Pension Schemes Act 1993

113 Disclosure of information about schemes to members etc. E+W+S

(1) The Secretary of State may by regulations specify requirements to be complied with in the case of an occupational pension scheme or a personal pension scheme with respect to keeping the persons mentioned in subsection (2) informed—

(a) of its constitution;

(b) of its administration and finances;

(c) of the rights and obligations that arise or may arise under it;

[F1 (ca) of the pensions and other benefits an entitlement to which would be likely to accrue to the member, or be capable of being secured by him, in respect of the rights that may arise under it; and]

(d) of any other matters that appear to the Secretary of State to be relevant to occupational pension schemes or personal pension schemes in general or to schemes of a description to which the scheme in question belongs.

(2) The persons referred to in subsection (1) are—

(a) members and, in the case of an occupational pension scheme, prospective members of the scheme;

(b) spouses [F2 or civil partners] of members and, in the case of an occupational pension scheme, of prospective members;

(c) persons within the application of the scheme and qualifying or prospectively qualifying for its benefits;

(d) in the case of an occupational pension scheme, independent trade unions recognised to any extent for the purposes of collective bargaining in relation to members and to prospective members of the scheme;

[F3 (e) persons of prescribed descriptions.]

[F4 (2A) In complying with requirements specified in the regulations, a person must have regard to any guidance prepared from time to time by the Secretary of State.]

(3) Without prejudice to the generality of section 182(2), the regulations may distinguish between—

(a) cases in which information is to be given as of course; and

(b) cases in which information need only be given on request or in other prescribed circumstances.

[F5 (3A) The regulations may provide for the information that must be given to be determined, in whole or part, by reference to guidance which [F6 is prepared and from time to time revised by a prescribed body].

(3B) The regulations may, in relation to cases where a scheme is being wound up, contain—

(a) provision conferring power on the Regulatory Authority, at times before the period expires, to extend any period specified in the regulations as the period within which a requirement imposed by the regulations must be complied with; and

(b) provision as to the contents of any application for the exercise of such a power and as to the form and manner in which, and the time within which, any such application must be made.]

(4) The regulations shall make provision for referring to an industrial tribunal any question whether an organisation is such a trade union as is mentioned in subsection (2)(d).

[F7 (5) The Secretary of State must make regulations under subsection (1) requiring information about some or all of the transaction costs of a relevant scheme to be given to some or all of the persons mentioned in subsection (2).

(6) The Secretary of State must by regulations make provision requiring the publication of information about—

(a) some or all of the transaction costs of a relevant scheme, and

(b) some or all of the [F8 other] administration charges imposed on members of a relevant scheme.

(7) Regulations under subsection (6) may require other relevant information to be published along with information about transaction costs or [F9 other] administration charges in relation to a scheme.

(8) “Other relevant information” means other information which would or may assist in making comparisons between those costs or charges and costs or charges in relation to other schemes.

(9) Before making regulations by virtue of subsection (5) or (6), the Secretary of State must consult—

(a) the Financial Conduct Authority, and

(b) the Treasury;

(in addition to any other persons consulted in accordance with section 185(1)).

(10) In this section—

• “administration charge” has the meaning given by paragraph 1(5) of Schedule 18 to the Pensions Act 2014;

• “relevant scheme” means a money purchase scheme that is an occupational pension scheme.]

Textual Amendments

F1 S. 113(1)(ca) substituted for word (1.1.2001) by Child Support, Pensions and Social Security Act 2000 (c. 19), ss. 52(1), 86(1)(b)(2) (with s. 83(6)); S.I. 2000/3166, art. 2(3)(a)

F2 Words in s. 113(2)(b) inserted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order 2005 (S.I. 2005/2053), art. 1(3), Sch. para. 14

F3 S. 113(2)(e) inserted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 17; S.I. 2006/560, art. 2(3), Sch. Pt. 3

F4 S. 113(2A) inserted (18.9.2017) by Pension Schemes Act 2015 (c. 8), ss. 38(4), 89(4)(a) (with s. 87); S.I. 2017/916, reg. 3

F5 S. 113(3A)(3B) inserted (1.1.2001 for specified purposes) by Child Support, Pensions and Social Security Act 2000 (c. 19), ss. 52(2), 86(1)(b)(2) (with s. 83(6)); S.I. 2000/3166, art. 2(3)(a)

F6 Words in s. 113(3A) substituted (1.11.2007) by Pensions Act 2007 (c. 22), s. 30(2), Sch. 5 para. 6; S.I. 2007/3063, art. 2(b)

F7 S. 113(5)-(10) inserted (18.9.2017) by Pensions Act 2014 (c. 19), ss. 44(1), 56(1); S.I. 2017/916, reg. 2(1) (with reg. 2(2))

F8 Word in s. 113(6)(b) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 127(3)(a), 131(1); S.I. 2021/950, reg. 2(3)(j)

F9 Word in s. 113(7) inserted (1.10.2021) by Pension Schemes Act 2021 (c. 1), ss. 127(3)(b), 131(1); S.I. 2021/950, reg. 2(3)(j)

Commencement Information

I1 Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2