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

Type Ni-Statutory-Rule

Publication 2014-03-13

Last updated 2025-12-04

State In force

Jurisdiction Northern Ireland

Department Government Printer for Northern Ireland

Source legislation.gov.uk

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(3) The information must be given as soon as practicable but no more than 2 months after the date the request is made.

Statements of benefits: money purchase benefits

16A

Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any cost of exercising any right to transfer the benefits, any charges payable, the age at which the member accesses the benefits, any guaranteed interest or bonuses applied and any cost of converting the benefits into an annuity.

28A

Where the member has rights to cash balance benefits, a statement that the value of the pension will depend on several factors including the amount of contributions paid, any guaranteed interest or bonuses applied and the cost of converting the benefits into an annuity.

6A

For cash balance benefits, an illustration of the amount of the pension calculated—

(a) in accordance with paragraph 7(1)(a)(ii) and (2);

(b) in accordance with the rules of the scheme, and

that is likely to be secured by the member at the member's normal pension age in respect of the member's rights to cash balance benefits that have arisen or may arise under the scheme.

16A

A statement that the amount of any pension payable under the scheme to or in respect of the member will depend on considerations (including the cost of buying an annuity at the time the pension becomes payable) which may be different from any assumptions made.

Information to be given on request and on a member providing certain information

18A

(1) The information mentioned in paragraph (2) must be given in accordance with this regulation to a member who—

(a) has an opportunity to transfer flexible benefits;

(i) requests information about what the member may do with the flexible benefits, or

(ii) informs the trustees or managers of the scheme that the member is considering, or has made a decision in relation to, what to do with the flexible benefits;

(i) will reach normal minimum pension age within 4 months of making a request, or informing the trustees or managers of the scheme, in accordance with sub-paragraph (b);

(ii) has reached normal minimum pension age, or

(iii) meets the ill-health condition, and

(d) has not been given information under this regulation or regulation 19(2)(b)(ii) in the previous 12 months.

(2) The information is—

(a) a statement of the options available to the member under the scheme rules, and

(b) that listed in Part 3 of Schedule 7 and , subject to regulation 18C, in Schedule 9A.

(3) The information must be given within 2 months of the member making a request, or informing the trustees or managers of the scheme, in accordance with paragraph (1)(b).

(2A) In relation to a collective money purchase scheme, information given in accordance with paragraph (2)(a) must include a statement that—

(a) there is no promise or guarantee as to the rate or amount of benefits provided under the scheme, and

(b) the rate or amount of benefits may fluctuate, which may result in—

(i) reduced benefits before benefit becomes payable;

(ii) reduced benefits after benefit becomes payable.

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

18B

(1) Subject to paragraph (5) and regulation 18C, the information mentioned in paragraph (2) must be given to a member in accordance with this regulation where—

(a) the member has an opportunity to transfer flexible benefits;

(b) the trustees or managers of the scheme contact the member, or the member contacts the trustees or managers of the scheme, in connection with what the member may do with the flexible benefits, and

(i) will reach normal minimum pension age within 4 months of the date on which the contact mentioned in sub-paragraph (b) is made;

(ii) has reached normal minimum pension age, or

(iii) meets the ill-health condition.

(2) The information is—

(a) that listed in paragraphs 1, 4 and 5 of Schedule 9A;

(b) that listed in paragraphs 2 and 3 of Schedule 9A, unless the trustees or managers of the scheme—

(i) give information under this regulation verbally, and

(ii) offer to give the member information about how the member may access the pensions guidance and the offer is declined by the member, and

(i) the member may request information about—

(aa) the flexible benefits that may be provided to the member;

(bb) the member’s opportunity to transfer those benefits, and

(cc) the options available to the member under the scheme rules, and

(ii) the information may help the member to decide what to do with the flexible benefits.

(3) The information may be given verbally unless the member requests that the information is given in writing.

(4) The information must be given within 20 days of the contact mentioned in paragraph (1)(b) or the request mentioned in paragraph (3), whichever is later.

