The Occupational, Personal and Stakeholder Pension Schemes (Disclosure of Information) (Amendment) Regulations 2010

Amendment of the Personal Pension Schemes (Disclosure of Information) Regulations 1987

2.—(1) The Personal Pension Schemes (Disclosure of Information) Regulations 1987(1) are amended as follows.

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

(a) after the definition of “the Act”(2), insert—

““address” means postal address (except in the phrases “postal address”, “electronic address” and “website address”);”,

(b) after the definition of “contracted-out employment”(3), insert—

““electronic communication” has the same meaning as in section 15(1) of the Electronic Communications Act 2000;”,

(c) for the definition of “excluded person”(4), substitute—

““excluded person” means a person—

(a)

whose present postal address and electronic address is not known to the trustees of the scheme;

(b)

in respect of whom the trustees 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 of the scheme are satisfied that that correspondence has not been delivered; and

(c)

in respect of whom no contribution has been made to the scheme by or on behalf of the member during the 2 calendar years preceding the date on which the information in question would otherwise fall to be disclosed;”, and

(d) after the definition of “pensionable age”(5), insert—

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

(3) For regulation 3(2) (constitution of scheme), substitute—

“(2) A copy of the contents of any of the documents referred to in paragraph (1) must, within a reasonable time of a request being made by any person in the categories specified in paragraph (4) (not being a request made by a person within 12 months of the last occasion on which a copy of the contents of the same document was made available for inspection by the same person), be made available free of charge—

(a) for inspection at a place which is reasonable having regard to the circumstances of the request; or

(b) on a website (see regulation 9).”.

(4) In regulation 5 (information to be made available to individuals)—

(a) for paragraph (2)(6), substitute—

“(2) Each member of the scheme except an excluded person, at least once in every period of 12 months after the date the member became a member of the scheme, must be furnished as of course with—

(a) the information mentioned in paragraphs 1, 2 and 12 of Schedule 2; and

(b) subject to paragraph (2A) of this regulation, the information mentioned in paragraph 2A(1) of Schedule 2.

(2ZA) Where information is furnished in accordance with paragraph (2)(b)—

(a) it must be accompanied by the additional information specified in paragraph 2A(6) of Schedule 2; and

(b) the member referred to in paragraph (2) must be provided with the further information specified in paragraph 2A(7) of Schedule 2 by one of the methods in paragraph (2C) of this regulation.”,

(b) in paragraph (2B)(7), for the words from “then that information” to the end substitute—

“then—

(a) that information must be accompanied by the additional information specified in paragraph 2A(6) of Schedule 2; and

(b) the further information specified in paragraph 2A(7) of Schedule 2 must be provided by one of the methods in paragraph (2C) of this regulation,

as if that additional and further information had been provided under paragraph 2A(1) of Schedule 2.”, and

(c) after paragraph (2B), insert—

“(2C) The methods referred to in paragraphs (2ZA)(b) and (2B)(b) are for the further information to—

(a) accompany the information described in paragraph 2A(1) of Schedule 2; or

(b) be otherwise furnished by the trustees of the scheme.”.

(5) For regulation 6(3) (availability of other information)(8), substitute—

“(2A) Any scheme member may request a copy of any document or series of documents referred to in paragraph (1) if—

(a) the document is, or series of documents are, not the latest and do not relate to a scheme year which ended more than 5 years previously; and

(b) the request is not being made by a person within 3 years of the last occasion on which a copy of the same document or series of documents was made available for the same person.

(3) Subject to paragraph (5), where a request in accordance with paragraph (2A) has been made, a copy of the document or series of documents must, within a reasonable time of the request, be made available free of charge

(a) for inspection at a place which is reasonable having regard to the circumstances of the request; or

(b) on a website (see regulation 9).”.

(6) For regulation 7 (service of documents by post), substitute

“Service of information and documents by a scheme

7.— (1) Except where these Regulations otherwise provide, the trustees of the scheme may furnish any relevant information by

(a) sending it to the recipient’s last known postal address; or

(b) subject to paragraphs (2) to (4), using either or both of the following methods

(i) sending it to the recipient’s last known electronic address,

(ii) making it available on a website (see regulation 9).

