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

Regulation 29B(2) and (3)

[F1 SCHEDULE 11 E+W+S Statements to Be Published by Collective Money Purchase Schemes

Textual Amendments

F1 Sch. 11 inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 13(19)

PART 1 E+W+S Scheme design statement

1.   A summary of— E+W+S

(a) the rate or amount specified in the rules of the scheme by reference to which collective money purchase benefits accrue each year under the scheme;

(b) the rate or amount of contributions paid by the employer;

(c) the rate or amount of contributions paid by the member;

(d) the normal pension age as specified in the rules of the scheme.

2.   A statement that— E+W+S

(a) there is no promise or guarantee as to the rate or amount of benefits provided under the scheme, and

(b) the rate or amount of benefits may fluctuate, which may result in—

(i) reduced benefits before benefit becomes payable;

(ii) reduced benefits after benefit becomes payable.

3.   A summary of the rules governing how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including— E+W+S

(a) that annual benefit calculations and any adjustments of the rate or amount of benefits are applied to all the members of the scheme without variation, and

(b) where relevant, an explanation of how any multi-annual reduction permitted under the scheme rules operates and the effect it may have on the rate or amount of benefits provided under the scheme.

4.   An explanation of how the trustees of the scheme will monitor risks to the scheme including potential negative impacts on the rate or amount of benefits provided under the scheme. E+W+S

5.   A summary of the procedure that would be followed in the event of the winding up of the scheme. E+W+S

PART 2 E+W+S Valuation and benefit adjustment statement

6.   The name of the scheme to which the statement relates. E+W+S

7.   A summary of the results of the latest actuarial valuation of the scheme, based on the latest actuarial valuation report, including any resulting benefit adjustment. E+W+S

8.   An explanation of the methods and assumptions used in the latest actuarial valuation. E+W+S

9.   The effective date of the latest actuarial valuation to which the explanation in paragraph 8 relates. E+W+S

10.   A description of the model used to calculate benefit illustrations for the purpose of annual benefit statements. E+W+S

11.   In the case of the first valuation statement for the scheme, an explanation of any changes to the methods and assumptions used in the application for authorisation. E+W+S

12.   In the case of all subsequent statements, an explanation of any changes to the actuarial valuation or to the methods and assumptions used in the last statement. E+W+S

13.   The name and postal or email address of a person to whom enquiries relating to the information under this Part should be sent.] E+W+S