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- Point in Time (31/12/2020)
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Version Superseded: 01/08/2022
Point in time view as at 31/12/2020.
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Regulations [F118A] to 22 and 25(2)
Textual Amendments
1. A statement that the person has an opportunity to select an annuity.N.I.
Commencement Information
I1Sch. 7 para. 1 in operation at 6.4.2014, see reg. 1(1)
2. A statement that the person has an opportunity to select the provider of the annuity.N.I.
Commencement Information
I2Sch. 7 para. 2 in operation at 6.4.2014, see reg. 1(1)
3. A statement that different annuities have different features and different rates of payment including annuities that provide—N.I.
(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.
Commencement Information
I3Sch. 7 para. 3 in operation at 6.4.2014, see reg. 1(1)
4. Either—N.I.
(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.
Commencement Information
I4Sch. 7 para. 4 in operation at 6.4.2014, see reg. 1(1)
5. A statement that the person should consider taking advice about which annuity is most suitable for that person.N.I.
Commencement Information
I5Sch. 7 para. 5 in operation at 6.4.2014, see reg. 1(1)
6. The amount of benefit that is payable.N.I.
Commencement Information
I6Sch. 7 para. 6 in operation at 6.4.2014, see reg. 1(1)
7. If benefit is payable periodically—N.I.
(a)any conditions for continuing to make the payments, and
(b)any provisions which would allow the payments to be altered.
Commencement Information
I7Sch. 7 para. 7 in operation at 6.4.2014, see reg. 1(1)
8. Any rights and options that persons have on the death of the member or beneficiary of the scheme.N.I.
Commencement Information
I8Sch. 7 para. 8 in operation at 6.4.2014, see reg. 1(1)
9. Any procedures for exercising the rights and options referred to in paragraph 8.N.I.
Commencement Information
I9Sch. 7 para. 9 in operation at 6.4.2014, see reg. 1(1)
10. 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.N.I.
Commencement Information
I10Sch. 7 para. 10 in operation at 6.4.2014, see reg. 1(1)
Textual Amendments
11. A statement that the member has an opportunity to transfer flexible benefits to one or more different pension providers.N.I.
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.N.I.
13. A statement that different options have different features, different rates of payment, different charges and different tax implications.N.I.
14. Either—N.I.
(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.]
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