SCHEDULES
SCHEDULE 7Information to be given by schemes that relates to accessing benefits
PART 1Information to be given to persons having an opportunity to select an annuity
I11
A statement that the person has an opportunity to select an annuity.
I22
A statement that the person has an opportunity to select the provider of the annuity.
I33
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.
I44
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.
I55
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
I66
The amount of benefit that is payable.
I77
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.
I88
Any rights and options that persons have on the death of the member or beneficiary of the scheme.
I99
Any procedures for exercising the rights and options referred to in paragraph 8.
I1010
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.
F2PART 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.
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)