PART 2Collective money purchase benefits: Northern Ireland

Authorisation criteria

I1I266Communication requirement

1

This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has adequate systems and processes for communicating with members and others (see section 60(3)(d)).

2

In order to be satisfied that a scheme has adequate systems and processes for communicating with members and others, the Pensions Regulator must be satisfied that the scheme has adequate systems and processes—

a

for providing information in relation to the scheme to persons falling within subsection (3);

b

for securing that information provided to those persons is correct and is not misleading.

3

A person falls within this subsection if the person is—

a

a member or prospective member of the scheme, or

b

a person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member.

4

In making the decision, the Pensions Regulator—

a

must take into account any matters specified in regulations made by the Department, and

b

may take into account any communications made using the systems and processes referred to in subsection (2).

5

Regulations under subsection (4)(a) may among other things—

a

make provision about systems and processes used for assessing and improving the effectiveness of communications;

b

make provision requiring specified information to be provided to the Pensions Regulator.

6

Regulations under subsection (4)(a) are subject to confirmatory procedure.