Part 4

Financial planning for retirement

Retirement planning

Promoting and facilitating financial planning for retirement
234
1
The Secretary of State and the Northern Ireland Department may take action for the purpose of promoting or facilitating financial planning for retirement.
2
The action may in particular include the provision of facilities for the purpose of enabling or assisting an individual or a person authorised by him—
a
to estimate the financial resources the individual is likely to need after his retirement;
b
to estimate the financial resources that are likely to be available to the individual after his retirement, from pensions and other sources;
c
to ascertain what action might be taken with a view to increasing the financial resources available to the individual after his retirement.
3
This section does not authorise the Secretary of State or the Northern Ireland Department to take action which the Secretary of State or the Northern Ireland Department would otherwise be prohibited from taking under section 21 of the Financial Services and Markets Act 2000 (c. 8) (restrictions on financial promotion).
4
In this section “the Northern Ireland Department” means the Department for Social Development in Northern Ireland.

Supply of information for purposes of section 234
235
1
This section applies to—
a
information which is relevant for determining the pensions and other benefits that may become payable to or in respect of an individual;
b
information which relates to the financial resources of, or available to, an individual;
c
information which relates to action taken in connection with—
i
providing facilities for saving (for retirement or otherwise) by individuals, or
ii
promoting or facilitating saving (for retirement or otherwise) by individuals.
2
A person who holds information to which this section applies may supply it to—
a
the Secretary of State or the Northern Ireland Department, or
b
a person providing services to the Secretary of State or the Northern Ireland Department,
for use for the purposes of functions under section 234(1).
3
Information supplied under subsection (2) must not be supplied by the recipient except—
a
if the information relates to an individual—
i
to the individual or a person authorised by him;
ii
to another person, with the consent of the individual;
b
in any case—
i
to a person to whom it could be supplied under subsection (2);
ii
to any person with a view to the institution of relevant criminal proceedings or otherwise for the purposes of relevant criminal proceedings.
4
In subsection (3) “relevant criminal proceedings” means criminal proceedings under—
a
the Pension Schemes Act 1993 (c. 48);
b
the Pensions Act 1995 (c. 26);
c
this Act;
d
any enactment in force in Northern Ireland corresponding to an Act mentioned in any of paragraphs (a) to (c).
5
In this section “the Northern Ireland Department” means the Department for Social Development in Northern Ireland.
6
This section is subject to sections 88 and 202 (tax information disclosed to the Regulator or the Board).

Use and supply of information: private pensions policy and retirement planning
236
Schedule 10 (which makes provision about the use and supply of information for purposes relating to private pensions policy and retirement planning) has effect.

Combined pension forecasts
237
1
Regulations may require the trustees or managers of an occupational or personal pension scheme to provide any member of the scheme with—
a
the information specified in subsection (2), together with
b
the information specified in subsection (3).
2
The information referred to in subsection (1)(a) is information relating to the member which—
a
is state pension information for the purposes of section 42 of the Child Support, Pensions and Social Security Act 2000 (c. 19),
b
has been disclosed to the trustees or managers under that section (or, by virtue of that section, is treated as having been so disclosed), and
c
is of a description specified in the regulations.
3
The information referred to in subsection (1)(b) is information which—
a
relates to the pensions and other benefits likely to accrue to the member, or capable of being secured by him, under the scheme, and
b
is of a description specified in the regulations.
4
Regulations under subsection (1) may require information referred to in that subsection to be provided at a time or times specified in the regulations.

Employee information and advice

Information and advice to employees
238
1
Regulations may require employers to take action for the purpose of enabling employees to obtain information and advice about pensions and saving for retirement.
2
Regulations under subsection (1) may in particular—
a
provide that they are to apply in relation to employers of a prescribed description and employees of a prescribed description;
b
make different provision for different descriptions of employers and employees;
c
make provision as to the action to be taken by employers (including the frequency at which, and the time and place at which, action is to be taken);
d
make provision as to the description of information and advice in relation to which requirements apply;
e
make provision about the description of person authorised to provide any such information and advice.
3
Employers to whom regulations under subsection (1) apply must provide information to the Regulator about the action taken by them for the purpose of complying with the regulations.
4
Regulations may make provision as to—
a
the information to be provided under subsection (3);
b
the form and manner in which the information is to be provided;
c
the period within which the information is to be provided.
5
Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any person who, without reasonable excuse, fails to comply with subsection (3).
6
In this section “employer” means any employer, whether or not resident or incorporated in any part of the United Kingdom.

