The Occupational Pension Schemes (Transfer Values) Regulations 1996

Regulation 11

SCHEDULE 1 E+W+S INFORMATION TO BE MADE AVAILABLE TO MEMBERS

Modifications etc. (not altering text)

C1 Sch. 1 applied (with application in accordance with art. 1(2) of the commencing S.I.) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123), art. 3(1)(b)(2)(b)reg. 1(1)

1.  Whether any cash equivalent (within the meaning of [F1 Chapter 1 of Part 4ZA] of the 1993 Act) is available to the member or would be so available if [F2 the conditions specified in section 93(2) to (4) of the 1993 Act were met] and if so— E+W+S

[F3 (a) an estimate of its amount, calculated and verified in accordance with regulations 7 to 7E on the basis that [F4 the conditions specified in section 93(2) to (4) of the 1993 Act are met or were to be met on a particular date];]

(b) the accrued rights to which it relates;

(c) whether any part of the estimated amount of the cash equivalent is attributable to additional benefits—

(i) which have been awarded at the discretion of the trustees, or

(ii) which will be awarded at their discretion if their established custom continues unaltered

and in either case whether that part is attributable to the whole or only to part of those benefits; [F5 and]

F6 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e) if the estimated amount of the cash equivalent [F7 included a reduction of the initial cash equivalent under Schedule 1A]—

[F8 (i) a statement of that fact, a statement of the amount by which the initial cash equivalent has been reduced and an explanation of the reason for the reduction, which must refer to the paragraph of Schedule 1A relied upon,]

(ii) an estimate of the date (if any) by which it will be possible to make available a cash equivalent which is not so reduced, and

(iii) a statement of the member’s rights to obtain further estimates.

Textual Amendments

F1 Words in Sch. 1 para. 1 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(2)(a)

F2 Words in Sch. 1 para. 1 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(2)(b)

F3 Sch. 1 para. 1(a) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(i)

F4 Words in Sch. 1 para. 1(a) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(2)(c)

F5 Word in Sch. 1 para. 1(c) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(ii)

F6 Sch. 1 para. 1(d) omitted (E.W.S.) (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(iii)

F7 Words in Sch. 1 para. 1(e) substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(aa), 7(a)(iv)

F8 Sch. 1 para. 1(e)(i) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(bb), 7(a)(iv)

2.  Whether any transfer value (not being a cash equivalent within the meaning of [F9 Chapter 1 of Part 4ZA] of the 1993 Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so— E+W+S

(a) an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;

(b) the accrued rights to which it relates;

(c) whether any part of the estimated amount of the transfer value is attributable to additional benefits—

(i) which have been awarded at the discretion of the trustees, or

(ii) which will be awarded at their discretion if their established custom continues unaltered

and in either case whether that part is attributable to the whole or only to part of those benefits; and

(d) if the estimated amount of the transfer value [F10 in relation to the member’s rights to benefits other than money purchase benefits] has been reduced to an amount which is less than it otherwise would be because of an actuary’s opinion that the scheme’s assets are insufficient to meet its liabilities in full—

(i) a statement of that fact and an explanation,

(ii) an estimate of the date (if any) by which it will be possible to make available a transfer value the amount of which is not so reduced, and

(iii) a statement of the member’s rights to obtain further estimates.

Textual Amendments

F9 Words in Sch. 1 para. 2 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(3)(a)

F10 Words in Sch. 1 para. 2(d) inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(3)(b)

[F11 3.   Where information is made available under paragraph 1 or 2 to a member of a salary related scheme, the information to be made available to such a member also includes— E+W+S

(a) a statement that [F12 the Financial Conduct Authority], the Regulatory Authority and the [F13 Money and Pensions Service] provide information about transfers that may assist the member in deciding whether to transfer;

(b) if the scheme is an eligible scheme as defined in section 126 of the 2004 Act (eligible schemes), confirmation that the scheme is so eligible and that the Board of the Pension Protection Fund exists;

(c) [F14 except where section 48 of the Pension Schemes Act 2015 applies,] a recommendation that the member should take financial advice before making decisions about transfers.]

Textual Amendments

F11 Sch. 1 para. 3 inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(b)

F12 Words in Sch. 1 para. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), arts. 1(1), 3, Sch. 2 para. 14

F13 Words in Sch. 1 para. 3(a) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 15

F14 Words in Sch. 1 para. 3(c) inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(4) (with reg. 11)

[F15 4.   Where information is made available under this Schedule to a member of a collective money purchase scheme, the information to be made available to such a member also includes— E+W+S

(a) a statement that the Money and Pensions Service provides information about transfers that may assist the member in deciding whether to transfer;

(b) an explanation of any potential adverse consequences for the member of transferring before normal pension age;

(c) an explanation of the trustees’ duties under section 99A of the 1993 Act (trustees’ further duties: collective money purchase benefits);

(d) an explanation that the member will not be able to transfer in the event of the scheme pursuing continuity option 1 within the meaning of sections 34 and 36 of the Pension Schemes Act 2021.]

Textual Amendments

F15 Sch. 1 para. 4 inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(9)