Search Legislation

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

Changes over time for: SCHEDULE 6

 Help about opening options

Version Superseded: 06/04/2018

Status:

Point in time view as at 06/04/2017.

Changes to legislation:

There are currently no known outstanding effects for the The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SCHEDULE 6. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Regulation 17

SCHEDULE 6E+W+SStatements of benefits: money purchase benefits [F1and cash balance benefits]

This schedule has no associated Explanatory Memorandum

Textual Amendments

F1Words 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.

F22.  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

F23.—(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 M1 (calculation, verification and increases of cash equivalents), in the case of a personal pension scheme.

Marginal Citations

M1S.I. 1987/1112. Regulations 3 and 4 were substituted by S.I. 2008/1050.

PART 2E+W+SPension illustration

6.—(1) [F3For 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

F3Words 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

[F46A.  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

F4Sch. 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

[F516A.  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

F5Sch. 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.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument as a PDF

The Whole Instrument you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources