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The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013

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Statutory Instruments

2013 No. 2734

Pensions

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013

Made

24th October 2013

Laid before Parliament

31st October 2013

Coming into force

6th April 2014

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 113, 168(4), 181(1), 182(2) and (3) and 183(1) of the Pension Schemes Act 1993 M1, sections 10(3), 41(1), (5), (5A) and (6), 124(1) and 174(2) and (3) of the Pensions Act 1995 M2 and sections 1(1)(b), 8(1) and 83(4) to (6) of the Welfare Reform and Pensions Act 1999 M3.

In accordance with section 185(1) of the Pension Schemes Act 1993 M4 and section 120(1) of the Pensions Act 1995, the Secretary of State has consulted with such persons as the Secretary of State considers appropriate.

Marginal Citations

M11993 c.48. Section 113 was amended by the Employment Rights (Dispute Resolution) Act 1998 (c.8), section 1(2)(a); the Child Support, Pensions and Social Security Act 2000 (c.19), section 52; the 2004 Act, section 319(1) and Schedule 12, paragraphs 9 and 17; the Pensions Act 2007 (c.22), section 17 and Schedule 5, paragraph 6 and S.I. 2005/2053. Section 168 was substituted by the 1995 Act, section 155(1) and subsection (4) was amended by the 2004 Act, section 319(1) and Schedule 12, paragraphs 9 and 27. Section 181(1) is cited for the meaning given to “prescribe” and “regulations”. In section 181(1), the relevant amending provisions are the 1995 Act, sections 151 and 171 and Schedule 5, paragraph 77(a)(i); the Employment Tribunals Act 1996 (c.17), section 43 and Schedule 1, paragraph 11; the Employment Rights (Dispute Resolution) Act 1998, section 1(2)(a) and (c); the 1999 Act, section 84(1) and Schedule 12, paragraphs 28 and 41(a); the 2004 Act, section 319(1) and Schedule 12, paragraph 31; the Pensions Act 2007, section 15(3)(a) and Schedule 4, paragraph 34(1) and (2)(a); the Pensions Act 2011 (c.19), section 29(1) (with effect from a day to be appointed) and S.I. 2005/2053. Section 183(1) was amended by the 1995 Act, sections 151, 173, 177, Schedule 5, paragraph 79 and Schedule 6, paragraph 15(a).

M21995 c.26. Section 41 was amended by the Employment Rights (Dispute Resolution) Act 1998, section 1(2)(a); the Child Support, Pensions and Social Security Act 2000, section 56 and Schedule 5, paragraph 12(1); the 2004 Act, sections 319(1) and 320, Schedule 12, paragraphs 34 and 52(a) and (b) and Schedule 13, Part 1 and S.I. 2005/2053. Section 124(1) is cited for the meaning given to “prescribed” and “regulations”.

M31999 c.30. Section 1(1) was amended by the 2004 Act, section 285(1) and (2) and the Pensions Act 2007, section 15(3)(a). Section 8(1) is cited for the meaning given to “prescribed”.

M4Section 185(1) was amended by the 1995 Act, sections 122, 151 and 177 and Schedule 3, paragraph 46, Schedule 5, paragraph 80(a), (d) and (f) and Schedule 7, Part 1.

PART 1E+W+SGeneral

Citation, commencement, expiry, revocations and amendmentsE+W+S

1.—(1) These Regulations may be cited as the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and come into force on 6th April 2014.

(2) On 6th April 2015 the following provisions cease to have effect—

(a)paragraphs 2 and 3 of Schedule 6, and

(b)paragraph 11(1)(b) and (2) of Schedule 8.

(3) The following regulations are revoked—

(a)the Personal Pension Schemes (Disclosure of Information) Regulations 1987 M5, and

(b)the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 M6.

(4) The amendments made by Schedule 9 have effect.

Marginal Citations

InterpretationE+W+S

2.—[F1(1)] In these Regulations—

“the 1993 Act” means the Pension Schemes Act 1993;

“the 1995 Act” means the Pensions Act 1995;

“the 1999 Act” means the Welfare Reform and Pensions Act 1999;

M7“the 2004 Act” means the Pensions Act 2004 ;

[F2“the 2013 Act” means the Public Service Pensions Act 2013;]

“accrued rights”—

(a)

in relation to an occupational pension scheme, has the meaning given in section 124(2) of the 1995 Act (interpretation of Part 1), and

(b)

in relation to a personal pension scheme means rights that have accrued under the scheme;

“beneficiary” means a person, other than a member, who is entitled to the payment of benefits under the scheme;

[F3“cash balance benefit” has the meaning given in section 75 of the Pension Schemes Act 2015 (meaning of “cash balance benefit”);]

[F4“drawdown pension” has the meaning given in paragraph 4 of Schedule 28 to the Finance Act 2004 (drawdown pension);]

M8“electronic communication” has the meaning given in section 15(1) of the Electronic Communications Act 2000 (general interpretation);

“excluded person” means a member or beneficiary—

(a)

whose present postal address and electronic address is 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 their 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 correspondence has not been delivered;

[F4“flexible benefit” has the meaning given in section 74 of the Pension Schemes Act 2015 (meaning of “flexible benefit”);]

F5...

[F6“ill-health condition” has the meaning given in paragraph 1 of Schedule 28 to the Finance Act 2004 (ill-health condition);]

“illustration date” means the date specified by the trustees or managers of the scheme as the date by reference to which amounts are calculated for the purpose of giving the information in Part 2 of Schedule 6;

“lifestyling” means an investment strategy that aims progressively to reduce the potential for significant variation caused by market conditions in the value of the member's rights;

“member”—

(a)

M9in relation to an occupational pension scheme, has the meaning given in section 124(1) of the 1995 Act , and

(b)

in relation to a personal pension scheme, means a member of the scheme;

[F4“normal minimum pension age” has the meaning given in section 279(1) of the Finance Act 2004 (other definitions);]

[F4 “pensions guidance” means guidance given by a designated guidance provider (which has the meaning given in section 333E(1) of the Financial Services and Markets Act 2000 (designation of providers) ) for the purpose of helping a member of a pension scheme, or a survivor of a member of a pension scheme, to make decisions about what to do with the flexible benefits that may be provided to the member or survivor; ]

“prospective member” means a person who, under the terms of their contract of service, the scheme rules or both—

(a)

can choose to become a member of the scheme,

(b)

will be able to choose to become a member of the scheme if they continue in the same employment for a certain period of time,

(c)

will become a member of the scheme automatically unless they choose not to become a member of the scheme, or

(d)

can become a member of the scheme if their employer consents;

“recipient” means the person, organisation or body to whom these Regulations require information or documents to be made available;

M10“recognised trade union” means an independent trade union (within the meaning given in section 235(1) of the Employment Rights Act 1996 (other definitions)) that is recognised to any extent for the purposes of collective bargaining in relation to members and prospective members of a scheme;

“the Regulator” means the Pensions Regulator established under section 1 of the 2004 Act (the Pensions Regulator);

“relevant employment” means any employment to which the scheme relates;

M11“relevant guidance” means the document entitled “AS TM1: Statutory Money Purchase Illustrations” that is adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited ;

“relevant person” means a—

(a)

member or prospective member of the scheme,

(b)

spouse or civil partner of a member or prospective member,

(c)

beneficiary of the scheme,

(d)

recognised trade union;

“retirement date” has the meaning given in regulation 19(5);

“scheme year” means, in relation to an occupational pension scheme—

(a)

a year specified for the purposes of the scheme in any scheme document or, if there is no such year specified, a period of 12 months commencing on 1st April or on such other date as the trustees choose, or

(b)

a period between 6 and 18 months specified by the trustees in connection with—

(i)

the commencement or termination of the scheme, or

(ii)

a variation of the date on which the period referred to in paragraph (a) is to commence;

[F4“survivor” has the meaning given in section 76(1) of the Pension Schemes Act 2015 (interpretation of Part 4);]

“tax registered scheme” means a scheme that—

(a)

M12is registered under section 153 of the Finance Act 2004 (registration of pension schemes),

(b)

was formerly registered under that section,

(c)

is deemed to be registered under that section by virtue of paragraph 1 of Schedule 36 to that Act (pension schemes: transitional provisions and savings), or

(d)

has applied for registration under that section and the Commissioners for Her Majesty's Revenue and Customs have not decided whether to register the scheme;

[F4“transferrable rights” has the meaning given in section 93(11)(b) of the 1993 Act (scope of Chapter 1);]

[F7“unfunded public service defined benefits scheme” has the meaning given in section 95(2C) of the 1993 Act (ways of taking right to cash equivalent);]

“wholly insured scheme” means a scheme under which all the benefits provided are secured by a policy or policies of insurance or annuity contract or contracts.

[F8(2) In these Regulations—

[F9(a)a member has an opportunity to transfer flexible benefits where—

(i)the member—

(aa)has transferrable rights in relation to flexible benefits; or

(bb)would have transferrable rights in relation to flexible benefits if the member stopped accruing rights to some or all of the flexible benefits (see sub-paragraph (b)),

and the making of a transfer or transfer payment in respect of the flexible benefits is not prohibited by section 135(4)(a) of the 2004 Act (restrictions on winding up, discharge of liabilities etc. ); or

(ii)the member has an opportunity to transfer accrued rights to flexible benefits out of the scheme under the scheme rules;]

(b)a member stops accruing rights to flexible benefits when there are no longer arrangements in place for the accrual of rights to those flexible benefits for or in respect of the member.]

Textual Amendments

Marginal Citations

M82000 c.7. The definition of “electronic communications” was amended by the Communications Act 2003 (c.21), section 406 and paragraph 158 of Schedule 7.

M9The definition of “member” in section 124(1) of the 1995 Act was amended by the 1999 Act, section 84(1) and Schedule 12, paragraphs 43 and 61(1).

M11A company registered in England and Wales with number 02486368.

M122004 c.12. Section 153 was amended by the Finance Act 2005 (c.7), section 101 and Schedule 10, paragraphs 1 to 3.

Recognised trade unionE+W+S

3.  Where there is a question about whether an organisation is a recognised trade union, that question must be referred to an employment tribunal.

Application of these RegulationsE+W+S

4.—(1) Subject to paragraphs (2), (3) and (6) the trustees or managers of an occupational pension scheme that falls within paragraph 1 of Schedule 1 must give information in accordance with regulations 6, 8 to 22, 24[F10, 25 and, where [F11the scheme falls within section 35 (investment principles) of the 1995 Act or] the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, regulation 29A.]

(2) Regulations 9, 10, 12, 13 and 15 do not apply to a public service pension scheme if—

(a)there are no requirements for assets related to the intended rate or amount of benefit under the scheme to be set aside in advance (disregarding requirements relating to additional voluntary contributions),

(b)it is made under section 7 of the Superannuation Act 1972 M13 (superannuation of persons employed in local government service, etc.) [F12or it is a defined benefits scheme under section 1 (schemes for persons in public service) of the 2013 Act in relation to persons specified in subsection (2)(c) of that section], or

[F13(c)it is provided for by section 40 of, and Schedule 6 to, the Constitutional Reform and Governance Act 2010 (Parliamentary and other pensions).]

(3) Regulation 17 does not apply to a stakeholder pension scheme within the meaning of section 1 of the 1999 Act M14 (meaning of “stakeholder pension scheme”).

(4) Subject to paragraph (6), the trustees or managers of a pension scheme that is—

(a)an occupational pension scheme that does not fall within paragraph 1 of Schedule 1, or

(b)established under the Salvation Army Act 1963M15,

must give information in accordance with regulation 7.

