The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

1. Introductory Text

2. PART 1 General

   1. 1. Citation, commencement and expiry

   2. 2. Interpretation

   3. 3. Recognised trade union

   4. 4. Application of these Regulations

   5. 5. Civil penalties relating to occupational pension schemes

3. PART 2 Information for new and prospective members

   1. 6. Basic scheme information

   2. 7. Basic scheme information to be given by certain schemes

4. PART 3 Changes to information

   1. 8. Material alterations to basic scheme information

   2. 8A. Scheme closure: collective money purchase schemes

   3. 9. Modification by the Regulator

   4. 10. Former stakeholder pension schemes

5. PART 4 Information to be given on request

   1. 11. Constitution of the scheme

   2. 12. Annual report

   3. 12A. Additional information available on request: pooled funds

   4. 13. Other information to be given on request

   5. 14. Transfer credits

6. PART 5 Funding statements, benefit statements and illustrations

   1. 15. Summary funding statements

   2. 16. Statements of benefits: non-money purchase benefits

   3. 16A. Statements of benefits: cash balance benefits

   4. 17. Statements of benefits: money purchase benefits

   5. 17A. Statements of benefits: collective money purchase schemes

7. PART 6 Lifestyling and accessing benefits

   1. 18. Lifestyling

   2. 18A. Information to be given on request and on a member providing certain information

   3. 18B. Information to be given on communicating with a member about what the member may do with flexible benefits

   4. 18C. Requirement to refer members and survivors to guidance etc.

   5. 18D. Consequential modifications of sections 95 and 97J of the 1993 Act

   6. 18E. Record-keeping requirements of trustees and managers

   7. 19. First information on accessing benefits

   8. 19A. Retirement risk warnings

   9. 20. Second information on accessing benefits

   10. 21. Accessing benefits on the death of the member or beneficiary

8. PART 7 Information about benefits in payment

   1. 22. Changes to benefits

   2. 22A. Benefit adjustment information: collective money purchase schemes

   3. 22B. Incorrect benefit adjustments in collective money purchase schemes

9. PART 8 Information about winding up

   1. 23. Personal pension schemes that have begun winding up

   2. 24. Occupational pension schemes during winding up

   3. 25. Occupational pension schemes after winding up for individual members

10. PART 9 Giving information and documents

    1. 26. Giving information and documents

    2. 27. Provision of information on a website

    3. 28. Provision of information on a website: supplemental

    4. 29. Giving information and documents in certain cases

    5. 29A. Publishing charges and transaction costs and other relevant information

    6. 29B. Additional publication requirements for collective money purchase schemes

    7. 30. Responsibility for giving information and documents

11. PART 10 Consequential amendments and revocations

    1. 31. Consequential amendments

    2. 32. Consequential revocations

12. Signature

13. SCHEDULES

    1. SCHEDULE 1

       Description of schemes

       1. 1. (1) An occupational pension scheme falls within this paragraph if...

       2. 2. A personal pension scheme falls within this paragraph if it...

    2. SCHEDULE 2

       Basic information

       1. PART 1 Information to be given by occupational pension schemes that fall within paragraph 1 of Schedule 1

          1. 1. The conditions persons must meet to become members of the...

          2. 2. How persons who are eligible to be members of the...

          3. 3. A summary of what can be done with a member’s...

          4. 4. A statement relating to the matters mentioned in paragraph 3—...

          5. 4A. Where the member has flexible benefits, a statement explaining the...

          6. 4B. Subject to paragraph 4C Where the member has safeguarded benefits...

          7. 4C. Paragraph 4B does not apply to a member of an...

          8. 5. Whether the scheme is a tax registered scheme or, if...

          9. 6. A statement that explains whether transfers can be made into...

          10. 7. The arrangements, if any, for the payment by members of...

          11. 8. A summary of how the contributions, if any, payable by...

          12. 9. Where the scheme is the National Employment Savings Trust Corporation...

          13. 10. A statement that— (a) the Money and Pensions Service is...

          14. 11. The postal address and electronic address at which each of...

          15. 12. Except where the scheme has no relevant employment which is...

          16. 13. If a member of the scheme has to give a...

          17. 14. Whether, and if so on what conditions (if any), a...

