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PART 6N.I.Lifestyling and accessing benefits

LifestylingN.I.

18.—(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.

Commencement Information

I1Reg. 18 in operation at 6.4.2014, see reg. 1(1)

[F1Information to be given on request and on a member providing certain informationN.I.

18A.—(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).

Textual Amendments

Information to be given on communicating with a member about what the member may do with flexible benefitsN.I.

18B.—(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.]

Textual Amendments

First information on accessing benefitsN.I.

19.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation to a member who has [F2a right or entitlement to flexible benefits] .

[F3(2) 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 age(1).

(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 [F420] 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).

Textual Amendments

Commencement Information

I2Reg. 19 in operation at 6.4.2014, see reg. 1(1)

Second information on accessing benefitsN.I.

20.—(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 [F5Schedule 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 [F6member, and]

[F7(c)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.

[F8(4) 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.]

Textual Amendments

Commencement Information

I3Reg. 20 in operation at 6.4.2014, see reg. 1(1)

Accessing benefits on the death of the member or beneficiaryN.I.

21.—(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 [F9annuity;]

(b)Part 2 of that Schedule in any other [F10case, and]

[F11(c)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).

Textual Amendments

Commencement Information

I4Reg. 21 in operation at 6.4.2014, see reg. 1(1)

(1)

See section 175 of the Pension Schemes (Northern Ireland) Act 1993