http://www.legislation.gov.uk/nisr/2014/79/contents

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

PENSIONS

Statute Law Database

2024-05-15

Expert Participation

2024-03-30

These Regulations impose requirements on occupational pension schemes and personal pension schemes relating to the provision of information. They replace the Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1987 and the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997 which are now revoked. The provisions of those Regulations which are carried forward are consolidated and amended.

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

reg. 12(5)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(a)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

reg. 29A(4)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(b)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Sch. 3

para. 30(d)(ii)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(c)(i)(aa)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Sch. 3

para. 30(d)(iv)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(c)(i)(bb)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Sch. 3

para. 30(f)(iii)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(c)(ii)(aa)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Sch. 3

para. 30(f)(iv)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(c)(ii)(bb)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Sch. 3

para. 30(f)(v)

The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (Northern Ireland) 2019

reg. 4(3)(c)(ii)(cc)

reg. 5

reg. 1(1)

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

PART 1General

1Citation, commencement and expiry

2Interpretation

3Recognised trade union

4Application of these Regulations

5Civil penalties relating to occupational pension schemes

PART 2Information for new and prospective members

6Basic scheme information

7Basic scheme information to be given by certain schemes

PART 3Changes to information

8Material alterations to basic scheme information

8AScheme closure: collective money purchase schemes

9Modification by the Regulator

10Former stakeholder pension schemes

PART 4Information to be given on request

11Constitution of the scheme

12Annual report

12AAdditional information available on request: pooled funds

13Other information to be given on request

14Transfer credits

PART 5Funding statements, benefit statements and illustrations

15Summary funding statements

16Statements of benefits: non-money purchase benefits

16AStatements of benefits: cash balance benefits

17Statements of benefits: money purchase benefits

17AStatements of benefits: collective money purchase schemes

PART 6Lifestyling and accessing benefits

18Lifestyling

18AInformation to be given on request and on a member providing certain information

18BInformation to be given on communicating with a member about what the member may do with flexible benefits

18CRequirement to refer members and survivors to guidance etc.

18DConsequential modifications of sections 95 and 97J of the 1993 Act

18ERecord-keeping requirements of trustees and managers

19First information on accessing benefits

19ARetirement risk warnings

20Second information on accessing benefits

21Accessing benefits on the death of the member or beneficiary

PART 7Information about benefits in payment

22Changes to benefits

22ABenefit adjustment information: collective money purchase schemes

22BIncorrect benefit adjustments in collective money purchase schemes

PART 8Information about winding up

23Personal pension schemes that have begun winding up

24Occupational pension schemes during winding up

25Occupational pension schemes after winding up for individual members

PART 9Giving information and documents

26Giving information and documents

27Provision of information on a website

28Provision of information on a website: supplemental

29Giving information and documents in certain cases

29APublishing charges and transaction costs and other relevant information

29BAdditional publication requirements for collective money purchase schemes

30Responsibility for giving information and documents

PART 10Consequential amendments and revocations

31Consequential amendments

32Consequential revocations

SCHEDULES

SCHEDULE 1Description of schemes

1(1) An occupational pension scheme falls within this paragraph if...

2A personal pension scheme falls within this paragraph if it...

SCHEDULE 2Basic information

PART 1Information to be given by occupational pension schemes that fall within paragraph 1 of Schedule 1

1The conditions persons must meet to become members of the...

2How persons who are eligible to be members of the...

3A summary of what can be done with a member’s...

4A statement relating to the matters mentioned in paragraph 3—...

4AWhere the member has flexible benefits, a statement explaining the...

4BSubject to paragraph 4C Where the member has safeguarded benefits...

4CParagraph 4B does not apply to a member of an...

5Whether the scheme is a tax registered scheme or, if...

6A statement that explains whether transfers can be made into...

7The arrangements, if any, for the payment by members of...

8A summary of how the contributions, if any, payable by...

9Where the scheme is the National Employment Savings Trust Corporation...

10A statement that— (a) the Money and Pensions Service is...

11The postal address and electronic address at which each of...

12Except where the scheme has no relevant employment which is...

13If a member of the scheme has to give a...

14Whether, and if so on what conditions (if any), a...

15The following information about benefits payable under the scheme (referred...

16Where the member has money purchase benefits, a statement that...

16AWhere the member has rights to cash balance benefits, a...

17Except where the scheme is a public service pension scheme,...

18(1) The scheme’s internal dispute resolution arrangements.

18AIn respect of a collective money purchase scheme, a statement...

18BIn respect of a collective money purchase scheme, a summary...