          18. 15. The following information about benefits payable under the scheme (referred...

          19. 16. Where the member has money purchase benefits, a statement that...

          20. 16A. Where the member has rights to cash balance benefits, a...

          21. 17. Except where the scheme is a public service pension scheme,...

          22. 18. (1) The scheme’s internal dispute resolution arrangements.

          23. 18A. In respect of a collective money purchase scheme, a statement...

          24. 18B. In respect of a collective money purchase scheme, a summary...

       2. PART 2 Information 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

          1. 19. The following information about benefits payable under the scheme (referred...

          2. 20. A statement that explains whether transfers can be made into...

          3. 21. A summary of what can be done with a member’s...

          4. 22. A statement relating to the matters mentioned in paragraph 21—...

          5. 22A. Where the member has flexible benefits, a statement explaining the...

          6. 22B. Subject to paragraph 22C Where the member has safeguarded benefits...

          7. 22C. Paragraph 22B does not apply to a member of an...

          8. 23. (1) The scheme’s internal dispute resolution arrangements.

          9. 24. A statement that— (a) the Money and Pensions Service is...

          10. 25. The postal address and electronic address at which each of...

          11. 26. A statement setting out— (a) which benefits—

          12. 27. A statement that most of the provisions of the 1995...

          13. 28. Where the member has money purchase benefits, a statement that...

          14. 28A. Where the member has rights to cash balance benefits, a...

       3. PART 3 Lifestyling

          1. 29. A statement explaining lifestyling, its advantages and disadvantages, and either—...

       4. PART 4 Scheme closure: collective money purchase schemes

          1. 30. A statement that a decision has been made to pursue...

          2. 31. A summary of the reasons for the decision in paragraph...

          3. 32. An estimate of when information will be provided in accordance...

          4. 33. A statement that the scheme will continue to operate in...

          5. 34. A statement confirming that the scheme will be closed, which...

          6. 36. The date the scheme will begin to operate as a...

          7. 37. A statement explaining any impact that the closure will have...

          8. 38. The arrangements for— (a) the future operation of the scheme,...

    3. SCHEDULE 3

       Information to be given on request

       1. PART 1 Information on the constitution of the scheme

          1. 1. The contents of any trust deed or document under which...

          2. 2. The scheme rules (except where regulation 29B applies).

          3. 3. The contents of any document that supplements or alters in...

          4. 4. The name and postal address and electronic address of every...

       2. PART 2 Information in the annual report etc.

          1. 5. A copy of the appropriate audited accounts or auditor’s statements...

          2. 6. If Part 4 of the 2005 Order applies, a copy...

          3. 7. Any of the information listed in Part 5 that applies....

       3. PART 3 Information on funding principles and actuarial valuations etc.

          1. 8. The latest statement of funding principles where required under Article...

          2. 9. Where Part 4 of the 2005 Order applies to the...

          3. 10. Where Part 4 of the 2005 Order applies to the...

          4. 10A. In respect of a collective money purchase scheme, the latest...

          5. 11. Any recovery plan prepared under Article 205 of the 2005...

          6. 12. The latest payment schedule under Article 85 of the 1995...

          7. 13. The latest statement of principles governing decisions about investments where...

          8. 14. A summary of the winding up procedure under Article 210A...

       4. PART 4 Information on transfer credits

          1. 15. Whether the member or prospective member is entitled to acquire...

          2. 16. A statement of any transfer credits referred to in paragraph...

       5. PART 5 Information that applies to the scheme

          1. 17. The names of the persons who are trustees of the...

          2. 18. The provisions of the scheme in relation to the appointment...

          3. 19. The names of the professional advisers and of such banks,...

          4. 20. The postal address and electronic address to which enquiries about...

          5. 21. The number of beneficiaries and active, deferred and pensioner members...

          6. 22. Except in the case of a money purchase scheme other...

          7. 23. Except in the case of a money purchase scheme that...

          8. 24. A statement as to whether the accounts have been prepared...

          9. 25. If the auditor’s statement made in accordance with regulations made...

          10. 26. If such situation as is mentioned in paragraph 25 in...

          11. 27. Who has managed the investments of the scheme during the...

          12. 28. Whether the trustees have produced a statement of the principles...

          13. 29. Except in relation to a wholly insured scheme, a statement...