Pensions dashboards

Qualifying pensions dashboard service
238A
1
A pensions dashboard service is an electronic communications service by means of which information about pensions may be requested by, and provided to, an individual or a person authorised by the individual.
2
“
Qualifying pensions dashboard service
” means a pensions dashboard service in relation to which prescribed requirements are satisfied.
3
Requirements prescribed under subsection (2) may, in particular, relate to—
a
what relevant and other information is to be provided, how it is to be provided and the circumstances in which it is to be provided;
b
how the pensions dashboard service is to be established, maintained and operated.
4
In subsection (3)(a) “
relevant information
” means—
a
information of a prescribed description about—
i
state pensions;
ii
basic or additional retirement pensions;
b
state pension information relating to the individual in question of such description as may be prescribed;
c
information of a prescribed description about occupational or personal pension schemes or a prescribed description of occupational or personal pension schemes;
d
information relating to the individual in question and particular occupational or personal pension schemes of such description as may be prescribed.
5
Requirements prescribed under subsection (2) may, in particular—
a
require the pensions dashboard service to comply with standards, specifications or technical requirements published from time to time by—
i
the Secretary of State,
ii
the Money and Pensions Service, or
iii
a person specified or of a description specified in the regulations;
b
require the provider of the pensions dashboard service to satisfy prescribed conditions;
c
require the provider of the pensions dashboard service to be a person approved from time to time by—
i
the Secretary of State,
ii
the Money and Pensions Service, or
iii
a person specified or of a description specified in the regulations;
d
require the provider of the pensions dashboard service to provide, or not to provide, information, facilities or services specified or of a description specified in connection with the pensions dashboard service.
6
Requirements prescribed under subsection (2) may include provision under which a determination may fall to be made by—
a
the Secretary of State,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the regulations.

Qualifying pension dashboard service: further provision
238B
1
Requirements prescribed under section 238A(2) may make provision about—
a
dealing with requests for information about pensions, including provision about the use of intermediaries;
b
the involvement of the provider of a pensions dashboard service in the arrangements for dealing with requests for information about pensions.
2
The provision made by virtue of subsection (1) may, in particular, require—
a
the use of electronic communications;
b
the use of facilities or services specified or of a description specified in the regulations;
c
the provision of assistance in connection with the establishment, maintenance or management of such facilities or services;
d
participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services.
3
The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to—
a
the transmission of information,
b
verifying the identity of a person,
c
identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual,
d
authenticating information transmitted by means of electronic communications, or
e
ensuring the security of information transmitted by means of electronic communications.
4
Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about—
a
compliance with standards, specifications or technical requirements published from time to time by—
i
the Secretary of State,
ii
the Money and Pensions Service, or
iii
a person specified or of a description specified in the regulations;
b
the provider of the facility or service being a person approved from time to time by—
i
the Secretary of State,
ii
the Money and Pensions Service, or
iii
a person specified or of a description specified in the regulations.
5
Regulations under subsection (2)(d) may, in particular, require the provider of the pensions dashboard service—
a
to cooperate with the Money and Pensions Service or a person specified or of a description specified in the regulations;
b
to coordinate activities with the Money and Pensions Service or a person specified or of a description specified in the regulations;
c
to enable the Money and Pensions Service or a person specified or of a description specified in the regulations to monitor or audit compliance by the provider.
6
Except as provided by subsection (7), regulations under section 238A(2) may provide for the processing of personal data in accordance with the regulations not to be in breach of—
a
any obligation of confidence owed by the person processing the personal data, or
b
any other restriction on the processing of personal data (however imposed).
7
Regulations under section 238A(2) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question).

Sections 238A and 238B: interpretation
238C
1
This section applies for the purposes of sections 238A and 238B.
2
A reference to state pension information, in relation to an individual, is a reference to the information about that individual specified in—
a
section 42(7) of the Child Support, Pensions and Social Security Act 2000, or
b
section 38(7) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000.
3
A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.
4
In sections 238A and 238B—
- “
additional retirement pension
” means—
  1. any additional pension or shared additional pension under—
    1. the Social Security Contributions and Benefits Act 1992, or
    2. the Social Security Contributions and Benefits (Northern Ireland) Act 1992, or
  2. any graduated retirement benefit under—
    1. sections 36 and 37 of the National Insurance Act 1965, or
    2. sections 35 and 36 of the National Insurance Act (Northern Ireland) 1966;
- “
basic retirement pension
” means any basic pension under—
  1. the Social Security Contributions and Benefits Act 1992, or
  2. the Social Security Contributions and Benefits (Northern Ireland) Act 1992;
- “
the data protection legislation
” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- “
electronic communications service
” has the meaning given by section 32 of the Communications Act 2003;
- “
personal data
” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- “
state pension
” means any state pension under—
  1. Part 1 of the Pensions Act 2014, or
  2. Part 1 of the Pensions Act (Northern Ireland) 2015.

