The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Regulations 6(2), 7(2), 8(1) and 18(1)

SCHEDULE 2 N.I. Basic information

PART 1 N.I. Information to be given by occupational pension schemes that fall within paragraph 1 of Schedule 1

1.  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. N.I.

Commencement Information

I1 Sch. 2 para. 1 in operation at 6.4.2014, see reg. 1(1)

2.  How persons who are eligible to be members of the scheme are admitted to it. N.I.

Commencement Information

I2 Sch. 2 para. 2 in operation at 6.4.2014, see reg. 1(1)

3.  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 annuity and commuted to a lump sum. N.I.

Commencement Information

I3 Sch. 2 para. 3 in operation at 6.4.2014, see reg. 1(1)

4.  A statement relating to the matters mentioned in paragraph 3— N.I.

(a) as to whether a charge may be made, and

(b) that further information is available on request.

Commencement Information

I4 Sch. 2 para. 4 in operation at 6.4.2014, see reg. 1(1)

5.  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. N.I.

Commencement Information

I5 Sch. 2 para. 5 in operation at 6.4.2014, see reg. 1(1)

6.  A statement that explains whether transfers can be made into the scheme, including whether such transfers can be made in accordance with Chapters 4 and 5(1) of Part 4 of the 1993 Act. N.I.

Commencement Information

I6 Sch. 2 para. 6 in operation at 6.4.2014, see reg. 1(1)

7.  The arrangements, if any, for the payment by members of additional voluntary contributions. N.I.

Commencement Information

I7 Sch. 2 para. 7 in operation at 6.4.2014, see reg. 1(1)

8.  A summary of how the contributions, if any, payable by the employer and the member are calculated. N.I.

Commencement Information

I8 Sch. 2 para. 8 in operation at 6.4.2014, see reg. 1(1)

9.  Where the scheme is the National Employment Savings Trust Corporation established under section 75(1) of the Pensions Act 2008(2), 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. N.I.

Commencement Information

I9 Sch. 2 para. 9 in operation at 6.4.2014, see reg. 1(1)

10.  A statement that— N.I.

(a) the Pensions Advisory Service(3) 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(4) 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.

Commencement Information

I10 Sch. 2 para. 10 in operation at 6.4.2014, see reg. 1(1)

11.  The postal address and electronic address at which each of the bodies referred to in paragraph 10 may be contacted. N.I.

Commencement Information

I11 Sch. 2 para. 11 in operation at 6.4.2014, see reg. 1(1)

12.  Except where the scheme has no relevant employment which is contracted-out employment within the meaning of section 4(5) of the 1993 Act, which relevant employment is and which is not contracted-out employment. N.I.

Commencement Information

I12 Sch. 2 para. 12 in operation at 6.4.2014, see reg. 1(1)

13.  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. N.I.

Commencement Information

I13 Sch. 2 para. 13 in operation at 6.4.2014, see reg. 1(1)

14.  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. N.I.

Commencement Information

I14 Sch. 2 para. 14 in operation at 6.4.2014, see reg. 1(1)

15.  The following information about benefits payable under the scheme (referred to in this paragraph as “benefits”)— N.I.

(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.

Commencement Information

I15 Sch. 2 para. 15 in operation at 6.4.2014, see reg. 1(1)

16.  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. N.I.

Commencement Information

I16 Sch. 2 para. 16 in operation at 6.4.2014, see reg. 1(1)

[F1 16A.   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.]

Textual Amendments

F1 Sch. 2 para. 16A 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(6)(a)

17.  Except where the scheme is a public service pension scheme, a statement that the scheme annual report will be given on request. N.I.

Commencement Information

I17 Sch. 2 para. 17 in operation at 6.4.2014, see reg. 1(1)

18.—(1) The scheme’s internal dispute resolution arrangements. N.I.

(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(6) (requirement for dispute resolution arrangements).

Commencement Information

I18 Sch. 2 para. 18 in operation at 6.4.2014, see reg. 1(1)

PART 2 N.I. Information 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

19.  The following information about benefits payable under the scheme (referred to in this paragraph as “benefits”)— N.I.

(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.

Commencement Information

I19 Sch. 2 para. 19 in operation at 6.4.2014, see reg. 1(1)

20.  A statement that explains whether transfers can be made into the scheme, including whether such transfers can be made in accordance with Chapters 4 and 5 of Part 4 of the 1993 Act. N.I.

Commencement Information

I20 Sch. 2 para. 20 in operation at 6.4.2014, see reg. 1(1)

21.  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 annuity and commuted to a lump sum. N.I.

Commencement Information

I21 Sch. 2 para. 21 in operation at 6.4.2014, see reg. 1(1)

22.  A statement relating to the matters mentioned in paragraph 21— N.I.

(a) as to whether a charge may be made, and

(b) that further information is available.

Commencement Information

I22 Sch. 2 para. 22 in operation at 6.4.2014, see reg. 1(1)

23.—(1) The scheme’s internal dispute resolution arrangements. N.I.

(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.

Commencement Information

I23 Sch. 2 para. 23 in operation at 6.4.2014, see reg. 1(1)

24.  A statement that— N.I.

(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.

Commencement Information

I24 Sch. 2 para. 24 in operation at 6.4.2014, see reg. 1(1)

25.  The postal address and electronic address at which each of the bodies referred to in paragraph 24 may be contacted. N.I.

Commencement Information

I25 Sch. 2 para. 25 in operation at 6.4.2014, see reg. 1(1)

26.  A statement setting out— N.I.

(a) which benefits are funded and which benefits are not, and

(b) the manner in which any funded benefits are secured.

Commencement Information

I26 Sch. 2 para. 26 in operation at 6.4.2014, see reg. 1(1)

27.  A statement that most of the provisions of the 1995 Order do not apply to the scheme. N.I.

Commencement Information

I27 Sch. 2 para. 27 in operation at 6.4.2014, see reg. 1(1)

28.  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. N.I.

Commencement Information

I28 Sch. 2 para. 28 in operation at 6.4.2014, see reg. 1(1)

[F2 28A.   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.]

Textual Amendments

F2 Sch. 2 para. 28A 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(6)(b)

PART 3 N.I. Lifestyling

29.  A statement explaining lifestyling, its advantages and disadvantages, and either— N.I.

(a) that lifestyling will be adopted, indicating when lifestyling is likely to be adopted, or

(b) that lifestyling has been adopted.

Commencement Information

I29 Sch. 2 para. 29 in operation at 6.4.2014, see reg. 1(1)

(1)

Chapter 5 was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005

(2)

2008 c. 30

(3)

The Pensions Advisory Service can be contacted at 11 Belgrave Road, London SW1V 1RB or at www.pensionsadvisoryservice.org.uk

(4)

The Pensions Ombudsman is appointed under section 145(2) of the Pension Schemes Act 1993 (c. 48) and can be contacted at 11 Belgrave Road, London SW1V 1RB or at www.pensions-ombudsman.org.uk

(5)

Section 4 was amended by Article 133(2) of, and paragraph 16 of Schedule 3 to, the Pensions (Northern Ireland) Order 1995, paragraph 37 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671), paragraph 3 of Schedule 4 to the Pensions Act (Northern Ireland) 2008, paragraph 8 of Schedule 7 to the Pensions (No. 2) Act (Northern Ireland) 2008 and paragraph 2 of Schedule 1 to S.R. 2005 No. 433

(6)

Article 50 was substituted by Article 250 of the Pensions (Northern Ireland) Order 2005