          14. 30. (1) Where the scheme is one to which Article 35...

          15. 31. A copy of any statement made on the resignation or...

          16. 32. Except where the scheme is a trust scheme that applies...

          17. 33. (1) Where the scheme is a trust scheme that applies...

          18. 34. Where the scheme is a relevant scheme within the meaning...

          19. 34A. Where the trustees are required to publish a report on...

       6. PART 6 Information to be given about pooled funds

          1. 35. (1) A statement identifying in relation to the provision of...

    4. SCHEDULE 4

       Summary funding statements

       1. 1. A summary that— (a) explains the extent to which the...

       2. 2. In the case of the first summary funding statement issued...

       3. 3. In the case of any subsequent summary funding statement, an...

       4. 4. The actuary’s estimate of solvency contained in the last actuarial...

       5. 5. A summary of any recovery plan prepared under Article 205...

       6. 6. A statement explaining— (a) whether the scheme has been modified...

       7. 7. Where there has been a modification, directions or a schedule...

       8. 8. A statement explaining whether any payment to the employer under...

       9. 9. Where a payment referred to in paragraph 8 has been...

       10. 10. Where the trustees are required to publish a report on...

    5. SCHEDULE 5

       Statements of benefits: non money purchase benefits

       1. PART 1 Information for active members

          1. 1. The amount of any benefits (and how they are calculated)...

          2. 2. One of the following amounts, chosen by the trustees or...

          3. 3. The amount of the member’s pensionable remuneration on a date...

       2. PART 2 Information for active and deferred members

          1. 4. The date on which the member’s pensionable service started.

          2. 5. A summary of the method for calculating the member’s benefits...

          3. 6. Details of how any deduction from benefits is calculated.

          4. 6A. Where the trustees are required to publish a report on...

       3. PART 3 Information for deferred members

          1. 7. The date the member’s pensionable service ended.

          2. 8. The amount of the member’s benefits and survivors’ benefits payable...

          3. 9. The amount of the member’s pensionable remuneration on the date...

       4. PART 4 Information for pension credit members

          1. 10. The amount of the member’s benefits and survivors’ benefits payable...

          2. 11. A summary of the method for calculating the member’s benefits...

          3. 12. Details of how any deduction from benefits is calculated.

    6. SCHEDULE 6

       Statements of benefits: money purchase benefits and cash balance benefits

       1. PART 1 Information for all money purchase members

          1. 1. The amount of contributions (before any deductions are made) credited...

          2. 2. Where an occupational pension scheme was a contracted-out scheme at...

          3. 3. (1) Where a personal pension scheme was an appropriate scheme...

          4. 4. The value of the member’s accrued rights under the scheme...

          5. 5. Any cash equivalent in respect of the transfer of the...

          6. 5A. Where the scheme is a relevant scheme within the meaning...

          7. 5B. In relation to the information that must be published on...

          8. 5C. Where the trustees are required to publish a report on...

       2. PART 2 Pension illustration

          1. 6. For money purchase benefits, an illustration of the amount of...

          2. 6A. For cash balance benefits, an illustration of the amount of...

          3. 7. (1) The amount referred to in paragraph 6 must be...

          4. 8. (1) The assumptions are— (a) where the calculation relates to...

          5. 9. A statement that the information given under this Part is...

          6. 10. A statement of how the person to whom the information...

          7. 11. A statement that general assumptions have been made.

          8. 12. A statement that any amounts in the information given under...

          9. 13. The member’s retirement date used for the purposes of the...

          10. 14. The illustration date used for the purposes of the information...

       3. PART 3 Further information to be given on pension illustration

          1. 15. A statement that— (a) assumptions have been made about the...

          2. 16. A statement that the amount of any pension payable under...

          3. 16A. A statement that the amount of any pension payable under...

          4. 17. A statement of any— (a) assumptions made relating to future...

    7. SCHEDULE 6A

       Statements of benefits: collective money purchase benefits

       1. PART 1 Information for active, deferred and pension credit members

          1. 1. The date on which the member’s pensionable service started.

          2. 2. The member’s retirement date and age used for the purposes...

          3. 3. The illustration date.

          4. 4. An explanation of how the member may obtain further details...

          5. 5. The amount that represents the member’s share of the available...