(5) Subject to paragraphs (3) and (6) the managers of a personal pension scheme that falls within paragraph 2 of Schedule 1 must give information in accordance with regulations 10, 17[F14, 18], 21 and 23.

(6) Paragraphs (1), (4) and (5) do not require the trustees or managers of a scheme to give information to—

(a)a member or prospective member if no person who employs them in relevant employment has informed the trustees or managers of the scheme that they are a member or prospective member,

(b)a recognised trade union if no person who employs a member or prospective member in relation to whom the trade union is a recognised trade union has informed the trustees or managers of the scheme that the trade union is a recognised trade union, or

(c)a member of an occupational pension scheme where all the members are trustees or managers of the scheme.

(7) [F15Except when information is given verbally in accordance with regulation 18B(3), when] any information is given in accordance with paragraph (1), (4) or (5), it must be accompanied by the postal and electronic address to which a person should send requests for further information or any other enquiry.

[F16(8) In this regulation “defined benefits scheme” has the meaning given in section 37 of the 2013 Act.]

Textual Amendments

F10Words in reg. 4(1) substituted (coming into force in accordance with reg. 1(1)(3) of the amending S.I.) by The Occupational Pension Schemes (Administration and Disclosure) (Amendment) Regulations 2018 (S.I. 2018/233), reg. 3(2)

Marginal Citations

M14Section 1 was amended by the 2004 Act, sections 285(1) to (4) and 319(1) and Schedule 12, paragraphs 71 and 72; the Pensions Act 2007, section 15(3)(a) and Schedule 4, paragraph 37(a) and Part 3 and S.I. 2005/275 and 2006/745.

Civil penalties relating to occupational pension schemesE+W+S

5.  Where in relation to an occupational pension scheme a person fails without reasonable excuse to comply with any requirement imposed under these Regulations, the Regulator may, by notice in writing, require that person to pay, within 28 days, a penalty that must not—

(a)in the case of an individual, exceed £5,000, and

(b)in any other case exceed £50,000.

Modifications etc. (not altering text)

C1Reg. 5 excluded (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 78 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

PART 2E+W+SInformation for new and prospective members

Basic scheme informationE+W+S

6.—(1) The basic scheme information mentioned in paragraph (2) must be given in accordance with this regulation.

(2) The basic scheme information is the information listed in—

(a)Part 1 of Schedule 2, and

(b)Part 3 of that Schedule where the scheme contains provision for lifestyling (see regulation 18).

(3) The information must be given to—

(a)prospective members, if it is practicable to do so, and

(b)members who have not already been given the information.

(4) The information must also be given to a relevant person who—

(a)makes a request for the information, and

(b)has not been given that information in the previous 12 months.

(5) Where the trustees or managers of the scheme have in relation to a member or prospective member received jobholder information, the information must be given within one month of the date that information was received.

(6) Where the trustees or managers of the scheme have not received jobholder information in relation to a member or prospective member, the information must be given within two months of the date the person became an active member of the scheme.

(7) Where the trustees or managers of the scheme have received a request for the information from a relevant person, the information must be given within two months of that request.

(8) No information is required to be given under this regulation to—

(a)a relevant person, except a recognised trade union, unless it is relevant to the person's rights or prospective rights under the scheme, and

(b)a recognised trade union unless it is relevant to the rights or prospective rights of persons who are in that recognised trade union.

(9) In this regulation “jobholder information” means the information specified in regulation 3 of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 M16 (jobholder information).

Marginal Citations

Basic scheme information to be given by certain schemesE+W+S

7.—(1) The basic scheme information mentioned in paragraph (2) must be given in accordance with this regulation.

(2) The basic scheme information is the information listed in—

(a)Part 2 of Schedule 2, and

(b)Part 3 of that Schedule where the scheme contains provision for lifestyling (see regulation 18).

(3) The information must be given to—

(a)prospective members,

(b)members who have not already been given the information, and

(c)a recognised trade union on request.

(4) The information must be given to—

(a)a prospective member, if it is practicable to do so,

(b)a member within two months of membership beginning, and

(c)a recognised trade union within two months of the date the request is made.

PART 3E+W+SChanges to information

Material alterations to basic scheme informationE+W+S

8.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation where—

(a)there is a change in relation to the scheme, and

(b)that change results in a material alteration in the information listed in Part 1 of Schedule 2.

(2) The information is the information referred to in paragraph (1)(b) that has materially changed.

(3) The information must be given to all members and beneficiaries of the scheme except for excluded persons and to a recognised trade union.

(4) The information must be given before or as soon as possible after (and in any event within three months after) the change referred to in paragraph (1)(a) takes effect.

(5) No information is required to be given under this regulation to—

(a)relevant persons, except a recognised trade union, unless it is relevant to the person's rights or prospective rights under the scheme, and

(b)a recognised trade union unless—

(i)it is relevant to the rights or prospective rights of persons who are in that recognised trade union, and

(ii)basic scheme information has already been given to the recognised trade union under regulation 6.

Modification by the RegulatorE+W+S

9.  Active members must be informed of any modification to the scheme by the Regulator under section 231(2)(a) of the 2004 Act (powers of the Regulator) within one month of the modification taking effect.

Former stakeholder pension schemesE+W+S

10.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation where a scheme is removed from the register of stakeholder pension schemes kept under section 2 of the 1999 Act M17 (registration of stakeholder pension schemes).

(2) The information is a statement that the scheme—

(a)has been removed from the register,

(b)is no longer a stakeholder pension scheme, and

(c)is required to begin winding up.

(3) The information must be given to members except excluded persons.

(4) The information must be given no more than [F17two weeks after] the trustees or managers of the scheme are notified that the scheme has been removed from the register.

Textual Amendments

Marginal Citations

M17Section 2 was amended by the 2004 Act, section 319(1) and Schedule 12, paragraphs 71 and 73 and the Pensions Act 2007, section 15(3)(a) and Schedule 4, paragraph 38.

PART 4E+W+SInformation to be given on request

Constitution of the schemeE+W+S

11.—(1) The information listed in Part 1 of Schedule 3 must be given to a relevant person in accordance with this regulation where the relevant person makes a request for the information.

(2) The information must be given within two months of the date the request is made.

(3) The information must be given in accordance with regulation 29.

(4) Any document that must be given under paragraph (1) which is not in the English language must be accompanied by a translation in that language.

(5) No information is required to be given under this regulation—

(a)to relevant persons, except a recognised trade union, unless it is relevant to the person's rights or prospective rights under the scheme,

(b)to a recognised trade union unless it is relevant to the rights or prospective rights of persons who are in that recognised trade union, and

(c)where the information has been given to the relevant person in the previous 12 months unless there has been a change in the information.

Annual reportE+W+S

12.—(1) A document containing the information listed in Part 2 of Schedule 3 must be prepared within seven months of the end of each scheme year and [F18(subject to paragraph (5))] given in accordance with this regulation.

(2) The document must be given to a relevant person where the relevant person—

(a)makes a request for the document within five years of the end of the scheme year to which the information relates, and

(b)has not been given the document before.

(3) The document must be given within two months of the date the request is made.

(4) The document must be given in accordance with—

(a)regulation 26 or 29(3), where the document relates to the most recent scheme year, or

(b)regulation 29, where the document does not relate to that year.

[F19(5)  Where section 35 of the 1995 Act applies to a scheme the following information must be made publicly available free of charge in accordance with regulation 29A—

(a)the information listed in paragraph 30(ca) of Schedule 3 but only if the scheme is not a relevant scheme within the meaning of regulation 1(2) (interpretation) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996; or

(b)the information listed in paragraph 30(f) of that Schedule but only if the scheme is a relevant scheme within the meaning of that regulation.]

Textual Amendments

[F20Additional information available on request: pooled fundsE+W+S

12A.—(1) Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, a statement containing the information listed in paragraph 35 of Schedule 3 must be given on request to a member, or to a recognised trade union on behalf of the member, in accordance with this regulation.

(2) The statement must be given within two months of the date the request is made and it must be given in accordance with regulation 26 (giving information and documents).

(3) A statement is not required to be given where the request is made—

(a)less than 6 months after the last occasion on which information was given to or in respect of the member under this regulation; or

(b)by a recognised trade union unless it is relevant to the rights of a member who is in that recognised trade union.]

Textual Amendments

Other information to be given on requestE+W+S

13.—(1) The information listed in Part 3 of Schedule 3 must be given to a relevant person in accordance with this regulation where the relevant person makes a request for the information.

(2) The information must be given within two months of the date the request is made.

(3) The information must be given in accordance with regulation 29.

Transfer creditsE+W+S

14.—(1) The information listed in Part 4 of Schedule 3 must be given in accordance with this regulation.

(2) Subject to paragraph (3), the information must be given to any member or prospective member who makes a request for it.

(3) Paragraph (2) does not apply where the request mentioned in that paragraph is made less than 12 months after the last occasion on which such information was given.

(4) The information must be given within two months of the date the request is made.

PART 5E+W+SFunding statements, benefit statements and illustrations

Summary funding statementsE+W+S

15.—(1) The information listed in Schedule 4, in the form of a summary funding statement, must be given in accordance with this regulation where the trustees or managers of the scheme have obtained an actuarial valuation or report under section 224 of the 2004 Act (actuarial valuations and reports).

(2) The information must be given to all members and beneficiaries of the scheme except—

(a)excluded persons, and

(b)members or beneficiaries whose only entitlement to benefits under the scheme is, or will be, to money purchase benefits.

(3) The information must be given on, before or within a reasonable period after, the date by which the trustees or managers of the scheme are required under section 224 of the 2004 Act to ensure that the valuation or report is received by them.

Statements of benefits: non money purchase benefitsE+W+S

16.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation where—

(a)the member has rights to benefits that are not money purchase benefits,

(b)the member requests that information, F21...

(c)information has not been given to that member under this regulation in the 12 months before that [F22request, and].

[F23(d)in relation to active members, a benefit information statement has not been provided pursuant to section 14(1) (information about benefits) of the 2013 Act in the 12 months before the request in sub-paragraph (b).]

(2) The information is—

(a)for active members, the information listed in Parts 1 and 2 of Schedule 5,

(b)for deferred members, the information listed in Parts 2 and 3 of that Schedule,

(c)for pension credit members, the information listed in Part 4 of that Schedule.

(3) The information must be given as soon as practicable but no more than two months after the date the request is made.

(4) In this regulation “pension credit member” means a person who has rights under the scheme that are attributable (directly or indirectly) to a credit under section 29(1)(b) of the 1999 Act (creation of pension debits and credits) or under article 26(1)(b) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 M18.

Textual Amendments

Marginal Citations

[F24Statements of benefits: cash balance benefitsE+W+S

16A.—(1) The information mentioned in paragraph (2) (in addition to the information required under regulation 16 (statements of benefits: non money purchase benefits)) must be given to any member in accordance with this regulation where—

(a)the member has rights to cash balance benefits;

(b)the member requests that information; and

(c)information has not been given to that member under this regulation in the 12 months before that request.

(2) The information is that listed in paragraphs 6A, 9 to 14, 16A and 17 of Schedule 6 (statements of benefits: money purchase benefits).

(3) The information must be given as soon as practicable but no more than two months after the date the request is made.]

