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The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations (Northern Ireland) 2015

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Amendment of Schedule 7

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12.—(1) Schedule 7 (information to be given by schemes that relates to accessing benefits) is amended in accordance with paragraphs (2) and (3).

(2) In the reference note at the head of the Schedule, for “19” substitute “18A”.

(3) After Part 2 (information on accessing benefits for members and survivors) add—

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

11.  A statement that the member has an opportunity to transfer flexible benefits to one or more different pension providers.

12.  A statement that different pension providers offer different options in relation to what the member can do with the flexible benefits, including the option to select an annuity.

13.  A statement that different options have different features, different rates of payment, different charges and different tax implications.

14.  Either—

(a)a copy of guidance that explains the characteristic features of the options referred to in paragraph 13 that has been prepared or approved by the Regulator, or

(b)a statement that gives materially the same information as that guidance.”.

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