 7 of the Schedule | |
The Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations (Northern Ireland) 2012 | The whole Regulations |
(This note is not part of the Regulations)
Words in Sch. 6 heading inserted (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 73(7)