Textual Amendments

F24Reg. 16A inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(3) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

Statements of benefits: money purchase benefitsE+W+S

17.—(1) Information relating to a member's money purchase benefits must be given in accordance with this regulation to a member who—

(a)has rights to money purchase benefits, and

(b)is not an excluded person.

(2) The information listed in Part 1 of Schedule 6 must be given.

(3) The information listed in paragraphs 6 to 8 of Schedule 6 must be given except where paragraph (6) applies.

(4) Where paragraph (6) applies, the information listed in paragraphs 6 to 8 of Schedule 6 may be given.

(5) Where the information listed in paragraphs 6 to 8 of Schedule 6 is given under paragraph (3) or (4), the information listed in—

(a)paragraphs 9 to 14 of that Schedule must be given with that information, and

(b)Part 3 of that Schedule must be given.

(6) This paragraph applies where—

(a)the member is in receipt of benefits under the scheme,

(b)the date referred to in paragraph 4 of Schedule 6 is not more than two years before the member's retirement date for the purpose of Part 2 of Schedule 6,

(c)in relation to the member—

(i)the value, determined in accordance with the relevant guidance, of the member's accrued rights to money purchase benefits under the scheme was less than £5,000 on the last illustration date in respect of which the information listed in Part 2 of Schedule 6 was last given,

(ii)since that previous illustration date, no contributions (including transfers of pension rights and pension credits) have been made to the scheme by, or on behalf of, the member in respect of the member's money purchase benefits, and

(iii)the trustees or managers of the scheme have previously given notice to the member that the information listed in Part 2 of Schedule 6 will not be given to the member again unless further contributions referred to in paragraph (ii) have been made,

(d)in relation to the member—

(i)on the first illustration date after 5th April 2003, the value, determined in accordance with the relevant guidance, of the member's accrued rights to money purchase benefits under the scheme was less than £5,000,

(ii)no contributions, including transfers of pension rights and pension credits, have been made to the scheme by, or on behalf of, the member after 5th April 2003 in respect of the member's money purchase benefits, and

(iii)the trustees or managers of the scheme think that no further such contributions are likely to be made after that illustration date, or

(e)the member's benefit is calculated by reference to the greater of a money purchase formula and a defined benefit formula and the trustees or managers of the scheme think the benefit calculated using the money purchase formula is unlikely to affect the pension payable.

(7) The information to be given under paragraphs (2) to (5) must be given within 12 months of—

(a)in the case of an occupational pension scheme, the end of each scheme year, except where paragraph (9) applies, and

(b)in the case of a personal pension scheme—

(i)the date—

(aa)the person became a member of the scheme, or

(bb)contributions were first credited to the scheme in respect of the person, and

(ii)each subsequent anniversary of that date.

(8) Where paragraph (9) applies, the information mentioned in paragraphs (2) to (5) may be given.

(9) This paragraph applies where—

(a)the scheme 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 scheme 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 Act 2008 (jobholder's right to opt out).

(10) For the purposes of paragraph (6), a part of an occupational pension scheme that provides additional money purchase benefits where the member pays voluntary contributions to that part is to be treated as a separate scheme from any other part of that scheme.

PART 6E+W+SLifestyling and accessing benefits

LifestylingE+W+S

18.—(1) The information listed in Part 3 of Schedule 2 must be given to a member in accordance with this regulation where the scheme contains provision for lifestyling.

(2) The information must, subject to paragraph (3), be given between 5 and 15 years before the member's retirement date.

(3) Information need not be given under paragraph (2) where it has been given in the previous 12 months under regulation 6.

[F25Information to be given on request and on a member providing certain informationE+W+S

18A.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation to a member who—

(a)has an opportunity to transfer flexible benefits;

(b)(i)requests information about what the member may do with the flexible benefits; or

(ii)informs the trustees or managers of the scheme that the member is considering, or has made a decision in relation to, what to do with the flexible benefits;

(c)(i)will reach normal minimum pension age within four months of making a request, or informing the trustees or managers of the scheme, in accordance with sub-paragraph (b);

(ii)has reached normal minimum pension age; or

(iii)meets the ill-health condition; and

(d)has not been given information under this regulation or regulation 19(2)(b)(ii) (first information on accessing benefits) in the previous 12 months.

(2) The information is—

(a)a statement of the options available to the member under the scheme rules; and

(b)that listed in Part 3 of Schedule 7 (information to be given to members having an opportunity to transfer flexible benefits) and in Schedule 10 (information to be given on the pensions guidance and members’ benefits).

(3) The information must be given within two months of the member making a request, or informing the trustees or managers of the scheme, in accordance with paragraph (1)(b).

Textual Amendments

Information to be given on communicating with a member about what the member may do with flexible benefitsE+W+S

18B.—(1) Subject to paragraph (5), the information mentioned in paragraph (2) must be given to a member in accordance with this regulation where—

(a)the member has an opportunity to transfer flexible benefits;

(b)the trustees or managers of the scheme contact the member, or the member contacts the trustees or managers of the scheme, in connection with what the member may do with the flexible benefits; and

(c)the member—

(i)will reach normal minimum pension age within four months of the date on which the contact mentioned in sub-paragraph (b) is made;

(ii)has reached normal minimum pension age; or

(iii)meets the ill-health condition.

(2) The information is—

(a)that listed in paragraphs 1, 4 and 5 of Schedule 10;

(b)that listed in paragraphs 2 and 3 of Schedule 10, unless the trustees or managers of the scheme—

(i)give information under this regulation verbally; and

(ii)offer to give the member information about how the member may access the pensions guidance and the offer is declined by the member; and

(c)where information has not been given to the member under regulation 18A (information to be given on request and on a member providing certain information) in the previous 12 months, a statement that—

(i)the member may request information about—

(aa)the flexible benefits that may be provided to the member;

(bb)the member’s opportunity to transfer those benefits; and

(cc)the options available to the member under the scheme rules; and

(ii)the information may help the member to decide what to do with the flexible benefits.

(3) The information may be given verbally unless the member requests that the information is given in writing.

(4) The information must be given within 20 days of the contact mentioned in paragraph (1)(b) or the request mentioned in paragraph (3), whichever is later.

(5) No information is required to be given under this regulation where—

(a)the member informs the trustees or managers of the scheme that the member has accessed the pensions guidance in the previous 12 months;

(b)the member informs the trustees or managers of the scheme that the member has received independent financial advice in the previous 12 months about what the member may do with the flexible benefits; or

(c)the trustees or managers of the scheme—

(i)have given information to the member under regulation 18A in the two months immediately preceding the date on which the contact mentioned in paragraph (1)(b) is made; or

(ii)are required to give information to the member under regulation 18A within two months of the date on which the contact mentioned in paragraph (1)(b) is made.]

Textual Amendments

First information on accessing benefitsE+W+S

19.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation to a member who has [F26a right or entitlement to flexible benefits].

[F27(2) The information is—

(a)where the member has been given information in accordance with regulation 18A in the 12 months before the date on which the trustees or managers of the scheme give information under this regulation—

(i)a statement that the member has been given information about—

(aa)the flexible benefits that may be provided to the member;

(bb)the member’s opportunity to transfer those benefits; and

(cc)the options available to the member under the scheme rules; and

(ii)that listed in paragraphs 1 to 9 of Schedule 10; and

(b)in any other case—

(i)a statement of the options available to the member under the scheme rules; and

(ii)where the member has an opportunity to transfer flexible benefits, that listed in Part 3 of Schedule 7 and in Schedule 10.]

(3) The information must be given at least four months before—

(a)where there is a retirement date, that date, or

(b)where there is no retirement date, the date the member attains normal pension age M19.

(4) For the purposes of paragraph (3) where the interval between the date on which the retirement date is specified and the date that the benefits will become payable is less than four months, the information must be given within [F2820] days of the date on which the retirement date is specified.

(5) In this regulation, “retirement date” means the date specified by—

(a)the member to the trustees or managers of the scheme that is acceptable under the rules of the scheme, or

(b)the trustees or managers of the scheme where no acceptable date has been specified under sub-paragraph (a).

Textual Amendments

Marginal Citations

M19See section 180 of the 1993 Act.

[F29Retirement risk warningsE+W+S

19A.—(1) Subject to paragraphs (5) and (7), the trustees or managers of the scheme must give a retirement risk warning to a member in accordance with this regulation where they are giving a member—

(a)information in accordance with regulation 18A, 18B or 19 or the member has been given such information previously; and

(b)an application form, online access, information about access or any other method of access that enables the member to require the trustees or managers of the scheme to take any of the actions in paragraph (2).

(2) The actions referred to in paragraph (1)(b) are—

(a)the application of sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;

(b)the payment of a lump sum in respect of flexible benefits; or

(c)the designation of sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.

(3) A retirement risk warning under paragraph (1) must be given at the same time as the method of access in paragraph (1)(b) and before any of the actions set out in paragraph (2) are concluded.

(4) When giving a retirement risk warning to a member, the trustees or managers of the scheme must also give the member a statement that asks the member to note the importance of—

(a)reading the retirement risk warning; and

(b)accessing pensions guidance or independent advice.

(5) A retirement risk warning for any specific action in paragraph (2) need not be given to a member within 12 months of a retirement risk warning for that action having been given in accordance with this regulation to that member.

(6) For the purpose of—

(a)this regulation, “retirement risk warning” means a statement that sets out the characteristic attributes and features of an annuity, lump sum and drawdown pension referred to in paragraph (2) and the factors in paragraph (b)(iv); and

(b)sub-paragraph (a)—

(i)the statement must be generic in nature and not tailored to or based on the personal circumstances of any individual member;

(ii)the statement may be limited to the characteristic attributes and features of an annuity, lump sum or drawdown pension referred to in paragraph (2) in respect of which the trustees or scheme managers are giving the member a method of access in paragraph (1)(b);

(iii)characteristic attributes and features are those that have the potential to adversely affect the retirement income of any member or their widow, widower, surviving civil partner, nominee, successor or other dependant; and

(iv)the factors are those that have the potential to affect the appropriateness of an annuity, lump sum and drawdown pension for a member such as: the impact of health status and lifestyle choices; whether a member has dependants, is in debt or in receipt of means tested benefits; and any other relevant factors.

(7) Subject to paragraph (8)—

(a)a retirement risk warning under paragraph (1) need not be given where the trustees or managers of the scheme give the member an appropriate risk warning before any of the actions listed in paragraph (2) are concluded;

(b)an appropriate risk warning must be given either verbally or in writing; and

(c)for the purposes of sub-paragraphs (a) and (b), an appropriate risk warning is a statement—

(i)that sets out the risks associated with any of the actions listed in paragraph (2) that the member is proposing to require the trustees or managers of the scheme to take and that have the potential to adversely affect the retirement income of that member or their widow, widower, surviving civil partner, nominee, successor or other dependant; and

(ii)that is based on the characteristic attributes and features of an annuity, lump sum or drawdown pension referred to in paragraph (2) and answers to questions the trustees or managers of the scheme have asked the member in order to identify any factors or other variables that increase the risks referred to in paragraph (i).

(8) Paragraph (7) only applies where the trustees or managers of the scheme have—

(a)asked the member whether they have received pensions guidance or independent advice; and

(b)if the member has not received such guidance or advice, or is unsure, encouraged the member to use pensions guidance or to take independent advice to understand the options available to that member at retirement.]

Textual Amendments

Second information on accessing benefitsE+W+S

20.—(1) The information mentioned in paragraph (2) must be given to a person in accordance with this regulation where benefit under the scheme has, or is about to, become payable to the person.