PART 2Information to be given by occupational pension schemes not falling within paragraph 1 of Schedule 1 and schemes that are established under the Salvation Army Act 1963

19The following information about benefits payable under the scheme (referred...

20A statement that explains whether transfers can be made into...

21A summary of what can be done with a member’s...

22A statement relating to the matters mentioned in paragraph 21—...

22AWhere the member has flexible benefits, a statement explaining the...

22BSubject to paragraph 22C Where the member has safeguarded benefits...

22CParagraph 22B does not apply to a member of an...

23(1) The scheme’s internal dispute resolution arrangements.

24A statement that— (a) the Money and Pensions Service is...

25The postal address and electronic address at which each of...

26A statement setting out— (a) which benefits—

27A statement that most of the provisions of the 1995...

28Where the member has money purchase benefits, a statement that...

28AWhere the member has rights to cash balance benefits, a...

PART 3Lifestyling

29A statement explaining lifestyling, its advantages and disadvantages, and either—...

PART 4Scheme closure: collective money purchase schemes

30A statement that a decision has been made to pursue...

31A summary of the reasons for the decision in paragraph...

32An estimate of when information will be provided in accordance...

33A statement that the scheme will continue to operate in...

34A statement confirming that the scheme will be closed, which...

36The date the scheme will begin to operate as a...

37A statement explaining any impact that the closure will have...

38The arrangements for— (a) the future operation of the scheme,...

SCHEDULE 3Information to be given on request

PART 1Information on the constitution of the scheme

1The contents of any trust deed or document under which...

2The scheme rules (except where regulation 29B applies).

3The contents of any document that supplements or alters in...

4The name and postal address and electronic address of every...

PART 2Information in the annual report etc.

5A copy of the appropriate audited accounts or auditor’s statements...

6If Part 4 of the 2005 Order applies, a copy...

7Any of the information listed in Part 5 that applies....

PART 3Information on funding principles and actuarial valuations etc.

8The latest statement of funding principles where required under Article...

9Where Part 4 of the 2005 Order applies to the...

10Where Part 4 of the 2005 Order applies to the...

10AIn respect of a collective money purchase scheme, the latest...

11Any recovery plan prepared under Article 205 of the 2005...

12The latest payment schedule under Article 85 of the 1995...

13The latest statement of principles governing decisions about investments where...

14A summary of the winding up procedure under Article 210A...

PART 4Information on transfer credits

15Whether the member or prospective member is entitled to acquire...

16A statement of any transfer credits referred to in paragraph...

PART 5Information that applies to the scheme

17The names of the persons who are trustees of the...

18The provisions of the scheme in relation to the appointment...

19The names of the professional advisers and of such banks,...

20The postal address and electronic address to which enquiries about...

21The number of beneficiaries and active, deferred and pensioner members...

22Except in the case of a money purchase scheme other...

23Except in the case of a money purchase scheme that...

24A statement as to whether the accounts have been prepared...

25If the auditor’s statement made in accordance with regulations made...

26If such situation as is mentioned in paragraph 25 in...

27Who has managed the investments of the scheme during the...

28Whether the trustees have produced a statement of the principles...

29Except in relation to a wholly insured scheme, a statement...

30(1) Where the scheme is one to which Article 35...

31A copy of any statement made on the resignation or...

32Except where the scheme is a trust scheme that applies...

33(1) Where the scheme is a trust scheme that applies...

34Where the scheme is a relevant scheme within the meaning...

34AWhere the trustees are required to publish a report on...

PART 6Information to be given about pooled funds

35(1) A statement identifying in relation to the provision of...

SCHEDULE 4Summary funding statements

1A summary that— (a) explains the extent to which the...

2In the case of the first summary funding statement issued...

3In the case of any subsequent summary funding statement, an...

4The actuary’s estimate of solvency contained in the last actuarial...

5A summary of any recovery plan prepared under Article 205...

6A statement explaining— (a) whether the scheme has been modified...

7Where there has been a modification, directions or a schedule...

8A statement explaining whether any payment to the employer under...

9Where a payment referred to in paragraph 8 has been...

10Where the trustees are required to publish a report on...

SCHEDULE 5Statements of benefits: non money purchase benefits

PART 1Information for active members

1The amount of any benefits (and how they are calculated)...

2One of the following amounts, chosen by the trustees or...

3The amount of the member’s pensionable remuneration on a date...

PART 2Information for active and deferred members

4The date on which the member’s pensionable service started.

5A summary of the method for calculating the member’s benefits...

6Details of how any deduction from benefits is calculated.

6AWhere the trustees are required to publish a report on...

PART 3Information for deferred members

7The date the member’s pensionable service ended.

