The Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations (Northern Ireland) 1996

Regulation 2(3)

SCHEDULE Information to be specified in the Written Notice

1.  Details of the proposal to—

(a) wind up the scheme;

(b) give effect to protected rights by means of an appropriate policy of insurance on or after 3 months from and including the date of the written notice.

2.  An explanation of the effect of winding up a scheme.

3.  Details of the cash equivalent of the member’s protected rights at a date not earlier than 3 months prior to the date of the written notice.

4.  A statement that if the member does not wish his protected rights to be secured by an appropriate policy of insurance, notification of where those protected rights are to be transferred to must be given to the trustees or managers within 3 months from and including the date of the written notice.

5.  The options available to the member in respect of his protected rights.

6.  The name and address of the insurance company providing the appropriate policy of insurance and where appropriate a statement confirming that the insurance company is the same company which manages the scheme and issues the insurance policy or policies securing the benefits under that scheme.

7.  Where appropriate, details of any administrative charges or other costs or charges which will be incurred and on whom they fall in respect of the proposed appropriate policy of insurance.

8.  The rights and options available under the appropriate policy of insurance in respect of assignment, surrender and commutation.

9.  The availability of independent financial advice.