Amendment of Schedule 1 to the principal Regulations
7. Schedule 1 to the principal Regulations (information to be made available to members), is amended as follows—
(a)in paragraph 1—
(i)for sub-paragraph (a), substitute—
“(a)an estimate of its amount, calculated and verified in accordance with regulations 7 to 7E on the basis that the member’s pensionable service terminated or will terminate on a particular date;”;
(ii)at the end of sub-paragraph (c), insert “and”;
(iii)omit sub-paragraph (d); and
(iv)in sub-paragraph (e)—
(aa)for “has been reduced by reference to regulation 8”, substitute “included a reduction of the initial cash equivalent under Schedule 1A”; and
(bb)for paragraph (i), substitute—
“(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,”; and
(b)after paragraph 2, insert—
“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—
(a)a statement that the Financial Services Authority(1), the Regulatory Authority(2) and the Pensions Advisory Service(3) 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(4) exists;
(c)a recommendation that the member should take financial advice before making decisions about transfers.”.
The Financial Services Authority can be contacted at www.fsa.gov.uk or at the Financial Services Authority, 25 North Colonnade, Canary Wharf, London E14 5HS.
The Pensions Regulator (the Regulatory Authority is defined to mean the Pensions Regulator by section 181(1) of the Pensions Act 1993) can be contacted at www.thepensionsregulator.gov.uk or at the Pensions Regulator, Napier House, Trafalgar Place, Brighton, BN1 4DW.
The Pensions Advisory Service can be contacted at www.pensionsadvisoryservice.org.uk or at 11 Belgrave Road, London, SW1V 1RB.
The Board of the Pension Protection Fund is established under section 107 of the Pensions Act 2004.