(2) The information is the information listed—

(a)in paragraphs 6 to 9 of Schedule 7, F30...

(b)in Part 1 of that Schedule where the person has an opportunity to select an annuity under any rights and options in relation to the death of the member[F31; and

(c)in Part 1 of Schedule 10 (information on the pensions guidance) where the person, under any rights and options in relation to the death of the member, has an opportunity to—

(i)transfer accrued rights to flexible benefits out of the scheme under the scheme rules;

(ii)apply sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;

(iii)take payment of a lump sum in respect of flexible benefits; or

(iv)designate sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.]

(3) The information mentioned in paragraph (2)(a) must be given—

(a)where benefit becomes payable on or after normal pension age before benefit becomes payable, if practicable and in any event within one month after benefit becomes payable, or

(b)where benefit becomes payable on a date before normal pension age, within two months of that date.

[F32(4) Before benefit becomes payable—

(a)the information mentioned in sub-paragraph (b) of paragraph (2) must be given to a person having the opportunity mentioned in that sub-paragraph;

(b)the information mentioned in sub-paragraph (c) of paragraph (2) must be given to a person having an opportunity mentioned in that sub-paragraph.]

Textual Amendments

Accessing benefits on the death of the member or beneficiaryE+W+S

21.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation where the trustees or managers of the scheme are aware that—

(a)a member or beneficiary of the scheme has died, and

(b)a person may be entitled to exercise rights or options under the scheme as a result of that death.

(2) The information is the information listed in—

(a)Part 1 and paragraphs 8 to 10 of Schedule 7 where the person referred to in paragraph (1)(b) has an opportunity to select an annuity, F33...

(b)Part 2 of that Schedule in any other case[F34; and

(c)Part 1 of Schedule 10 where the person has an opportunity to—

(i)transfer accrued rights to flexible benefits out of the scheme under the scheme rules;

(ii)apply sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;

(iii)take payment of a lump sum in respect of flexible benefits; or

(iv)designate sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.]

(3) The information must be given to—

(a)the person referred to in paragraph (1)(b), if that person is at least 18 years old and the trustees or managers of the scheme know their postal or electronic address, and

(b)subject to paragraph (4), a person who is—

(i)a personal representative of the member or beneficiary of the scheme, or

(ii)authorised to act on behalf of the person referred to in paragraph (1)(b).

(4) For the purposes of paragraph (3), the information—

(a)must be given only where the personal representative or the person authorised to act requests it, and

(b)need not be given where a request is made within three years of the same information being given under this regulation to the same person in the same capacity.

(5) The information must be given as soon as possible and in any event within two months of—

(a)the date on which the trustees or managers of the scheme become aware of the death, or

(b)the request referred to in paragraph (4).

Textual Amendments

PART 7E+W+SInformation about benefits in payment

Changes to benefitsE+W+S

22.—(1) The information listed in paragraphs 6, 8 and 9 of Schedule 7 must be given to a person in accordance with paragraph (2) where—

(a)the amount of benefit payable to the person alters, and

(b)that alteration is not made in accordance with the provisions referred to in paragraph 7(b) of Schedule 7.

(2) The information must be given before the date on which the decision to alter the benefit takes effect, where possible and in any event within one month of that date.

PART 8E+W+SInformation about winding up

Personal pension schemes that have begun winding upE+W+S

23.—(1) The information mentioned in paragraph (3) must be given to members, except excluded persons, in accordance with this regulation.

(2) The information must be given where a decision has been made to wind up the scheme or to cease accepting contributions or to cause it to cease to manage the contributions already paid to it (“the decision”).

(3) The information is—

(a)notification of the decision,

(b)the information listed in paragraphs 11 to 13 of Schedule 8,

(c)the information listed in paragraph 14 of Schedule 8 where the scheme is unable to meet in full its liabilities to its members.

(4) The information must be given as soon as practicable after the decision and, in any event—

(a)the notification referred to in paragraph (3)(a) must be given within one month, and

(b)the information mentioned in paragraph (3)(b) and (c) must be given within four months,

of the decision.

Occupational pension schemes during winding upE+W+S

24.—(1) The information mentioned in paragraph (2) must be given to members and beneficiaries of the scheme, except excluded persons, in accordance with this regulation where the trustees have begun to wind up the scheme.

(2) The information is the information listed in—

(a)Part 1 of Schedule 8,

(b)paragraphs 5, 6 and 7 of that Schedule, and

(c)Part 4 of that Schedule.

(3) Where the trustees begin to wind up the scheme on a date on or after 6th April 2014—

(a)the information mentioned in paragraph (2)(a) must be given as soon as practicable and in any event no more than one month of that date, and

(b)the information mentioned in paragraph (2)(b) must be given within every 12 months of the date information was given under sub-paragraph (a) until the trustees complete winding up the scheme.

(4) Where the trustees began to wind up the scheme before 6th April 2014, the information mentioned in paragraph (2)(b) must be given within 12 months of 6thApril 2014 and within every 12 months thereafter until the trustees complete winding up the scheme.

(5) Where a request is made for the information mentioned in paragraph (2)(c), it must be given within two months of the date the request is made.

(6) For the purposes of this regulation the date the trustees begin to wind up the scheme is to be determined—

(a)in a case where regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations 1996 M20 (commencement of winding up) applies, in accordance with that regulation, and

(b)in any other case, in accordance with section 124(3A) M21 and (3B) of the 1995 Act.

(7) Where a scheme is a sectionalised scheme, this regulation applies as if—

(a)each section of the scheme were a separate scheme, and

(b)the members of each section were the members of a separate scheme.

(8) For the purposes of paragraph (6), a sectionalised scheme is a scheme where—

(a)Part 3 of the 2004 Act (scheme funding) applies to the scheme as if a section of a scheme were a separate scheme by virtue of paragraph 1 of Schedule 2 to the Occupational Pension Schemes (Scheme Funding) Regulations 2005 M22 (sectionalised multi-employer schemes), or

(b)Part 3 of the 2004 Act does not apply to the scheme, but would apply in that way if it did.

Marginal Citations

M20S.I. 1996/3126. Regulation 2 was amended by S.I. 2005/706.

M21Subsections (3A) to (3E) were inserted by the Child Support, Pensions and Social Security Act 2000, section 49(2). Subsections (3A) and (3B) were amended by the 2004 Act, section 319(1) and Schedule 12, paragraphs 34 and 69(1), (3) and (4).

Occupational pension schemes after winding up for individual membersE+W+S

25.—(1) The information mentioned in paragraph (2) must be given in accordance with this regulation where—

(a)the scheme is being wound up, and

(b)the trustees or managers of the scheme have done what they can to discharge the scheme's liabilities for a particular member or beneficiary of the scheme.

(2) The information is—

[F35(a)where the member or beneficiary of the scheme—

(i)has rights to benefits other than money purchase benefits, the information mentioned in Part 2 of Schedule 8; or

(ii)has rights to money purchase benefits, the information mentioned in paragraph 10 of Schedule 8; and]

(b)where the member or beneficiary of the scheme is, for the time being—

(i)entitled to payment of benefits, the information listed in paragraphs 6 and 7 of Schedule 7, or

(ii)except in relation to money purchase benefits, not entitled to payment of benefits, the information listed in paragraph 16 of Schedule 8.

(3) The information mentioned in paragraph (2) must be given to the member or beneficiary of the scheme except that an excluded person need not be given the information mentioned in paragraph (2)(b)(ii).

(4) The information must be given as soon as practicable after and in any event no more than three months of the date paragraph (1)(b) is satisfied.

Textual Amendments

F35Reg. 25(2)(a) substituted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(5) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

PART 9E+W+SGiving information and documents

Giving information and documentsE+W+S

26.—(1) Except where these Regulations otherwise provide, the methods for giving information or documents that these Regulations require to be given include the methods set out in paragraph (2).

(2) The information may be given by—

(a)sending it to the person's last known postal address, or

(b)subject to paragraphs (3) to (5), using either or both of the following methods—

(i)sending it to the person's last known electronic address, or

(ii)making it available on a website (see regulation 27).

(3) Where a member or beneficiary of the scheme has requested in writing that—

(a)any of the information, or

(b)all of the information,

is not given in accordance with paragraph (2)(b), that information may not be given in accordance with paragraph (2)(b).

(4) Information may only be given by an electronic communication where the trustees or managers of the scheme are satisfied that the electronic communications have been designed—

(a)so that the person will be able to—

(i)get access to, and

(ii)store or print,

the information, and

(b)taking into account the requirements of disabled persons.

[F36(4A) The provisions of paragraph (4) do not apply where regulation 29A applies to the information.]

(5) Where—

(a)a member or beneficiary of the scheme was a member or beneficiary of the scheme on 1st December 2010, and

(b)information was not given by the trustees or managers of the scheme before that date by the methods described in paragraph (2)(b),

information may not be given to that member or beneficiary of the scheme in accordance with paragraph (2)(b) unless the trustees or managers of the scheme have given them the written notice referred to in paragraph (6).

(6) The written notice mentioned in paragraph (5) must state that—

(a)the trustees or managers of the scheme propose to give information to the member or beneficiary of the scheme by means of an electronic communication, and

(b)the member or beneficiary of the scheme may request in writing that information is not given by means of an electronic communication.

(7) The written notice mentioned in paragraph (5) must not be given by the methods mentioned in paragraph (2)(b).

Textual Amendments

F36Reg. 26(4A) inserted (coming into force in accordance with reg. 1(1)(3) of the amending S.I.) by The Occupational Pension Schemes (Administration and Disclosure) (Amendment) Regulations 2018 (S.I. 2018/233), reg. 3(4)

Provision of information on a websiteE+W+S

27.—(1) [F37Except where regulation 29A provides otherwise,] where a website is used for the first time to make available the information or document, a notification must be given to the recipient.

(2) The notification referred to in paragraph (1) must include—

(a)a statement that the information or document is available on the website,

(b)the website address,

(c)details of the place on the website where the information or document may be read, and

(d)an explanation of how the recipient may read the information or document on the website.

(3) Subject to regulation 28, each time a website is used at a subsequent time to make available information or documents, a notification must be given to the recipient.

(4) The notification referred to in paragraph (3) must state that the information or document is available on the website.

(5) The notifications mentioned in paragraphs (1) and (3) must not be given by making them available on a website.

Textual Amendments

F37Words in reg. 27(1) inserted (coming into force in accordance with reg. 1(1)(3) of the amending S.I.) by The Occupational Pension Schemes (Administration and Disclosure) (Amendment) Regulations 2018 (S.I. 2018/233), reg. 3(5)

Provision of information on a website: supplementalE+W+S

28.—(1) The notification mentioned in regulation 27(3) need not be given where paragraphs (2) to (4) are satisfied.

(2) This paragraph is satisfied where—

(a)the trustees or managers of the scheme have given the recipient at least two 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 their electronic address to the trustees or managers of the scheme except where the trustees or managers 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 managers 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 managers 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 paragraph (1) of regulation 17, the notification mentioned in regulation 27(3) need only be given as required by paragraph (7) of regulation 17.

Giving information and documents in certain casesE+W+S

29.—(1) Information or documents to be given in accordance with this regulation are to be given as follows.

(2) Where the person or recognised trade union makes a request for the information in hard copy form, the trustees or managers of the scheme must, subject to paragraph (3) give the information in that form and if a charge is levied for giving the information in that form, it must not exceed the cost of producing and giving it.