          6. 6. The amount that represented the member’s share of the available...

          7. 7. Details of any deduction from the member’s benefits.

          8. 8. Where applicable, a statement that, if the member exercises rights...

          9. 9. A statement that there may be increases and decreases in...

          10. 10. A statement that illustrations of the amount of pension that...

          11. 11. A statement that— (a) any future increases or decreases in...

          12. 12. A statement that the amounts in any illustrations of amount...

          13. 13. Either— (a) an explanation of the meaning and basis of...

          14. 14. Where any illustrations of amount of pension are expressed as...

          15. 15. In relation to the information that must be published on...

          16. 16. Where the trustees are required to publish a report on...

          17. 17. Either— (a) a summary of the methods and assumptions used...

       2. PART 2 Information for active and deferred members

          1. 18. Where the member has reached normal minimum pension age on...

       3. PART 3 Information for deferred and pension credit members

          1. 19. An illustration, having regard to the latest actuarial modelling under...

          2. 20. An illustration of the amount of pension, having regard to...

          3. 21. Either— (a) a summary of the method used for calculating...

       4. PART 4 Information for active members

          1. 22. The difference between the amount that represents the member’s share...

          2. 23. The amount, at the illustration date, of any benefits payable...

          3. 24. An illustration of the amount of pension, which may be...

          4. 25. An illustration of the amount of pension, which may be...

          5. 26. A statement that it is assumed the active member will...

          6. 27. A statement as to any assumed salary increases taken into...

          7. 28. Either— (a) a summary of the method used for calculating...

       5. PART 5 Information for deferred members

          1. 29. The date on which the member became a deferred member....

          2. 30. A statement that no further contributions are expected to be...

    8. SCHEDULE 7

       Information to be given by schemes that relates to accessing benefits and to benefit adjustments

       1. PART 1 Information to be given to persons having an opportunity to select an annuity

          1. 1. A statement that the person has an opportunity to select...

          2. 2. A statement that the person has an opportunity to select...

          3. 3. A statement that different annuities have different features and different...

          4. 4. Either— (a) an explanation of the characteristic features of the...

          5. 5. A statement that the person should consider taking advice about...

       2. PART 2 Information on accessing benefits for members and survivors

          1. 6. The amount of benefit that is payable.

          2. 6A. In relation to a collective money purchase scheme, a statement...

          3. 7. If benefit is payable periodically— (a) any conditions for continuing...

          4. 8. Any rights and options that persons have on the death...

          5. 9. Any procedures for exercising the rights and options referred to...

          6. 10. The provisions (or, as the case may be, a statement...

       3. PART 3 Information to be given to members having an opportunity to transfer flexible benefits

          1. 11. A statement that the member has an opportunity to transfer...

          2. 12. A statement that different pension providers offer different options in...

          3. 13. A statement that different options have different features, different rates...

          4. 14. Either— (a) a copy of guidance that explains the characteristic...

       4. PART 4 Information to be given by collective money purchase schemes about benefit adjustments

          1. 15. Where benefit is not yet payable to the person—

          2. 16. Where benefit is payable to the person—

          3. 17. Any rights or options a person may be entitled to...

          4. 18. A statement that there is no promise or guarantee as...

          5. 19. A summary of the method and assumptions used to calculate...

          6. 20. The postal and electronic address to which enquiries relating to...

          7. 21. The level of the benefit adjustment that should have been...

          8. 22. The level of the benefit adjustment that was actually applied....

          9. 23. Where the benefit adjustment that was actually applied was not...

          10. 24. A timetable for implementing any remedial actions.

          11. 25. A statement indicating whether the failure to apply the benefit...

          12. 26. Where there is a likely negative impact on the scheme’s...

          13. 27. An explanation of what the trustees will do to ensure...

    9. SCHEDULE 8

       Information to be given by schemes about winding up

       1. PART 1 Information to be given by occupational pension schemes during winding up

          1. 1. A statement that the scheme is being wound up.

          2. 2. The reasons why the scheme is being wound up.

          3. 3. Where Article 22 of the 1995 Order (circumstances in which...

          4. 4. In the case of active members, whether death in service...

          5. 5. A summary of the action that is being taken, and...

          6. 6. An estimate of when— (a) the scheme’s liabilities are likely...