(2) Where the recipient has requested in writing that

(a) any relevant information; or

(b) all relevant information,

is not furnished in accordance with paragraph (1)(b), that relevant information may not be furnished in accordance with paragraph (1)(b).

(3) Relevant information may only be furnished in accordance with paragraph (1)(b) where the trustees of the scheme are satisfied that the electronic communications have been designed—

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

(i) get access to, and

(ii) store or print,

the relevant information; and

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

(4) Where—

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

(b) that recipient has not received relevant information by means of an electronic communication before 1st December 2010,

relevant information may not be furnished to that recipient in accordance with paragraph (1)(b) unless the trustees of the scheme have given them by post the written notice referred to in paragraph (5).

(5) The written notice mentioned in paragraph (4) must state that—

(a) the trustees of the scheme propose to furnish relevant information to the recipient by means of an electronic communication; and

(b) the recipient may request in writing that relevant information is not furnished by means of an electronic communication.

(6) In this regulation, “relevant information” means any information or document which these Regulations require the trustees of a scheme to furnish to any person.

Service of information, documents and notifications to a scheme

8.   Any person may—

(a) make a request for information or documents; or

(b) give a notification,

to the trustees of the scheme for the purposes of these Regulations by sending it to the trustees’ last known postal address.

Provision of information on a website

9.   This regulation sets out the conditions which must be met when making information or documents available on a website under—

(a) regulation 3(2)(b);

(b) regulation 6(3)(b); and

(c) regulation 7(1)(b)(ii).

(2) When the trustees of the scheme make the first information or document available on a website, they must send a notification to the recipient’s last known—

(a) postal address; or

(b) electronic address.

(3) The notification referred to in paragraph (2) 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.

(4) Except where paragraph (6) applies, when the trustees of the scheme make any subsequent information or document available on a website, they must send a notification to the recipient’s last known—

(a) postal address; or

(b) electronic address.

(5) The notification referred to in paragraph (4) must include a statement that the information or document is available on the website.

(6) This paragraph applies where—

(a) at least 3 letters have been—

(i) given to the recipient by hand, or

(ii) sent to the recipient’s last known postal address;

(b) each of those letters—

(i) asks the recipient to send their electronic address to the trustees of the scheme, and

(ii) states that the recipient may request in writing that information or documents are not furnished or given by means of an electronic communication; and

(c) the trustees of the scheme—

(i) do not know the recipient’s electronic address, or

(ii) have not received a written request that information or documents are not furnished or given to the recipient by means of an electronic communication.”.

(7) In Schedule 2 (information to be made available to individuals)—

(a) in paragraph 2A(6)(9)—

(i) in paragraph (a)—

(aa) for the first comma, substitute “and”, and

(bb) omit the words from “, and that it should not” to the end,

(ii) omit paragraphs (b), (d), (g), (h) and (i), and

(iii) in paragraph (e), omit the words from “about the nature” to the end, and

(b) after paragraph 2A(6), insert—

“(7) The further information which is to be provided, as mentioned in regulation 5(2ZA)(b) and (2B)(b), is—

(a) a statement to the effect that 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, which may not correspond with the investments actually made for those purposes, or their actual performance;

(b) a statement to the effect that the actual amount of any pension payable to or in respect of the member under the scheme will depend on considerations, including the actual performance of investments and the cost of buying an annuity at the time the pension becomes payable, which may be different from the assumptions made for the purposes of providing the information under sub-paragraph (1);

(c) a statement specifying any assumptions made in relation to future contributions to the scheme; and

(d) a statement of the assumptions made in accordance with sub-paragraphs (3)(b)(iii) and (4) or as mentioned in sub-paragraph (5).”.

(1)

S.I. 1987/1110.

(2)

The definition of “the Act” was inserted by S.I. 1994/1062.

(3)

The definition of “contracted-out employment” was inserted by S.I. 2002/1383.

(4)

The definition of “excluded person” was inserted by S.I. 1992/1531.

(5)

The definition of “pensionable age” was substituted by S.I. 1996/776.

(6)

Regulation 5(2) was amended by S.I.s 1992/1531, 1996/1435 and 2002/1383.

(7)

Regulation 5(2B) was inserted by S.I. 2002/1383.

(8)

Regulation 6(3) was amended by S.I. 1992/1531.

(9)

Paragraph 2A was inserted by S.I. 2002/1383.