8The amount of the member’s benefits and survivors’ benefits payable...

9The amount of the member’s pensionable remuneration on the date...

PART 4Information for pension credit members

10The amount of the member’s benefits and survivors’ benefits payable...

11A summary of the method for calculating the member’s benefits...

12Details of how any deduction from benefits is calculated.

SCHEDULE 6Statements of benefits: money purchase benefits and cash balance benefits

PART 1Information for all money purchase members

1The amount of contributions (before any deductions are made) credited...

2Where an occupational pension scheme was a contracted-out scheme at...

3(1) Where a personal pension scheme was an appropriate scheme...

4The value of the member’s accrued rights under the scheme...

5Any cash equivalent in respect of the transfer of the...

5AWhere the scheme is a relevant scheme within the meaning...

5BIn relation to the information that must be published on...

5CWhere the trustees are required to publish a report on...

PART 2Pension illustration

6For money purchase benefits, an illustration of the amount of...

6AFor cash balance benefits, an illustration of the amount of...

7(1) The amount referred to in paragraph 6 must be...

8(1) The assumptions are— (a) where the calculation relates to...

9A statement that the information given under this Part is...

10A statement of how the person to whom the information...

11A statement that general assumptions have been made.

12A statement that any amounts in the information given under...

13The member’s retirement date used for the purposes of the...

14The illustration date used for the purposes of the information...

PART 3Further information to be given on pension illustration

15A statement that— (a) assumptions have been made about the...

16A statement that the amount of any pension payable under...

16AA statement that the amount of any pension payable under...

17A statement of any— (a) assumptions made relating to future...

SCHEDULE 6AStatements of benefits: collective money purchase benefits

PART 1Information for active, deferred and pension credit members

1The date on which the member’s pensionable service started.

2The member’s retirement date and age used for the purposes...

3The illustration date.

4An explanation of how the member may obtain further details...

5The amount that represents the member’s share of the available...

6The amount that represented the member’s share of the available...

7Details of any deduction from the member’s benefits.

8Where applicable, a statement that, if the member exercises rights...

9A statement that there may be increases and decreases in...

10A statement that illustrations of the amount of pension that...

11A statement that— (a) any future increases or decreases in...

12A statement that the amounts in any illustrations of amount...

13Either— (a) an explanation of the meaning and basis of...

14Where any illustrations of amount of pension are expressed as...

15In relation to the information that must be published on...

16Where the trustees are required to publish a report on...

17Either— (a) a summary of the methods and assumptions used...

PART 2Information for active and deferred members

18Where the member has reached normal minimum pension age on...

PART 3Information for deferred and pension credit members

19An illustration, having regard to the latest actuarial modelling under...

20An illustration of the amount of pension, having regard to...

21Either— (a) a summary of the method used for calculating...

PART 4Information for active members

22The difference between the amount that represents the member’s share...

23The amount, at the illustration date, of any benefits payable...

24An illustration of the amount of pension, which may be...

25An illustration of the amount of pension, which may be...

26A statement that it is assumed the active member will...

27A statement as to any assumed salary increases taken into...

28Either— (a) a summary of the method used for calculating...

PART 5Information for deferred members

29The date on which the member became a deferred member....

30A statement that no further contributions are expected to be...

SCHEDULE 7Information to be given by schemes that relates to accessing benefits and to benefit adjustments

PART 1Information to be given to persons having an opportunity to select an annuity

1A statement that the person has an opportunity to select...

2A statement that the person has an opportunity to select...

3A statement that different annuities have different features and different...

4Either— (a) an explanation of the characteristic features of the...

5A statement that the person should consider taking advice about...

PART 2Information on accessing benefits for members and survivors

6The amount of benefit that is payable.

6AIn relation to a collective money purchase scheme, a statement...

7If benefit is payable periodically— (a) any conditions for continuing...

8Any rights and options that persons have on the death...

9Any procedures for exercising the rights and options referred to...

10The provisions (or, as the case may be, a statement...

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

11A statement that the member has an opportunity to transfer...

12A statement that different pension providers offer different options in...

13A statement that different options have different features, different rates...

14Either— (a) a copy of guidance that explains the characteristic...

PART 4Information to be given by collective money purchase schemes about benefit adjustments

15Where benefit is not yet payable to the person—

16Where benefit is payable to the person—

17Any rights or options a person may be entitled to...

18A statement that there is no promise or guarantee as...

19A summary of the method and assumptions used to calculate...

20The postal and electronic address to which enquiries relating to...

21The level of the benefit adjustment that should have been...

22The level of the benefit adjustment that was actually applied....

23Where the benefit adjustment that was actually applied was not...