(5) No information is required to be given under this regulation where—

(a) the member informs the trustees or managers of the scheme that the member has accessed the pensions guidance in the previous 12 months;

(b) the member informs the trustees or managers of the scheme that the member has received independent financial advice in the previous 12 months about what the member may do with the flexible benefits, or

(i) have given information to the member under regulation 18A in the 2 months immediately preceding the date on which the contact mentioned in paragraph (1)(b) is made, or

(ii) are required to give information to the member under regulation 18A within 2 months of the date on which the contact mentioned in paragraph (1)(b) is made.

First information on accessing benefits

Second information on accessing benefits

Accessing benefits on the death of the member or beneficiary

4A

Where the member has flexible benefits, a statement explaining the circumstances in which the member may transfer accrued rights to flexible benefits out of the scheme.

4B

Subject to paragraph 4C Where the member has safeguarded benefits (which has the meaning given in section 51(8) of the Pension Schemes Act 2015 (independent advice in respect of conversions and transfers: Northern Ireland)), a statement that the member may be required to take independent advice before the member may—

(a) convert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;

(b) transfer safeguarded benefits to another pension scheme with a view to acquiring a right or entitlement to flexible benefits, and

(c) withdraw an uncrystallised funds pension lump sum (which has the meaning given in paragraph 4A of Schedule 29 to the Finance Act 2004) (uncrystallised funds pension lump sum).

22A

Where the member has flexible benefits, a statement explaining the circumstances in which the member may transfer accrued rights to flexible benefits out of the scheme.

22B

Subject to paragraph 22C Where the member has safeguarded benefits (which has the meaning given in section 51(8) of the Pension Schemes Act 2015), a statement that the member may be required to take independent advice before the member may—

(a) convert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;

(b) transfer safeguarded benefits to another pension scheme with a view to acquiring a right or entitlement to flexible benefits, and

(c) withdraw an uncrystallised funds pension lump sum (which has the meaning given in paragraph 4A of Schedule 29 to the Finance Act 2004).

PART3 — Information 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.

SCHEDULE9A — Information to be given on the pensions guidance and members’ benefits

PART1 — Information on the pensions guidance

1

A statement that pensions guidance is available to help the person to understand their options in relation to what they can do with their flexible benefits.

2

A statement that the pensions guidance may be accessed on the internet, by phone, or face to face.

3

The phone number and website address at which the pensions guidance may be accessed and details of how the person may access the pensions guidance face to face.

4

A statement that the pensions guidance is free and impartial.

5

A statement that the person should access the pensions guidance and consider taking independent advice to help them decide which option is most suitable for them.

PART2 — Information on members’ benefits

6

An estimate of the cash equivalent of any of the member’s accrued rights to flexible benefits that—

(a) are transferrable rights, or

(b) would be transferrable rights if the member stopped accruing rights to some or all of the flexible benefits,

calculated and verified in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 (manner of calculation and verification of cash equivalents) on the basis that the member stopped accruing, or will stop accruing, those rights on a particular date.

7

An estimate of the value of any accrued rights to flexible benefits that the member may transfer out of the scheme under the scheme rules, in respect of which an estimate of the cash equivalent is not required to be given under paragraph 6, calculated in accordance with the scheme rules and actuarial assumptions on the date of the calculation.

8

The date by reference to which the estimate of the cash equivalent or value (as appropriate) is calculated.

9

An explanation that the cash equivalent or value (as appropriate) is an estimate and may not represent the exact amount available to the member to transfer to another pension provider.

10

In relation to the member’s accrued rights to flexible benefits in respect of which there is an opportunity to transfer—

(a) details of any guarantee to which the benefits are subject, and

(b) details of any other features, restrictions and conditions that apply to the benefits that affect, or may affect, their value.

11

Where the member has a right or entitlement to benefits under the scheme that are not flexible benefits, that the member has that right or entitlement and how the member may access information about those benefits.

PART3 — Further information

12

A statement that—

(a) there may be tax implications associated with accessing the flexible benefits;

(b) income from a pension is taxable, and

(c) the rate at which income from a pension is taxable depends on the amount of income that the person receives from a pension and from other sources.