(3) Where the information in hard copy form is publicly available, the trustees or managers of the scheme may give details of where it is publicly available instead of giving it under paragraph (2).

(4) Where the person or recognised trade union makes a request for the information other than in hard copy form, it may be made available free of charge—

(a)for inspection at a place that is reasonable having regard to who made the request, or

(b)on a website.

(5) For the purposes of paragraph (4)(b), the provisions of regulations 27 and 28 do not apply, except that the trustees or managers of the scheme must give the notification described in regulation 27(2) to the person or recognised trade union who requested the information.

(6) Information is in “hard copy form” if it is given in a paper copy or similar form capable of being read.

[F38Publishing charges and transaction costs [F39and other relevant information]E+W+S

29A.—(1) Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, the information specified in paragraph (2) [F40and, where that scheme falls within section 35 of the 1995 Act, paragraph (2A)] must be made publicly available free of charge on a website in accordance with this regulation.

[F41(1A) Where section 35 of the 1995 Act applies to a scheme which does not fall within paragraph (1), the information specified in paragraph (2B) must be made publicly available free of charge on a website in accordance with this regulation.]

(2) The specified information is the information which must be included in the most recent statement prepared under regulation 23 (annual statement regarding governance) of those Regulations in accordance with the following paragraphs of that regulation—

(a)paragraph (1)(a);

(b)paragraph (1)(c); and

(c)paragraph (1)(ca).

[F42(2A) The specified information is—

(a)the latest statement of investment principles governing decisions about investments prepared for the scheme under section 35 of the 1995 Act; and

[F43(b)the information which must be included in the most recent document prepared under regulation 12 in accordance with paragraph 30(f) of Schedule 3.]]

[F44(2B) The specified information is—

(a)the latest statement of investment principles governing decisions about investments prepared for the scheme under section 35 of the 1995 Act; and

(b)the information which must be included in the most recent document prepared under regulation 12 in accordance with paragraph 30(ca) of Schedule 3.]

(3) Where this regulation applies—

(a)a notification need not be given under regulation 27 in relation to the information on the website where information is given to the person in accordance with paragraph 5B(a) of Schedule 6 (statements of benefits: money purchase and cash balance benefits); and

(b)the trustees or managers of the scheme must have regard to guidance prepared from time to time by the Secretary of State concerning the publication of the information.

(4) Where a person requests the trustees or managers of the scheme to provide the information referred to in paragraph (2)[F45, (2A) or (2B)] in hard copy form, the trustees or managers of the scheme must give that information to the person in hard copy form only where the trustees or managers are satisfied that it would be unreasonable for that person to obtain it from the website on which it is published.

(5) Where information is required to be given in hard copy form in accordance with paragraph (4), it must be given within two months of the date the request is made.]

Textual Amendments

F38Reg. 29A inserted (coming into force in accordance with reg. 1(1)(3) of the amending S.I.) by The Occupational Pension Schemes (Administration and Disclosure) (Amendment) Regulations 2018 (S.I. 2018/233), reg. 3(6)

F44Reg. 29A(2B) inserted (1.10.2019 for specified purposes, 1.10.2020 in so far as not already in force) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019 (S.I. 2019/982), reg. 1(3)(c)(4)(a), 3(3)(b) (with reg. 5)

F45Words in reg. 29A(4) inserted by S.I. 2018/988, reg. 5(4)(c) (as substituted) (1.10.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019 (S.I. 2019/982), regs. 1(2), 4(3)(b) (with reg. 5)

Responsibility for giving information and documentsE+W+S

30.  The trustees or managers of a scheme are responsible for ensuring that information or documents are given in accordance with these Regulations whether they give the information or documents—

(a)directly, or

(b)indirectly, through a third party.

Signed by authority of the Secretary of State for Work and Pensions.

Esther McVey

Minister of State,

Department for Work and Pensions

SCHEDULES

Regulation 4(1), (4) and (5)

SCHEDULE 1E+W+SDescription of schemes

1.—(1) An occupational pension scheme falls within this paragraph if it meets the following conditions.E+W+S

(2) The first condition is that the scheme—

(a)is a tax registered scheme,

(b)was formerly—

(i)approved by the Commissioners for Her Majesty's Revenue and Customs for the purposes of section 590 or 591 of the Income and Corporation Taxes Act 1988M23,

(ii)a statutory scheme as defined in section 611A of that ActM24, or

(iii)approved by the Commissioners for Her Majesty's Revenue and Customs under Chapter 4 of Part 14 of that ActM25,

F46(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . or

(d)is a public service pension schemeM26.

(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 1963.

Textual Amendments

Marginal Citations

M231988 c.1. Sections 590 and 591 were repealed by the Finance Act 2004, section 326 and Schedule 42, Part 3.

M24Section 611A was repealed by the Finance Act 2004, section 326 and Schedule 42, Part 3.

M25Chapter IV of Part XIV was repealed by the Finance Act 2004, section 326 and Schedule 42, Part 3.

M26See section 1 of the 1993 Act.

2.  A personal pension scheme falls within this paragraph if it is not a pension scheme that is—E+W+S

(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 2004 in accordance with paragraph 1(1)(f) of Schedule 36 to that Act.

Regulations 6(2), 7(2), 8(1) and 18(1)

SCHEDULE 2E+W+SBasic information

PART 1E+W+SInformation 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.E+W+S

2.  How persons who are eligible to be members of the scheme are admitted to it.E+W+S

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 [F47, designated as available for the payment of drawdown pension] and commuted to a lump sum.E+W+S

Textual Amendments

4.  A statement relating to the matters mentioned in paragraph 3—E+W+S

(a)as to whether a charge may be made, and

(b)that further information is available on request.

[F484A.  Where the member has flexible benefits, a statement explaining the circumstances in which the member may transfer accrued rights to flexible benefits out of the scheme.E+W+S

Textual Amendments

4B.  [F49Subject to paragraph 4C] where the member has safeguarded benefits (which has the meaning given in section 48(8) of the Pension Schemes Act 2015 (independent advice in respect of conversions and transfers)), a statement that the member may be required to take independent advice before the member may—E+W+S

(a)convert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;

(b)transfer safeguarded benefits to another pension scheme with a view to acquiring a right or entitlement to flexible benefits; and

(c)withdraw an uncrystallised funds pension lump sum (which has the meaning given in paragraph 4A of Schedule 29 to the Finance Act 2004 (uncrystallised funds pension lump sum)).]

Textual Amendments

[F504C.  Paragraph 4B does not apply to a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, unless it is a scheme in relation to which section 95(2A)(a)(i) of the 1993 Act has been disapplied, pursuant to section 95(2B) of that Act (ways of taking right to cash equivalent).]E+W+S

Textual Amendments

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 the Commissioners for Her Majesty's Revenue and Customs.E+W+S

6.  A statement that explains whether transfers can be made into the scheme, including whether such transfers can be made in accordance with [F51Chapters 1 and 2 of Part 4ZA of the 1993 Act (transfers and contribution refunds)].E+W+S

Textual Amendments

7.  The arrangements, if any, for the payment by members of additional voluntary contributions.E+W+S

8.  A summary of how the contributions, if any, payable by the employer and the member are calculated.E+W+S

9.  Where the scheme is the National Employment Savings Trust Corporation established under section 75(1) of the Pensions Act 2008 M27, 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.E+W+S

Marginal Citations

10.  A statement that—E+W+S

(a)the [F52Money and Pensions 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 M28 may investigate and determine certain complaints or disputes about pensions that are referred to the 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.

Textual Amendments

Marginal Citations

M28The Pensions Ombudsman is appointed under section 145(2) of the 1993 Act.

11.  The postal and electronic address at which each of the bodies referred to in paragraph 10 may be contacted.E+W+S

F5312.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S

Textual Amendments

13.  If a member of the scheme has to give a period of notice to terminate their pensionable service, the length of that period of notice.E+W+S

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.E+W+S

15.  The following information about benefits payable under the scheme (referred to in this paragraph as “benefits”)—E+W+S

(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[F54, any cost of exercising any right to transfer the benefits, any charges payable, the age at which the member accesses the benefits”], the performance of [F55investments and any] cost of converting the benefit into an annuity.E+W+S

Textual Amendments

[F5616A.  Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid[F57, any cost of exercising any right to transfer the benefits, any charges payable, the age at which the member accesses the benefits], any guaranteed interest or bonuses [F58applied and any] cost of converting the benefits into an annuity.]E+W+S

Textual Amendments

F56Sch. 2 para. 16A inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(6)(a) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

17.  Except where the scheme is a public service pension scheme, a statement that the scheme annual report will be given on request.E+W+S

18.—(1) The scheme's internal dispute resolution arrangements.E+W+S

(2) The postal 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 section 50(8) of the 1995 Act M29 (requirement for dispute resolution arrangements).

Marginal Citations

M29Section 50 was substituted by the 2004 Act, section 273 and there are no relevant amendments.

PART 2E+W+SInformation 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”)—E+W+S

(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 [F59Chapters 1 and 2 of Part 4ZA] of the 1993 Act.E+W+S

Textual Amendments

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[F60, designated as available for the payment of drawdown pension] and commuted to a lump sum.E+W+S

Textual Amendments

22.  A statement relating to the matters mentioned in paragraph 21—E+W+S

(a)as to whether a charge may be made, and

(b)that further information is available.

[F6122A.  Where the member has flexible benefits, a statement explaining the circumstances in which the member may transfer accrued rights to flexible benefits out of the scheme.E+W+S

Textual Amendments

22B.  [F62Subject to paragraph 22C] where the member has safeguarded benefits (which has the meaning given in section 48(8) of the Pension Schemes Act 2015), a statement that the member may be required to take independent advice before the member may—E+W+S

(a)convert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;

(b)transfer safeguarded benefits to another pension scheme with a view to acquiring a right or entitlement to flexible benefits; and

(c)withdraw an uncrystallised funds pension lump sum (which has the meaning given in paragraph 4A of Schedule 29 to the Finance Act 2004).]

Textual Amendments

[F6322C.  Paragraph 22B does not apply to a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, unless it is a scheme in relation to which section 95(2A)(a)(i) of the 1993 Act has been disapplied, pursuant to section 95(2B) of that Act.]E+W+S

Textual Amendments

23.—(1) The scheme's internal dispute resolution arrangements.E+W+S

(2) The postal 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 section 50(8) of the 1995 Act.

24.  A statement that—E+W+S

(a)the [F64Money and Pensions 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 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.

Textual Amendments

25.  The postal address and electronic address at which each of the bodies referred to in paragraph 24 may be contacted.E+W+S

[F6526.  A statement setting out—E+W+S

(a)which benefits—

(i)are provided by means of the setting aside of resources (other than assets at the disposal of the employer of any person who is employed in relevant employment) for a benefit, before the benefit becomes payable, that are related to the intended rate or amount of benefit; and

(ii)are not provided by that means; and

(b)the manner in which any benefits mentioned in sub-paragraph (a)(i) are secured.]

Textual Amendments

27.  A statement that most of the provisions of the 1995 Act do not apply to the scheme.E+W+S

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.E+W+S

[F6628A.  Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity.]E+W+S

Textual Amendments

F66Sch. 2 para. 28A inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(6)(b) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

PART 3E+W+SLifestyling

29.  A statement explaining lifestyling, its advantages and disadvantages, and either—E+W+S

(a)that lifestyling will be adopted, indicating when lifestyling is likely to be adopted, or

(b)that lifestyling has been adopted.