          7. 7. Except in the case of a collective money purchase scheme,...

       2. PART 2 Information to be given by occupational pension schemes after winding up

          1. 8. Whether the member or beneficiary’s benefits are reduced because the...

          2. 9. The amount of any reduction of the member’s, or beneficiary’s,...

          3. 10. Who has or will become liable for the payment of...

       3. PART 3 Information to be given by personal pension schemes after winding up

          1. 11. (1) The amount of— (a) contributions (before the making of...

          2. 12. At a date specified by the managers of the scheme—...

          3. 13. The options available to a member for preserving, transferring or...

          4. 14. An account of the amount by which the member’s accrued...

       4. PART 4 Report under Article 72A of the 1995 Order

          1. 15. Where a report has been made to the Regulator under...

       5. PART 5 Information on expected benefits

          1. 16. An estimate of the amount of the member’s and beneficiary’s...

    10. SCHEDULE 9

        Consequential amendments

        1. 1. In the Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern...

        2. 2. In regulation 3(3) of the Occupational Pension Schemes (Contracting-out) Regulations...

        3. 3. In regulation 11 of the Occupational Pension Schemes (Transfer Values)...

        4. 4. In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland)...

        5. 5. In the Occupational Pension Schemes (Requirement to obtain Audited Accounts...

        6. 6. In regulation 6(5)(b)(ii) of the Occupational Pension Schemes (Discharge of...

        7. 7. After regulation 10 of the Pensions on Divorce etc. (Provision...

        8. 8. In the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland)...

        9. 9. In the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000—

        10. 10. In regulation 5A of the Personal Pension Schemes (Payments by...

        11. 11. In regulation 7 of the Occupational Pension Schemes (Winding Up...

        12. 12. In regulation 13 of the Occupational Pension Schemes (Independent Trustee)...

        13. 13. In the Occupational Pension Schemes (Winding up, etc.) Regulations (Northern...

        14. 14. In regulation 11 of the Occupational and Personal Pension Schemes...

        15. 15. In the Occupational Pension Schemes (Payments to Employer) Regulations (Northern...

        16. 16. In regulation 20 of the Pensions (2008 Act) (Abolition of...

    11. SCHEDULE 9A

        Information to be given on the pensions guidance and members’ benefits

        1. PART 1 Information on the pensions guidance

           1. 1. A statement that pensions guidance is available to help the...

           2. 2. A statement that the pensions guidance may be accessed on...

           3. 3. The phone number and website address at which the pensions...

           4. 4. A statement that the pensions guidance is free and impartial....

           5. 5. A statement that the person should access the pensions guidance...

        2. PART 2 Information on members’ benefits

           1. 6. An estimate of the cash equivalent of any of the...

           2. 7. An estimate of the value of any accrued rights to...

           3. 8. The date by reference to which the estimate of the...

           4. 9. An explanation that the cash equivalent or value (as appropriate)...

           5. 10. In relation to the member’s accrued rights to flexible benefits...

           6. 11. Where the member has a right or entitlement to benefits...

        3. PART 3 Further information

           1. 12. A statement that— (a) there may be tax implications associated...

           2. 13. Where the member has accrued rights to flexible benefits that...

    12. SCHEDULE 9B

        Statements to be published by collective money purchase schemes

        1. PART 1 Scheme design statement

           1. 1. A summary of— (a) the rate or amount specified in...

           2. 2. A statement that— (a) there is no promise or guarantee...

           3. 3. A summary of the rules governing how the rate or...

           4. 4. An explanation of how the trustees of the scheme will...

           5. 5. A summary of the procedure that would be followed in...

        2. PART 2 Valuation and benefit adjustment statement

           1. 6. The name of the scheme to which the statement relates....

           2. 7. A summary of the results of the latest actuarial valuation...

           3. 8. An explanation of the methods and assumptions used in the...

           4. 9. The effective date of the latest actuarial valuation to which...

           5. 10. A description of the model used to calculate benefit illustrations...

           6. 11. In the case of the first valuation statement for the...

           7. 12. In the case of all subsequent statements, an explanation of...

           8. 13. The name and postal or email address of a person...

    13. SCHEDULE 10

        Consequential revocations

14. Explanatory Note