The Occupational Pension Schemes (Disclosure of Information) Regulations 1996

Regulation 6

SCHEDULE 3 INFORMATION TO BE INCLUDED IN ANNUAL REPORT

1.  The names of the persons who were trustees of the scheme, and in the case of a scheme none of the trustees of which is an individual, the names of the directors of any company which is a trustee, during the scheme year to which the information relates (in this Schedule called “the year”).

2.  The provisions of the scheme in relation to the appointment of trustees and their removal from office, and in the case of a scheme none of the trustees of which is an individual, the provisions in the articles of association of each trustee which relate to the appointment and removal from office of any directors.

3.  The names of the professional advisers and of such banks, custodians, and other persons and organisations who have acted for or were retained by the trustees during the year, with an indication (except in a case where regulation 6 is complied with by trustees of a scheme for the first time) of any change since the previous year.

4.  The address to which enquiries about the scheme generally or about an individual’s entitlement to benefit should be sent.

5.  The number of beneficiaries and active, deferred and pensioner members as at any one date during the year.

6.  Except in the case of a money purchase scheme, the percentage increases made (otherwise than in accordance with a legislative requirement) during the year (or, if there have been different increases for different individuals or groups of individuals, the maximum, minimum and average percentage increases) to—

(a) pensions which were payable; and

(b) deferred pensions,

with a statement whether the increases were to any extent discretionary, and if so to what extent.

7.  Except in the case of a money purchase scheme which is a wholly insured scheme, the following information—

(a) where any cash equivalents or guaranteed cash equivalents (within the meaning of Chapter IV of Part IV of the 1993 Act) paid during the year were not calculated and verified in the manner prescribed by regulations made under section 97 of the 1993 Act, a statement explaining why;

(b) where any of the cash equivalents or guaranteed cash equivalents paid during the year were less than the amount for which section 94(1) of the 1993 Act provides, a statement to that effect together with information as to—

(i) why they were less, and

(ii) when full values became, or are likely to become available; and

(c) a statement whether discretionary benefits are included in the calculation of transfer values, and if so, the method by which the value of discretionary benefits is assessed.

8.  A statement as to whether the accounts have been prepared and audited in accordance with regulations made under section 41(1) and (6) of the 1995 Act (unless the scheme is exempt from such requirement by virtue of those regulations).

9.  If the auditor’s statement made in accordance with regulations made under section 41(1)(a) and (2)(b) of the 1995 Act is negative or qualified, an account of the reasons why and a statement as to how the situation has been or is likely to be resolved.

10.  If such situation as is mentioned in paragraph 9 was not resolved in a previous year, a statement as to how it has been or is likely to be resolved.

11.  Who has managed the investments of the scheme during the year and the extent of any delegation of this function by the trustees.

12.  Whether the trustees have produced a statement of the principles governing decisions about investments for the purposes of the scheme in accordance with section 35 of the 1995 Act (unless the scheme is exempt from such requirement by virtue of regulations made under that section), and where the trustees have produced such a statement, advising that a copy is available on request.

13.  Except in relation to a wholly insured scheme, a statement as to the trustees’ policy on the custody of the scheme assets.

14.  Where the scheme is one to which section 35 of the 1995 Act applies, an investment report containing—

(a) a statement by the trustees, or the fund manager, providing details of any investments made for the scheme during the year which were not made in accordance with the statement of the principles governing decisions about investments required under section 35 of the 1995 Act;

(b) where investments for the scheme have been made in the year which do not accord with the statement of the principles governing decisions about investments required under section 35 of the 1995 Act (or were made in a previous scheme year and continued to be held at the end of the year), a statement by the trustees, or the fund manager, giving the reasons why and explaining what action, if any, it is proposed to take or has already been taken to remedy the position;

(c) a review of the investment performance of the scheme’s fund—

(i) during the year; and

(ii) except where the scheme has existed for less than 3 scheme years, during a period of not less than 3 and not more than 5 scheme years ending with the year,

including an assessment of the nature, disposition, marketability, security and valuation of the scheme’s assets.

15.  A copy of any statement made on the resignation or removal of the auditor or actuary and made in accordance with regulations made under section 47(6) of the 1995 Act.

16.  Where the scheme has employer-related investments within the meaning of section 40(2) of the 1995 Act—

(a) a list of those investments;

(b) a statement as to the proportion of the scheme’s resources represented by those investments;

(c) a statement as to whether the scheme’s investments comply with any restrictions prescribed by regulations made under section 40 of the 1995 Act, and where they do not, how it is intended to remedy the position.