The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013

Regulation 15(1)

SCHEDULE 4 E+W+S Summary funding statements

1.  A summary that— E+W+S

(a) explains the extent to which the assets of the scheme are adequate to cover its technical provisions, and

(b) is based on—

(i) the last actuarial valuation under section 224 of the 2004 Act received by the trustees or managers of the scheme, and

(ii) any actuarial report under that provision they have received since that actuarial valuation.

2.  In the case of the first summary funding statement issued in respect of the scheme, an explanation of the changes in the funding position of the scheme since— E+W+S

(a) the last actuarial valuation of the scheme under section 224(1)(a) of the 2004 Act, or

(b) if no such valuation was obtained, the last actuarial valuation under the scheme rules.

3.  In the case of any subsequent summary funding statement, an explanation of any change in the funding position of the scheme since the date of the previous summary funding statement. E+W+S

4.  The actuary's estimate of solvency contained in the last actuarial valuation under section 224 of the 2004 Act received by the trustees or managers of the scheme. E+W+S

5.  A summary of any recovery plan prepared under section 226 of the 2004 Act that is currently in force. E+W+S

6.  A statement explaining— E+W+S

(a) whether the scheme has been modified under section 231(2)(a) of the 2004 Act,

(b) whether the scheme is subject to directions by the Regulator under section 231(2)(b) of the 2004 Act, and

(c) whether the scheme is bound by a schedule of contributions imposed by the Regulator under section 231(2)(c) of the 2004 Act.

7.  Where there has been a modification, directions or a schedule of contributions referred to in paragraph 6, a summary of the circumstances in which they were made. E+W+S

8.  A statement explaining whether any payment to the employer under section 37 of the 1995 Act M1 (payment of surplus to employer) has been made— E+W+S

(a) in the case of the first summary funding statement issued in respect of the scheme, in the 12 months before the date on which that statement is prepared, and

(b) in the case of any subsequent summary funding statement issued in respect of the scheme, since the date of the last such statement.

Marginal Citations

M1 Section 37 was substituted by the 2004 Act, section 250 and amended by the Pensions Act 2008, section 130.

9.  Where a payment referred to in paragraph 8 has been made, the amount of that payment. E+W+S

[F1 10.   Where the trustees are required to publish a report on a website in accordance with regulation 6(1)(b) of the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (climate change reporting and publication requirements), in relation to the most recent report published— E+W+S

(a) the information specified in sub-paragraphs (a) to (d) of regulation 27(2) of these Regulations (provision of information on a website); and

(b) a statement explaining any circumstances in which the report will be provided on request in hard copy form.]

Textual Amendments

F1 Sch. 4 para. 10 inserted (1.10.2021) by The Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations 2021 (S.I. 2021/857), regs. 1(1), 4(3)