Regulations 11 to 14

SCHEDULE 3E+W+SInformation to be given on request

PART 1E+W+SInformation on the constitution of the scheme

1.  The contents of any trust deed or document under which the scheme is made.E+W+S

2.  The scheme rules.E+W+S

3.  The contents of any document that supplements or alters in any way the information referred to in paragraphs 1 and 2.E+W+S

4.  The name and postal and electronic address of every person who employs any member of the scheme in relevant employment.E+W+S

PART 2E+W+SInformation 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 section 41 of the 1995 Act (provision of documents for members).E+W+S

6.  If Part 3 of the 2004 Act applies, a copy of the certificate by the actuary under section 227 of the 2004 Act (schedule of contributions) about the adequacy of the contributions payable towards the scheme.E+W+S

7.  Any of the information listed in Part 5 of this Schedule that applies.E+W+S

PART 3E+W+SInformation on funding principles and actuarial valuations etc.

8.  The latest statement of funding principles where required under section 223 of the 2004 Act (statement of funding principles).E+W+S

9.  Where Part 3 of the 2004 Act applies to the scheme, a copy of the last actuarial valuation referred to in section 224 of the 2004 Act (actuarial valuations and reports) that the trustees or managers of the scheme have received.E+W+S

10.  Where Part 3 of the 2004 Act applies to the scheme, the latest actuarial report referred to in section 224 of the 2004 Act that the trustees or managers of the scheme have received after the last actuarial valuation.E+W+S

11.  Any recovery plan prepared under section 226 of the 2004 Act (recovery plan) that is currently in force.E+W+S

12.  The latest payment schedule under section 87 of the 1995 Act M30 (schedules of payments to money purchase schemes) or the latest schedule of contributions under section 227 of the 2004 Act that relates to the employer of the member.E+W+S

Marginal Citations

M30Section 87 was amended by the 2004 Act, sections 319(1) and 320, Schedule 12, paragraph 64 and Schedule 13, Part 1.

13.  The latest statement of principles governing decisions about investments where required by section 35 of the 1995 Act M31 (investment principles).E+W+S

Marginal Citations

M31Section 35 was substituted by the 2004 Act, section 244.

14.  A summary of the winding up procedure under section 231A of the 2004 Act M32 (requirements for winding up procedure).E+W+S

Marginal Citations

M32Section 231A was inserted by S.I. 2006/1733.

PART 4E+W+SInformation on transfer credits

15.  Whether the member or prospective member is entitled to acquire transfer credits in exchange for—E+W+S

(a)a specified cash equivalent (within the meaning of [F67Chapter 1 of Part 4ZA], or Chapter 2 of Part 4A, of the 1993 Act) M33 (requirements relating to pension credit benefit) provided by another scheme, or

(b)any transfer payment (within the meaning of [F67Chapter 1 of Part 4ZA], or Chapter 2 of Part 4A, of the 1993 Act) provided by another scheme.

Textual Amendments

Marginal Citations

M33Part 4A was inserted by the 1999 Act, section 37.

16.  A statement of any transfer credits referred to in paragraph 15 which the member or prospective member is entitled to acquire.E+W+S

PART 5E+W+SInformation 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”).E+W+S

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.E+W+S

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.E+W+S

20.  The postal and electronic address to which enquiries about the scheme generally or about an individual's entitlement to benefit should be sent.E+W+S

21.  The number of beneficiaries and active, deferred and pensioner members as at any one date during the year.E+W+S

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—E+W+S

(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—E+W+S

(a)where any cash equivalents F68... (within the meaning of [F69Chapter 1 of Part 4ZA] 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 sections 97 or 101I of the 1993 Act M34 (calculation of cash equivalents), as the case may be, a statement explaining why,

(b)where any of the cash equivalents F68... paid during the year were less than the amount for which [F70section 94] of the 1993 Act M35 (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.

Textual Amendments

Marginal Citations

M34Section 97 was amended by the 1995 Act, section 173 and Schedule 6, paragraph 4(a) to (c) and the Child Support, Pensions and Social Security Act 2000, section 56 and Schedule 5, paragraph 8(1). Section 101I was inserted by the 1999 Act, section 37.

M35Section 94(1) was amended by the 1995 Act, section 154(1) and (2).

24.  A statement as to whether the accounts have been prepared and audited in accordance with regulations made under section 41(1) and (6) of the 1995 Act (unless the scheme is exempt from such requirements by virtue of those regulations).E+W+S

25.  If the auditor's statement made in accordance with regulations made under section 41(1)(a) and (2)(b) of the 1995 Act 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.E+W+S

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.E+W+S

27.  Who has managed the investments of the scheme during the year and the extent of any delegation of this function by the trustees.E+W+S

28.  Whether the trustees have produced a statement of the principles governing decisions about investments for the purposes of the scheme in accordance with section 35 of the 1995 Act M36 (investment principles) (unless the scheme is exempt from such requirement by virtue of regulations made under that section) and, where the trustees have produced such a statement, a statement that a copy is available on request.E+W+S

Marginal Citations

M36Section 35 was substituted by the 2004 Act, section 244.

29.  Except in relation to a wholly insured scheme, a statement as to the trustees' policy on the custody of the scheme assets.E+W+S

30.  Where the scheme is one to which section 35 of the 1995 Act applies, an investment report containing—E+W+S

(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 section 35 of the 1995 Act,

(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 section 35 of the 1995 Act (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 three 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,

[F71(ca)a statement which must—

(i)set out how, and the extent to which, in the opinion of the trustees, the policy required under regulation 2(3)(c) of the Occupational Pension Schemes (Investment) Regulations 2005 has been followed during the year, and

(ii)describe the voting behaviour by, or on behalf of, trustees (including the most significant votes cast by trustees or on their behalf) during the year and state any use of the services of a proxy voter during that year,]

[F72(d)the policies specified in the following paragraph of regulation 2 of the Occupational Pension Schemes (Investment) Regulations 2005 (statement of investment principles) (“the Investment Regulations”)—

(i)paragraph (3)(b)(vi),

(ii)paragraph (3)(b)(vii), F73...

(iii)paragraph (3)(c), F74...

[F75(iv)paragraph (3)(d), and]]

F76(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F77(f)where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, a statement which must—

(i)set out how, and the extent to which, in the opinion of the trustees, the statement of investment principles required under section 35 of the 1995 Act has been followed during the year,

(ii)describe any review of the statement of investment principles undertaken during the year in accordance with regulation 2(1) of the Investment Regulations and any other review of how the statement of investment principles has been met,

(iii)explain any change made to the statement of investment principles during the year and the reason for the change, and

(iv)where no such review was undertaken during the year in accordance with regulation 2(1) of the Investment Regulations, give the date of the last review. 

(v)describe the voting behaviour by, or on behalf of, trustees (including the most significant votes cast by trustees or on their behalf) during the year and state any use of the services of a proxy voter during that year.]

Textual Amendments

F73Word in Sch. 3 para. 30(d)(ii) omitted by virtue of S.I. 2018/988, reg. 5(5)(a) (as amended) (1.10.2019) by virtue of The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019 (S.I. 2019/982), regs. 1(2), 4(3)(aa)(c)(i) (with reg. 5)

F74Word in Sch. 3 para. 30(d)(iii) omitted by virtue of S.I. 2018/988, reg. 5(5)(a) (as amended) (1.10.2019) by virtue of The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019 (S.I. 2019/982), regs. 1(2), 4(3)(bb)(c)(i) (with reg. 5)

F75Sch. 3 para. 30(d)(iv) inserted by S.I. 2018/988, reg. 5(5)(a) (as amended) (1.10.2019) by The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019 (S.I. 2019/982), regs. 1(2), 4(3)(c)(i)(cc) (with reg. 5)

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 section 47(6) of the 1995 Act (professional advisors).E+W+S

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 section 40(2) of the 1995 Act M37 (restriction on employer-related investments)), a statement—E+W+S

(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%, as to the percentage of the scheme's resources that are investments to which regulation 13 of the Occupational Pension Schemes (Investment) Regulations 2005 M38 (investments to which restrictions do not apply) applies, and

(c)if any resources of the scheme are invested in contravention of subsection (1) of section 40 of the 1995 Act—

(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 section, and

(ii)as to the time when any proposed steps will be taken.

Marginal Citations

M37Section 40 was amended by the 2004 Act, section 319(1) and Schedule 12, paragraphs 34 and 51 and S.I. 2004/355.

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—E+W+S

(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 paragraph (a) are employer-related investments, and

(c)if, as at the end of the year, more than 5% of the resources of the scheme are invested in employer-related investments in contravention of section 40(1) of the 1995 Act 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% 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 subsection (2) of section 40 of the 1995 Act but as if the following words in subsection (2) 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.

[F7834.  Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, the statement which the trustees or managers are required to prepare by regulation 23 of those Regulations (annual statement regarding governance).]E+W+S

Textual Amendments

[F79PART 6E+W+SINFORMATION TO BE GIVEN ABOUT POOLED FUNDS

Textual Amendments

35.—(1) A statement identifying in relation to the provision of money purchase benefits to the member—E+W+S

(a)the international securities identification number (“the ISIN”) allocated in accordance with ISO 6166 (1st edition) published by the International Organisation for Standardisation on 31st August 2013 in relation to each collective investment scheme in which assets are directly invested on behalf of that member on the relevant date;

(b)in the case of each unit-linked contract entered into by or on behalf of the trustees or managers which is in force on the relevant date in relation to that member, the ISIN (where present) relating to each collective investment scheme directly attributable to that contract; and

(c)the name given by the manager of the collective investment scheme to the scheme to which an ISIN provided in accordance with sub-paragraph (a) or (b) relates.

(2) In this paragraph—

(a)“collective investment scheme” has the meaning given in regulation 1(2) (interpretation) of the Occupational Pension Schemes (Investment) Regulations 2005; and

(b)“the relevant date” means—

(i)the date the request is made under regulation 12A; or

(ii)such earlier date as the trustees or managers of the scheme may specify which meets the following conditions—

(aa)the date must be no more than 6 months before the date of the request; and

(bb)the trustees or managers of the scheme must be satisfied that the investment options in which the assets of the member were invested on the date specified are the same as those in which the member is invested on the date of the request.]

Regulation 15(1)

SCHEDULE 4E+W+SSummary funding statements

1.  A summary that—E+W+S

(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 section 224 of the 2004 Act 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—E+W+S

(a)the last actuarial valuation of the scheme under section 224(1)(a) of the 2004 Act, 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.E+W+S

4.  The actuary's estimate of solvency contained in the last actuarial valuation under section 224 of the 2004 Act received by the trustees or managers of the scheme.E+W+S

5.  A summary of any recovery plan prepared under section 226 of the 2004 Act that is currently in force.E+W+S

6.  A statement explaining—E+W+S

(a)whether the scheme has been modified under section 231(2)(a) of the 2004 Act,

(b)whether the scheme is subject to directions by the Regulator under section 231(2)(b) of the 2004 Act, and

(c)whether the scheme is bound by a schedule of contributions imposed by the Regulator under section 231(2)(c) of the 2004 Act.

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.E+W+S

8.  A statement explaining whether any payment to the employer under section 37 of the 1995 Act M39 (payment of surplus to employer) has been made—E+W+S

(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.

Marginal Citations

M39Section 37 was substituted by the 2004 Act, section 250 and amended by the Pensions Act 2008, section 130.