24A timetable for implementing any remedial actions.

25A statement indicating whether the failure to apply the benefit...

26Where there is a likely negative impact on the scheme’s...

27An explanation of what the trustees will do to ensure...

SCHEDULE 8Information to be given by schemes about winding up

PART 1Information to be given by occupational pension schemes during winding up

1A statement that the scheme is being wound up.

2The reasons why the scheme is being wound up.

3Where Article 22 of the 1995 Order (circumstances in which...

4In the case of active members, whether death in service...

5A summary of the action that is being taken, and...

6An estimate of when— (a) the scheme’s liabilities are likely...

7Except in the case of a collective money purchase scheme,...

PART 2Information to be given by occupational pension schemes after winding up

8Whether the member or beneficiary’s benefits are reduced because the...

9The amount of any reduction of the member’s, or beneficiary’s,...

10Who has or will become liable for the payment of...

PART 3Information to be given by personal pension schemes after winding up

11(1) The amount of— (a) contributions (before the making of...

12At a date specified by the managers of the scheme—...

13The options available to a member for preserving, transferring or...

14An account of the amount by which the member’s accrued...

PART 4Report under Article 72A of the 1995 Order

15Where a report has been made to the Regulator under...

PART 5Information on expected benefits

16An estimate of the amount of the member’s and beneficiary’s...

SCHEDULE 9Consequential amendments

1In the Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern...

2In regulation 3(3) of the Occupational Pension Schemes (Contracting-out) Regulations...

3In regulation 11 of the Occupational Pension Schemes (Transfer Values)...

4In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland)...

5In the Occupational Pension Schemes (Requirement to obtain Audited Accounts...

6In regulation 6(5)(b)(ii) of the Occupational Pension Schemes (Discharge of...

7After regulation 10 of the Pensions on Divorce etc. (Provision...

8In the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland)...

9In the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000—

10In regulation 5A of the Personal Pension Schemes (Payments by...

11In regulation 7 of the Occupational Pension Schemes (Winding Up...

12In regulation 13 of the Occupational Pension Schemes (Independent Trustee)...

13In the Occupational Pension Schemes (Winding up, etc.) Regulations (Northern...

14In regulation 11 of the Occupational and Personal Pension Schemes...

15In the Occupational Pension Schemes (Payments to Employer) Regulations (Northern...

16In regulation 20 of the Pensions (2008 Act) (Abolition of...

SCHEDULE 9AInformation to be given on the pensions guidance and members’ benefits

PART 1Information on the pensions guidance

1A statement that pensions guidance is available to help the...

2A statement that the pensions guidance may be accessed on...

3The phone number and website address at which the pensions...

4A statement that the pensions guidance is free and impartial....

5A statement that the person should access the pensions guidance...

PART 2Information on members’ benefits

6An estimate of the cash equivalent of any of the...

7An estimate of the value of any accrued rights to...

8The date by reference to which the estimate of the...

9An explanation that the cash equivalent or value (as appropriate)...

10In relation to the member’s accrued rights to flexible benefits...

11Where the member has a right or entitlement to benefits...

PART 3Further information

12A statement that— (a) there may be tax implications associated...

13Where the member has accrued rights to flexible benefits that...

SCHEDULE 9BStatements to be published by collective money purchase schemes

PART 1Scheme design statement

1A summary of— (a) the rate or amount specified in...

2A statement that— (a) there is no promise or guarantee...

3A summary of the rules governing how the rate or...

4An explanation of how the trustees of the scheme will...

5A summary of the procedure that would be followed in...

PART 2Valuation and benefit adjustment statement

6The name of the scheme to which the statement relates....

7A summary of the results of the latest actuarial valuation...

8An explanation of the methods and assumptions used in the...

9The effective date of the latest actuarial valuation to which...

10A description of the model used to calculate benefit illustrations...

11In the case of the first valuation statement for the...

12In the case of all subsequent statements, an explanation of...

13The name and postal or email address of a person...

SCHEDULE 10Consequential revocations

2014 No. 79

Pensions

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Made13th March 2014

Coming into operation6th April 2014

The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 109, 164(1) and (4), 177(2) to (4) and 178(1) of the Pension Schemes (Northern Ireland) Act 19931, Articles 10(3), 41(1), (5), (5A) and (6) and 166(1) to (3) of the Pensions (Northern Ireland) Order 19952 and Articles 3(1)(b), 21(1)(a), (b)(i) and (c)(i) and (2), 31(1)(b)(ii), 42(1) and 73(3) and (4) of the Welfare Reform and Pensions (Northern Ireland) Order 19993, and now vested in it4.