The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 1992

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend certain Regulations concerning occupational and personal pension schemes.

The amendments made to the Occupational Pension Schemes (Contracting-out) Regulations 1984, the Occupational Pension Schemes (Discharge of Liability) Regulations 1985 and the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987 increase the lower limit of the amount of guaranteed minimum pension or protected rights which may be commuted to a lump sum from £104 to £260 (regulations 2, 3 and 26).

The amendments made to the Occupational Pension Schemes (Disclosure of Information) Regulations 1986 provide inter alia—

(a) for the revision of the definitions of “scheme year”, “member” and “prospective member” (regulations 4 and 5);

(b) for the imposition of new time limits in respect of various of the disclosure requirements and for the disclosure requirements not to apply in respect of certain excluded persons (regulations 8, 9 and 12);

(c) for the extension of the basic information about a scheme to be made available to individuals (regulation 13); and

(d) for changes to certain of the existing requirements to supply information (regulations 14 and 15).

The amendments made to the Personal Pension Schemes (Disclosure of Information) Regulations 1987 provide inter alia—

(a) for the revision of the definition of “scheme year” (regulation 18);

(b) for the disclosure requirements not to apply in respect of certain excluded persons (regulation 19);

(c) for changes in certain of the time limits and circumstances in which information is to be supplied to individuals (regulations 20 and 21); and

(d) for the extension of the information to be made available to individuals (regulations 22 to 24).

The amendments made to the Occupational and Personal Pension Schemes (Levy) Regulations 1990 provide inter alia—

(a) for the revision of the definitions of “active member”, “number of active members”, “scheme year” and “registrable scheme” and for the introduction of definitions of “deferred pensioner” and “member” (regulation 27); and

(b) for the levy to be payable in full notwithstanding that a scheme becomes or ceases to be a registrable scheme in the course of the period in respect of which the levy is payable (regulation 30).

The amendments made to the Register of Occupational and Personal Pension Schemes Regulations 1990 provide, inter alia, for the revision of the definitions of “active member”, “registrable scheme” and for the introduction of definitions of “deferred pensioner”, “member”, “number of active members” and “scheme year” (regulation 32). Some of these amendments extend to Northern Ireland (regulation 1(2)).

(a) for the revision of the definitions of “member” and “prospective member” (regulation 34); and

(b) for changes in the requirements subject to which a member’s rights may be transferred (regulation 35).

The Report of the Occupational Pensions Board on the draft of these Regulations which was referred to them, together with a statement by the Secretary of State showing why the Regulations give effect to the Board’s recommendations only in part, is contained in Command Paper No. 2007, published by Her Majesty’s Stationery Office.