9.  Where a payment referred to in paragraph 8 has been made, the amount of that payment.E+W+S

Regulation 16(2)

SCHEDULE 5E+W+SStatements of benefits: non money purchase benefits

PART 1E+W+SInformation 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.E+W+S

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—E+W+S

(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.E+W+S

PART 2E+W+SInformation for active and deferred members

4.  The date on which the member's pensionable service started.E+W+S

5.  A summary of the method for calculating the member's benefits and any survivors' benefits.E+W+S

6.  Details of how any deduction from benefits is calculated.E+W+S

PART 3E+W+SInformation for deferred members

7.  The date the member's pensionable service ended.E+W+S

8.  The amount of the member's benefits and survivors' benefits payable from the date benefits are payable.E+W+S

9.  The amount of the member's pensionable remuneration on the date pensionable service ended.E+W+S

PART 4E+W+SInformation for pension credit members

10.  The amount of the member's benefits and survivors' benefits payable from the date benefits are payable.E+W+S

11.  A summary of the method for calculating the member's benefits and any survivors' benefits.E+W+S

12.  Details of how any deduction from benefits is calculated.E+W+S

Regulation 17

SCHEDULE 6E+W+SStatements of benefits: money purchase benefits [F80and cash balance benefits]

Textual Amendments

F80Words in Sch. 6 heading inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(7) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

PART 1E+W+SInformation for all money purchase members

1.  The amount of contributions (before any deductions are made) credited to the member under the scheme during—E+W+S

(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.

F812.  Where an occupational pension scheme was a contracted-out scheme at any time before the abolition date—E+W+S

(a)the date of birth used in determining the appropriate age-related percentage for the purposes of section 42A of the 1993 Act (reduced rate of Class 1 contributions, and rebates),

(b)the name and postal 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 Secretary of State in accordance with section 7(1) of the Social Security Act 1986 (schemes becoming contracted-out between 1986 and 1993),

(iii)any age-related payments made by the Secretary of State in accordance with section 42A(3) of the 1993 Act.

Textual Amendments

F813.—(1) Where a personal pension scheme was an appropriate scheme at any time before the abolition date—E+W+S

(a)the date of birth used in determining the appropriate age-related percentage for the purposes of section 45(1) of the 1993 Act (amount of minimum contributions),

(b)the name and postal 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 the Secretary of State in respect of the member during the 12 months preceding a specified date that are attributable to section 45(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 2004 (minimum contributions under pensions legislation).

Textual Amendments

4.  The value of the member's accrued rights under the scheme at a date specified by the trustees or managers of the scheme.E+W+S

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—E+W+S

(a)sections 97 and 101I 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 1987 M40 (calculation, verification and increases of cash equivalents), in the case of a personal pension scheme.

Marginal Citations

M40S.I. 1987/1112. Regulations 3 and 4 were substituted by S.I. 2008/1050.

[F825A.  Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, details of how the member may obtain on request the information specified in paragraph 35 of Schedule 3 (information to be given about pooled funds).E+W+S

Textual Amendments

5B.  In relation to the information that must be published on a website in accordance with regulation 29A(2) [F83and (2A) (publishing charges and transaction costs and other relevant information)]—E+W+S

(a)the information specified in sub-paragraphs (a) to (d) of regulation 27(2) (provision of information on a website); and

(b)a statement explaining the circumstances in which the information will be provided on request in hard copy form.]

Textual Amendments

PART 2E+W+SPension illustration

6.—(1) [F84For money purchase benefits,] an illustration of the amount of the pension—E+W+S

(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.

Textual Amendments

F84Words in Sch. 6 para. 6(1) inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(8)(a) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[F856A.  For cash balance benefits, an illustration of the amount of the pension calculated—E+W+S

(a)in accordance with paragraph 7(1)(a)(ii) and (2);

(b)in accordance with the rules of the scheme; and

(c)where appropriate, in a manner consistent with the relevant guidance,

that is likely to be secured by the member at the member’s normal pension age in respect of the member’s rights to cash balance benefits that have arisen or may arise under the scheme.]

Textual Amendments

F85Sch. 6 para. 6A inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(8)(b) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

7.—(1) The amount referred to in paragraph 6 must be calculated—E+W+S

(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—E+W+S

(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.

(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.E+W+S

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.E+W+S

11.  A statement that general assumptions have been made.E+W+S

12.  A statement that any amounts in the information given under this Part are expressed in today's prices.E+W+S

13.  The member's retirement date used for the purposes of the information given under this Part.E+W+S

14.  The illustration date used for the purposes of the information given under this Part.E+W+S

PART 3E+W+SFurther information to be given on pension illustration

15.  A statement that—E+W+S

(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.E+W+S

[F8616A.  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 cost of buying an annuity at the time the pension becomes payable) which may be different from any assumptions made.]E+W+S

Textual Amendments

F86Sch. 6 para. 16A inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 79(8)(c) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

17.  A statement of any—E+W+S

(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 of this Schedule.

Regulations [F8718A] to 22 and 25(2)

SCHEDULE 7E+W+SInformation to be given by schemes that relates to accessing benefits

Textual Amendments

PART 1E+W+SInformation 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.E+W+S

2.  A statement that the person has an opportunity to select the provider of the annuity.E+W+S

3.  A statement that different annuities have different features and different rates of payment including annuities that provide—E+W+S

(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—E+W+S

(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 them.E+W+S

PART 2E+W+SInformation on accessing benefits for members and survivors

6.  The amount of benefit that is payable.E+W+S

7.  If benefit is payable periodically—E+W+S

(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.E+W+S

9.  Any procedures for exercising the rights and options referred to in paragraph 8.E+W+S

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.E+W+S

[F88Part 3E+W+SInformation to be Given to Members Having an Opportunity to Transfer Flexible Benefits

Textual Amendments

11.  A statement that the member has an opportunity to transfer flexible benefits to one or more different pension providers.E+W+S

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.E+W+S

13.  A statement that different options have different features, different rates of payment, different charges and different tax implications.E+W+S

14.  Either—E+W+S

(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.]

Regulations 23(3), 24(2) and 25(2)

SCHEDULE 8E+W+SInformation to be given by schemes about winding up

PART 1E+W+SInformation to be given by occupational pension schemes during winding up

1.  A statement that the scheme is being wound up.E+W+S

2.  The reasons why the scheme is being wound up.E+W+S

3.  Where section 22 of the 1995 Act M41 (circumstances in which following provisions apply) applies, a statement that at least one of the trustees of the scheme are required to be an independent person by section 23 of that Act M42.E+W+S

Marginal Citations

M41Section 22 was amended by the 2004 Act, sections 36(1) and (2), 319(1) and 320, Schedule 12, paragraphs 34 and 40 and Schedule 13, Part 1 and S.I. 2009/1941.

M42Section 23 was substituted by the 2004 Act, section 36(4).

4.  In the case of active members, whether death in service benefits will continue to be payable.E+W+S

5.  A summary of the action that is being taken, and that has been taken, to—E+W+S

(a)establish the scheme's liabilities, and

(b)recover any assets.

6.  An estimate of when—E+W+S

(a)the scheme's liabilities are likely to be established, and

(b)any assets are likely to be recovered.

7.  Either—E+W+S

(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 2E+W+SInformation 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.E+W+S

9.  The amount of any reduction of the member's, or beneficiary's, benefits.E+W+S

10.  Who has or will become liable for the payment of the member's, or beneficiary's, benefits.E+W+S

PART 3E+W+SInformation to be given by personal pension schemes after winding up

11.—(1) The amount of—E+W+S

(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

F89(b)where the scheme was, at any time before the abolition date, an appropriate scheme the minimum contributions paid by the Secretary of State in respect of the member in that 12 month period that is attributable to section 45(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.

F90(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).

Textual Amendments

12.  At a date specified by the managers of the scheme —E+W+S

(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 1987.

13.  The options available to a member for preserving, transferring or otherwise disposing of the member's accrued rights under the scheme.E+W+S

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.E+W+S

PART 4E+W+SReport under section 72A of the 1995 Act

15.  Where a report has been made to the Regulator under section 72A of the 1995 Act M43 (reports about winding up), a copy of that report.E+W+S

Marginal Citations

M43Section 72A was inserted by the Child Support, Pensions and Social Security Act 2000, section 49(1).

PART 5E+W+SInformation 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.E+W+S

Regulation 1(4)

SCHEDULE 9E+W+SAmendments to Regulations

The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991E+W+S

1.—(1) The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 M44 are amended as follows.

(2) After regulation 1(3) M45 (interpretation) 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 2013 (giving information and documents).”.

(3) In regulation 9(6)(c) M46 (bought out benefits), for “at his last known address” substitute “ in accordance with regulations 26 to 28 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ”.

Marginal Citations

M45Paragraph (3) was substituted by S.I. 1996/2131 and amended by S.I. 2013/459.

M46Regulation 9(6) was amended by S.I. 1994/1062 and 2011/1246.

The Occupational Pension Schemes (Contracting-out) Regulations 1996E+W+S

2.  In regulation 3(3) of the Occupational Pension Schemes (Contracting-out) Regulations 1996 M47 (notices by employers of intended election)—

(a)for sub-paragraph (a)(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 2013 (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 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, or

(ii)delivering it to that person.”.

Marginal Citations

The Occupational Pension Schemes (Transfer Values) Regulations 1996E+W+S

3.  After regulation 11(6) of the Occupational Pension Schemes (Transfer Values) Regulations 1996 M48 (disclosure), 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 2013 (giving information and documents).”.

Marginal Citations

M48S.I. 1996/1847. Regulation 11 was amended by S.I. 2005/72, 2008/1050 and 2009/615.

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996E+W+S

4.—(1) The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996 M49 are amended as follows.

(2) In regulation 2 (requirement of trustees or managers to obtain documents), after paragraph (2) 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 2013 (giving information and documents).”.

(3) The Schedule (contents of accounts audited by the auditor of the scheme) is amended as follows—

(a)at the beginning of paragraph 5 M50 insert “ Except in relation to a trust scheme that applies to earners in employments under different employers, ”, and

(b)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 paragraph (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 section 40(1) of the Pensions Act 1995, listing the employer-related investments and the employer concerned.

(2) In sub-paragraph (1) “employer-related investments” has the meaning as in section 40(2) of the Pensions Act 1995 but as if the following words were omitted from subsection (2)—

(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.”.

Marginal Citations

M50Paragraph 5 was substituted by S.I. 1997/3038, amended by S.I. 2006/778 and modified in relation to the National Employment Savings Trust by S.I. 2011/673.

The Occupational Pension Schemes (Winding Up) Regulations 1996E+W+S

5.—(1) The Occupational Pension Schemes (Winding Up) Regulations 1996 M51 are amended as follows.

(2) After regulation 7(10) (requirements applicable to notices of discharge under regulation 6), insert—

“(11) A discharge notice and any notice under paragraph (3) may be given in accordance with regulations 26 to 28 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013.”.

(3) 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 2013 (giving information and documents) ”.

Marginal Citations

The Occupational Pension Schemes (Discharge of Liability) Regulations 1997E+W+S

6.  In regulation 6(5)(b)(ii) of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997 M52 (further conditions on which liability may be discharged), for “at her or his last known address” substitute “ in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (giving information and documents) ”.

Marginal Citations

M52S.I. 1997/784. Regulation 6(5) was amended by S.I. 2005/2050.

The Pensions on Divorce etc. (Provision of Information) Regulations 2000E+W+S

7.  After regulation 10 of the Pensions on Divorce etc. (Provision of Information) Regulations 2000 M53 (provision of information after receipt of an earmarking order) add—

“Provision of information

11.—(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 2013 (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 the Electronic Communications Act 2000.”.

