SCHEDULES
SCHEDULE 1Description of schemes
1
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.
2
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
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.
2
How persons who are eligible to be members of the scheme are admitted to it.
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.
4
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.
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.
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 536 of Part 4 of the 1993 Act.
7
The arrangements, if any, for the payment by members of additional voluntary contributions.
8
A summary of how the contributions, if any, payable by the employer and the member are calculated.
9
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.
10
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.
11
The postal address and electronic address at which each of the bodies referred to in paragraph 10 may be contacted.
12
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.
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.
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.
15
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.
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.
17
Except where the scheme is a public service pension scheme, a statement that the scheme annual report will be given on request.
18
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
19
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.
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.
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.
22
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.
23
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.
24
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.
25
The postal address and electronic address at which each of the bodies referred to in paragraph 24 may be contacted.
26
A statement setting out—
a
which benefits are funded and which benefits are not, and
b
the manner in which any funded benefits are secured.
27
A statement that most of the provisions of the 1995 Order do not apply to the scheme.
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.
PART 3Lifestyling
29
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
1
The contents of any trust deed or document under which the scheme is made.
2
The scheme rules.
3
The contents of any document that supplements or alters in any way the information referred to in paragraphs 1 and 2.
4
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.
5
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).
6
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.
7
Any of the information listed in Part 5 that applies.
PART 3Information on funding principles and actuarial valuations etc.
8
The latest statement of funding principles where required under Article 202 of the 2005 Order.
9
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.
10
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.
11
Any recovery plan prepared under Article 205 of the 2005 Order that is currently in force.
12
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.
13
The latest statement of principles governing decisions about investments where required by Article 3544 of the 1995 Order.
14
A summary of the winding up procedure under Article 210A45 of the 2005 Order (requirements for winding up procedure).
PART 4Information on transfer credits
15
Whether the member or prospective member is entitled to acquire transfer credits in exchange for—
a
a specified cash equivalent (within the meaning of Chapter 4 of Part 4, or Chapter 2 of Part 4A46, of the 1993 Act) provided by another scheme, or
b
any transfer payment (within the meaning of Chapter 4 of Part 4, or Chapter 2 of Part 4A, of the 1993 Act) provided by another scheme.
16
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
17
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”).
18
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.
19
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.
20
The postal address and electronic address to which enquiries about the scheme generally or about an individual’s entitlement to benefit should be sent.
21
The number of beneficiaries and active, deferred and pensioner members as at any one date during the year.
22
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.
23
Except in the case of a money purchase scheme that is a wholly insured scheme, the following information—
a
where any cash equivalents or guaranteed cash equivalents (within the meaning of Chapter 4 of Part 4, 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
where any of the cash equivalents or guaranteed cash equivalents paid during the year were less than the amount for which section 90(1)48 of the 1993 Act (right to cash equivalent) provides, a statement to that effect together with information as to why they were less;
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.
24
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).
25
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.
26
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.
27
Who has managed the investments of the scheme during the year and the extent of any delegation of this function by the trustees.
28
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.
29
Except in relation to a wholly insured scheme, a statement as to the trustees’ policy on the custody of the scheme assets.
30
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.
31
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).
32
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.
33
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.
SCHEDULE 4Summary funding statements
1
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.
2
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.
3
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.
4
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.
5
A summary of any recovery plan prepared under Article 205 of the 2005 Order that is currently in force.
6
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.
7
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.
8
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.
9
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
1
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.
2
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.
3
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
4
The date on which the member’s pensionable service started.
5
A summary of the method for calculating the member’s benefits and any survivors’ benefits.
6
Details of how any deduction from benefits is calculated.
PART 3Information for deferred members
7
The date the member’s pensionable service ended.
8
The amount of the member’s benefits and survivors’ benefits payable from the date benefits are payable.
9
The amount of the member’s pensionable remuneration on the date pensionable service ended.
PART 4Information for pension credit members
10
The amount of the member’s benefits and survivors’ benefits payable from the date benefits are payable.
11
A summary of the method for calculating the member’s benefits and any survivors’ benefits.
12
Details of how any deduction from benefits is calculated.
SCHEDULE 6Statements of benefits: money purchase benefits
PART 1Information for all money purchase members
1
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.
2
Where 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.
3
1
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).
4
The value of the member’s accrued rights under the scheme at a date specified by the trustees or managers of the scheme.
5
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
6
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.
7
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.
8
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.
9
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.
10
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.
11
A statement that general assumptions have been made.
12
A statement that any amounts in the information given under this Part are expressed in today’s prices.
13
The member’s retirement date used for the purposes of the information given under this Part.
14
The illustration date used for the purposes of the information given under this Part.
PART 3Further information to be given on pension illustration
15
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.
16
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.
17
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
PART 1Information to be given to persons having an opportunity to select an annuity
1
A statement that the person has an opportunity to select an annuity.
2
A statement that the person has an opportunity to select the provider of the annuity.
3
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.
4
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.
5
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
6
The amount of benefit that is payable.
7
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.
8
Any rights and options that persons have on the death of the member or beneficiary of the scheme.
9
Any procedures for exercising the rights and options referred to in paragraph 8.
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.
SCHEDULE 8Information to be given by schemes about winding up
PART 1Information to be given by occupational pension schemes during winding up
1
A statement that the scheme is being wound up.
2
The reasons why the scheme is being wound up.
3
4
In the case of active members, whether death in service benefits will continue to be payable.
5
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.
6
An estimate of when—
a
the scheme’s liabilities are likely to be established, and
b
any assets are likely to be recovered.
7
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
8
Whether the member or beneficiary’s benefits are reduced because the scheme’s resources are not sufficient to meet its liabilities.
9
The amount of any reduction of the member’s, or beneficiary’s, benefits.
10
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
11
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
where 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
In 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).
12
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).
13
The options available to a member for preserving, transferring or otherwise disposing of the member’s accrued rights under the scheme.
14
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
15
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
16
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
1
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)”.
2
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.
3
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).
4
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)”.
5
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).
b
in the Schedule (contents of accounts audited by the auditor of the scheme)—
i
in paragraph 571 for “Where the” substitute “Except in relation to a trust scheme that applies to earners in employments under different employers, where the”;
ii
after paragraph 5 insert—
5A
1
Where the scheme is a trust scheme that applies to earners in employments under different employers, a statement in accordance with paragraph 5 or a statement—
a
listing the 100 largest investments by value held by the scheme at the end of the scheme year and stating what percentage of the resources of the scheme each such investment represents;
b
identifying which of the investments mentioned in head (a) are employer-related investments;
c
if, as at the end of the scheme year, more than 5 per cent. of the resources of the scheme are invested in employer-related investments in contravention of Article 40(1)72 of the Order, listing the employer-related investments and the employer concerned.
2
In sub-paragraph (1), “employer-related investments” has the same meaning as in the definition in Article 40(2) of the 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.
6
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)”.
7
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.
8
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)”.
9
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).
10
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).
11
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.
12
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).
13
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).”.
14
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).
15
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).
16
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).
SCHEDULE 10Consequential revocations
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 |