Information from occupational pension schemes
238D
1
Regulations may impose requirements on the trustees or managers of a relevant occupational pension scheme with respect to—
a
providing pensions information by means of—
i
a qualifying pensions dashboard service, or
ii
the pensions dashboard service provided by the Money and Pensions Service;
b
facilitating the provision of pensions information by means of—
i
a qualifying pensions dashboard service, or
ii
the pensions dashboard service provided by the Money and Pensions Service.
2
In this section “
pensions information
” means, in relation to a relevant occupational pension scheme, such information as may be prescribed, which may include in particular—
a
information relating to—
i
the constitution of the scheme,
ii
the administration and finances of the scheme,
iii
the rights and obligations that arise or may arise under the scheme,
iv
the pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, and
v
other matters relevant to occupational pension schemes in general or to occupational pension schemes of a description to which the scheme belongs;
b
information as regards the position of an individual in relation to the scheme.
3
Regulations under subsection (1) may, in particular, impose requirements about—
a
the persons to whom pensions information must be provided;
b
the circumstances in which pensions information must be provided;
c
the steps to be taken before pensions information may be provided;
d
the manner and form in which pensions information must be provided;
e
the time within which pensions information must be provided;
f
the way in which pensions information must be held.
4
Regulations under subsection (1) may require the trustees or managers of a scheme to comply with standards, specifications or technical requirements published from time to time by—
a
the Secretary of State,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the regulations.
5
Regulations under subsection (1) may include provision under which a determination may fall to be made by—
a
the Secretary of State,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the regulations.
6
Regulations under subsection (1) may require the trustees or managers to provide prescribed information about their carrying out of requirements prescribed under this section to—
a
the Regulator,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the regulations.
7
In complying with requirements prescribed under this section, a trustee or manager of an occupational pension scheme must have regard to guidance issued from time to time by—
a
the Secretary of State, or
b
a person specified or of a description specified in the regulations.

Information from occupational pension schemes: further provision
238E
1
Regulations under section 238D(1) may make provision about—
a
how pensions information is to be provided, including provision about the use of intermediaries;
b
the involvement of the trustees or managers of a scheme in the arrangements for dealing with requests for information about pensions.
2
The provision made by virtue of subsection (1) may, in particular, require—
a
the use of electronic communications;
b
the use of facilities or services specified or of a description specified in the regulations;
c
the provision of assistance in connection with the establishment, maintenance or management of such facilities or services;
d
participation in, or compliance with, arrangements for establishing, maintaining or managing such facilities or services.
3
The facilities and services for which provision may be made by virtue of subsection (2)(b) may include facilities or services with functions relating to—
a
the transmission of information,
b
verifying the identity of a person,
c
identifying the occupational or personal pension scheme or schemes under which pensions are payable to or in respect of a particular individual,
d
authenticating information transmitted by means of electronic communications, or
e
ensuring the security of information transmitted by means of electronic communications.
4
Regulations under subsection (2)(b) may impose requirements as regards a facility or service, including requirements about—
a
compliance with standards, specifications or technical requirements published from time to time by—
i
the Secretary of State,
ii
the Money and Pensions Service, or
iii
a person specified or of a description specified in the regulations;
b
the provider of the facility or service being a person approved from time to time by—
i
the Secretary of State,
ii
the Money and Pensions Service, or
iii
a person specified or of a description specified in the regulations.
5
Regulations under subsection (2)(d) may, in particular, require the trustees or managers—
a
to cooperate with the Money and Pensions Service or other persons specified or of a description specified in the regulations;
b
to coordinate activities with the Money and Pensions Service or other persons specified or of a description specified in the regulations.
6
Except as provided by subsection (7), regulations under section 238D(1) may provide for the processing of personal data in accordance with the regulations not to be in breach of—
a
any obligation of confidence owed by the person processing the personal data, or
b
any other restriction on the processing of personal data (however imposed).
7
Regulations under section 238D(1) are not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but in determining whether particular processing of data would do so, take into account the power conferred or duty imposed by the provision of regulations in question).

Sections 238D and 238E: interpretation
238F
1
This section has effect for the purposes of sections 238D and 238E.
2
A reference to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.
3
In sections 238D and 238E—
- “
the data protection legislation
” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- “
pensions dashboard service
” means—
  1. a pensions dashboard service within the meaning of section 238A, or
  2. a pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));
- “
personal data
” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- “
qualifying pensions dashboard service
” means a pensions dashboard service that satisfies—
  1. such requirements as may be prescribed by regulations under section 238A, or
  2. such requirements as may be prescribed by regulations under Article 215A of the ;
- “
relevant occupational pension scheme
” means an occupational pension scheme which is not a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999).

Compliance
238G
1
Regulations may make provision with a view to securing that the trustees or managers of a relevant occupational pension scheme comply with a provision of regulations under section 238D.
2
The regulations may, among other things—
a
provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under section 238D;
b
provide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of the regulations;
c
provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person—
i
has failed to comply with a compliance notice or third party compliance notice, or
ii
has contravened a provision of regulations under section 238D;
d
provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;
e
confer other functions on the Regulator.
3
The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.
4
But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—
a
£5,000, in the case of an individual, and
b
£50,000, in any other case.
5
In this section “
relevant occupational pension scheme
” has the meaning given by section 238F.
S. 235 excluded (N.I.) (6.4.2005) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255), arts. 1(2), 83(3)(4) (with art. 285(5)); S.R. 2005/48, art. 2(7), Sch. Pt. 7
S. 235 excluded (N.I.) (6.4.2005) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255), arts. 1(2), 184(4) (with art. 285(5)); S.R. 2005/48, art. 2(7), Sch. Pt. 7
S. 235 excluded by S.I. 2005/255 (N.I. 1), art. 83(5) (as substituted (N.I.) (26.1.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 61(1), 118(1) (with s. 73); S.R. 2009/22, art. 2(1)(a))
Ss. 238D-238G inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 119(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(b)
Ss. 238A-238C and cross-heading inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 118(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(a)