7.—(1) In respect of members with—E+W+S
(a)money purchase benefits other than collective money purchase benefits, or
(b)hybrid benefits, where the benefit is calculated with reference to both money purchase benefits and benefits other than money purchase benefits,
trustees or managers are not required to provide the projected pot values and annualised projected values specified in sub-paragraphs (2)(b)(ii) and (iii) respectively of paragraph 1 of Part 1, where all of the criteria in sub-paragraph (2) are met in relation to the member.
(2) The criteria are—
(a)the value of the member’s accrued rights to money purchase benefits under the scheme, determined in accordance with the relevant guidance, was less than £5,000 on the last illustration date in respect of which the information listed in Part 2 of Schedule 6 to the 2013 Regulations was last given;
(b)since the 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;
(c)the trustees or managers of the scheme have previously given notice to the member that the information listed in Part 2 of Schedule 6 to the 2013 Regulations will not be given to the member again unless further contributions referred to in paragraph (b) have been made.
(3) But even if an exemption applies under sub-paragraph (1), trustees or managers may provide projected values despite not being required to do so.
(4) In respect of members with—
(a)money purchase benefits other than collective money purchase benefits, or
(b)hybrid benefits, where the benefit is calculated with reference to both money purchase benefits and benefits other than money purchase benefits,
trustees or managers are not required to provide any projected values referred to in Part 1 for a member within 2 years of their retirement date.
(5) But even if an exemption applies under sub-paragraph (4), trustees or managers may provide projected values despite not being required to do so.
Commencement Information
I1Sch. 3 para. 7 in force at 12.12.2022, see reg. 1(2)