Marginal Citations

M53S.I. 2000/1048. There are no relevant amendments.

The Pension Sharing (Pension Credit Benefit) Regulations 2000E+W+S

8.—(1) The Pension Sharing (Pension Credit Benefit) Regulations 2000 M54 are amended as follows.

(2) 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 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ”.

(3) 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 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ”.

(4) 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 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ”.

Marginal Citations

M54S.I. 2000/1054. There are no relevant amendments.

The Stakeholder Pension Schemes Regulations 2000E+W+S

9.—(1) The Stakeholder Pension Schemes Regulations 2000 M55 are amended as follows.

(2) In regulation 1(3) (interpretation)—

(a)in the definition of “illustration date” for “18(2A)” substitute “ 18A(2) ”,

(b)in the definition of “non-contributing member”—

(i)omit paragraph (a), and

(ii)in paragraph (b) omit “in relation to a personal pension scheme,”,

(c)for the definition of “the relevant guidance” substitute—

““relevant guidance” means the document entitled “AS TM1: Statutory Money Purchase Illustrations” that is adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited;”, and

(d)in the definition of “retirement date” for “18(2A)” in each place where it appears substitute “ 18A(2) ”.

(3) In regulation 18(7) (disclosure of information to members)—

(a)after sub-paragraph (a) insert “ and ”,

(b)after sub-paragraph (b)(ii) omit “and”, and

(c)omit sub-paragraph (c).

(4) In regulation 18A—

(a)in paragraph (1) at the beginning insert “ Subject to paragraph (1A) ”,

(b)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 Act 2008 (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.”,

(c)after paragraph (2) insert—

“(2A) For the purposes of paragraph (2), the calculation of the amount of the pension mentioned in paragraph (2) may take account of a lump sum.”, and

(d)in paragraph (4)—

(i)after sub-paragraph (c) insert “ or ”,

(ii)after sub-paragraph (d) omit “or”, and

(iii)omit sub-paragraph (e).

(5) In regulation 18B—

(a)in paragraph (1)(b) omit the words from “of this regulation” to “relevant guidance”, and

(b)omit paragraphs (3) and (4).

(6) 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 1stDecember 2010; and

(b)relevant information was not given by the trustees or managers 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 managers of the scheme have given them 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).”.

(7) In regulation 18E (provision of information on a website)—

(a)in paragraph (1) for “this regulation sets” substitute “ this regulation and regulation 18F set ”,

(b)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.”,

(c)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.”,

(d)omit paragraph (6), and

(e)in paragraph (7) after “this regulation” insert “ and regulation 18F ”.

(8) After regulation 18E insert—

“Provision of information on a website: supplemental

18F.—(1) The notification mentioned in regulation 18E(4) need not be given where paragraphs to (4) are satisfied.

(2) This paragraph is satisfied where—

(a)the trustees or managers of the scheme have given the recipient at least two 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 their electronic address to the trustees or managers of the scheme except where the trustees or managers 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 managers 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 managers 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).”.

(9) In paragraph 6 of Schedule 3 (information for members)—

(a)after sub-paragraph (c) omit “and”, and

(b)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).”.

Marginal Citations

M55S.I. 2000/1403. Regulations 18A to 18E were inserted by S.I. 2010/2659. Paragraph 6(d) of Schedule 3 was amended by S.I. 2011/1245. The definition of “illustration date” was inserted by S.I. 2002/1381 and amended by S.I. 2010/2659. The definition of “non-contributing member” was inserted by S.I. 2002/1383. The definition of “retirement date” was inserted by S.I. 2002/1383 and amended by S.I. 2010/2659.

The Personal Pension Schemes (Payments by Employers) Regulations 2000E+W+S

10.  After regulation 5A(5) of the Personal Pension Schemes (Payments by Employers) Regulations 2000 M56 (the issue of payment statements to an employee) 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 2013 (giving information and documents).”.

Marginal Citations

M56S.I. 2000/2692. Regulation 5A was inserted by S.I. 2006/778.

The Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002E+W+S

11.  In regulation 8 of the Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002 M57 (applications to the Authority to modify schemes to secure winding up)—

(a)in paragraph (3)(a), for the words after “to all members of the scheme” substitute “ (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 2013 (giving information and documents), and ”, 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 is 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 their 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.”.

Marginal Citations

The Occupational Pension Schemes (Independent Trustee) Regulations 2005E+W+S

12.  After regulation 13(8) of the Occupational Pension Schemes (Independent Trustee) Regulations 2005 M58 (disclosure requirements and penalty) insert—

“(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 2013 (giving information and documents).”.

Marginal Citations

The Occupational Pension Schemes (Winding up etc.) Regulations 2005E+W+S

13.—(1) The Occupational Pension Schemes (Winding up etc.) Regulations 2005 M59 are amended as follows.

(2) In regulation 6(6) (adjustments to discretionary awards) for “by post”, the first time it appears, substitute “ in accordance with regulations 26 to 28 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ”.

(3) In regulation 7(6) (adjustments to survivors' benefits) for “by post”, the first time it appears, substitute “ in accordance with regulations 26 to 28 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ”.

Marginal Citations

The Occupational Pension Schemes (Scheme Funding) Regulations 2005E+W+S

14.  In Schedule 3 to the Occupational Pension Schemes (Scheme Funding) Regulations 2005 M60 (supplementary and consequential provisions) omit paragraphs 2 and 3.

Marginal Citations

The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006E+W+S

15.  After regulation 11(2) of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 M61 (requirement to provide information), 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 2013 (giving information and documents).”.

Marginal Citations

The Occupational Pension Schemes (Payments to Employer) Regulations 2006E+W+S

16.—(1) The Occupational Pension Schemes (Payments to Employer) Regulations 2006 M62 are amended as follows.

(2) After regulation 10(3) (notification to members), 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 2013 (giving information and documents).”.

(3) After regulation 15(5) (notice of proposal to distribute excess assets to the employer), add—

“(6) A notice under this regulation may be sent in accordance with regulations 26 to 28 (giving information and documents) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013.”.

Marginal Citations

The Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2011E+W+S

17.  Omit regulations 2 and 3 of the Application of Pension Legislation to the National Employment Savings Trust Corporation Regulations 2011 M63.

Marginal Citations

The Pensions Act 2007 (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Amendments) Regulations 2011E+W+S

18.—(1) The Pensions Act 2007 (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Amendments) Regulations 2011 M64 are amended as follows.

(2) Omit regulations 17 and 19.

(3) For regulation 20(4) (amendment of the Stakeholder Pension Schemes Regulations 2000) substitute—

“(4) In Schedule 3 (information for members)—

(a)in paragraph 1 omit sub-paragraph (d), and

(b)in paragraph 2 omit sub-paragraphs (e), (f) and (g).”.

Marginal Citations

Regulations 18A to 21

[F91SCHEDULE 10E+W+SINFORMATION TO BE GIVEN ON THE PENSIONS GUIDANCE AND MEMBERS’ BENEFITS

Textual Amendments

Part 1E+W+SInformation on the Pensions Guidance

1.  A statement that pensions guidance is available to help the person to understand their options in relation to what they can do with their flexible benefits.E+W+S

2.  A statement that the pensions guidance may be accessed on the internet, by phone, or face to face.E+W+S

3.  The phone number and website address at which the pensions guidance may be accessed and details of how the person may access the pensions guidance face to face.E+W+S

4.  A statement that the pensions guidance is free and impartial.E+W+S

5.  A statement that the person should access the pensions guidance and consider taking independent advice to help them decide which option is most suitable for them.E+W+S

Part 2E+W+SInformation on Members’ Benefits

6.  An estimate of the cash equivalent of any of the member’s accrued rights to flexible benefits that—E+W+S

(a)are transferrable rights; or

(b)would be transferrable rights if the member stopped accruing rights to some or all of the flexible benefits,

calculated and verified in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations 1996 (manner of calculation and verification of cash equivalents) on the basis that the member stopped accruing, or will stop accruing, those rights on a particular date.

7.  An estimate of the value of any accrued rights to flexible benefits that the member may transfer out of the scheme under the scheme rules, in respect of which an estimate of the cash equivalent is not required to be given under paragraph 6, calculated in accordance with the scheme rules and actuarial assumptions on the date of the calculation.E+W+S

8.  The date by reference to which the estimate of the cash equivalent or value (as appropriate) is calculated.E+W+S

9.  An explanation that the cash equivalent or value (as appropriate) is an estimate and may not represent the exact amount available to the member to transfer to another pension provider.E+W+S

10.  In relation to the member’s accrued rights to flexible benefits in respect of which there is an opportunity to transfer—E+W+S

(a)details of any guarantee to which the benefits are subject; and

(b)details of any other features, restrictions and conditions that apply to the benefits that affect, or may affect, their value.

11.  Where the member has a right or entitlement to benefits under the scheme that are not flexible benefits, that the member has that right or entitlement and how the member may access information about those benefits.E+W+S

Part 3E+W+SFurther information

12.  A statement that—E+W+S

(a)there may be tax implications associated with accessing flexible benefits;

(b)income from a pension is taxable; and

(c)the rate at which income from a pension is taxable depends on the amount of income that the person receives from a pension and from other sources.

13.  Where the member has accrued rights to flexible benefits that are not money-purchase benefits, has not reached normal pension age and does not satisfy the ill-health condition—E+W+S

(a)a statement that the value of the member’s accrued rights to flexible benefits is likely to be lower if the member accesses the benefits before normal pension age; and

(b)the age at which the member will reach normal pension age.]

Explanatory Note

(This note is not part of the Regulations)

These Regulations impose requirements on occupational pension schemes and personal pension schemes relating to the provision of information. The Regulations replace the Personal Pension Schemes (Disclosure of Information) Regulations 1987 (S.I. 1987/1110) and the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 (S.I. 1996/1655) which are now revoked. The provisions of those Instruments that are carried forward are consolidated and amended.

Part 1 of the Regulations contains general provisions. Regulation 1 provides for the date the Regulations come into force, the date certain provisions cease to have effect, revocations and introduces the Schedule of amendments to regulations. Regulation 2 provides for interpretation. Regulation 3 makes provision relating to recognised trades unions. Regulation 4 sets out the application of the Regulations and indicates which of the duties apply in particular cases. Regulation 5 provides for the imposition of civil penalties for breach of duty by an occupational pension scheme.

Part 2 contains provisions concerning the information that must be given at the initial stage of membership of a pension scheme.

Part 3 contains provision concerning the information that must be given when there are changes to pension schemes.

Part 4 contains provision concerning information that must be given on request.

Part 5 contains provision concerning information that must be given relating to the funding of schemes and the benefits that the schemes may provide.

Part 6 contains provision concerning the information that must be given when the benefits from the scheme are to be accessed.

Part 7 contains provision concerning the information that must be given when the pension in payment changes.

Part 8 contains provisions concerning the information that must be given when schemes are winding up.

Part 9 contains provisions concerning the giving of information or documents required to be given under the Regulations.

An analysis of the impact of this legislation has been made. A copy is available in the libraries of both Houses of Parliament. A copy is annexed to the Explanatory Memorandum which is available alongside this instrument on www.legislation.gov.uk. Copies may also be obtained from the Better Regulation Unit of the Department for Work and Pensions, 2D, Caxton House, Tothill Street, London SW1H 9NA.

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