13

Where the member has accrued rights to flexible benefits that are not money purchase benefits, has not reached normal pension age and does not satisfy the ill-health condition—

(a) a statement that the value of the member’s accrued rights to flexible benefits is likely to be lower if the member accesses the benefits before normal pension age, and

(b) the age at which the member will reach normal pension age.

34

Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, the statement which the trustees or managers are required to prepare by regulation 23 of those Regulations (annual statement regarding governance).

Retirement risk warnings

19A

(1) Subject to paragraphs (5) and (7), the trustees or managers of the scheme must give a retirement risk warning to a member in accordance with this regulation where they are giving a member—

(a) information in accordance with regulation 18A, 18B or 19 or the member has been given such information previously, and

(b) an application form, online access, information about access or any other method of access that enables the member to require the trustees or managers of the scheme to take any of the actions in paragraph (2).

(2) The actions referred to in paragraph 1(b) are—

(a) the application of sums or assets held for the purpose of providing flexible benefits for purchasing an annuity;

(b) the payment of a lump sum in respect of flexible benefits, or

(c) the designation of sums or assets held for the purpose of providing flexible benefits as available for the payment of drawdown pension.

(3) A retirement risk warning under paragraph (1) must be given at the same time as the method of access in paragraph (1)(b) and before any of the actions set out in paragraph (2) are concluded.

(4) When giving a retirement risk warning to a member, the trustees or managers of the scheme must also give the member a statement that asks the member to note the importance of—

(a) reading the retirement risk warning, and

(b) accessing pensions guidance or independent advice.

(5) A retirement risk warning for any specific action in paragraph (2) need not be given to a member within 12 months of a retirement risk warning for that action having been given in accordance with this regulation to that member.

(6) For the purpose of—

(a) this regulation, “retirement risk warning” means a statement that sets out the characteristic attributes and features of an annuity, lump sum and drawdown pension referred to in paragraph (2) and the factors in sub-paragraph (b)(iv), and

(b) sub-paragraph (a)—

(i) the statement must be generic in nature and not tailored to or based on the personal circumstances of any individual member;

(ii) the statement may be limited to the characteristic attributes and features of an annuity, lump sum or drawdown pension referred to in paragraph (2) in respect of which the trustees or scheme managers are giving the member a method of access in paragraph (1)(b);

(iii) characteristic attributes and features are those that have the potential to adversely affect the retirement income of any member or their widow, widower, surviving civil partner, nominee, successor or other dependant, and

(iv) the factors are those that have the potential to affect the appropriateness of an annuity, lump sum and drawdown pension for a member such as: the impact of health status and lifestyle choices; whether a member has dependants, is in debt or in receipt of means tested benefits; and any other relevant factors.

(7) Subject to paragraph (8)—

(a) a retirement risk warning under paragraph (1) need not be given where the trustees or managers of the scheme give the member an appropriate risk warning before any of the actions listed in paragraph (2) are concluded;

(b) an appropriate risk warning must be given either verbally or in writing;

(i) that sets out the risks associated with any of the actions listed in paragraph (2) that the member is proposing to require the trustees or managers of the scheme to take and that have the potential to adversely affect the retirement income of that member or their widow, widower, surviving civil partner, nominee, successor or other dependant, and

(ii) that is based on the characteristic attributes and features of an annuity, lump sum or drawdown pension referred to in paragraph (2) and answers to questions the trustees or managers of the scheme have asked the member in order to identify any factors or other variables that increase the risks referred to in head (i).

(8) Paragraph (7) only applies where trustees or managers of the scheme have—

(a) asked the member whether the member has received pensions guidance or independent advice, and

(b) if the member has not received such guidance or advice, or is unsure, encouraged the member to use pensions guidance or to take independent advice to understand the options available to that member at retirement.

Second information on accessing benefits

Accessing benefits on the death of the member or beneficiary

4C

Paragraph 4B does not apply to a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, unless it is a scheme in relation to which section 91(2A)(a)(i) of the 1993 Act has been disapplied, pursuant to section 91(2B) of the 1993 Act.

22C

Paragraph 22B does not apply to a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, unless it is a scheme in relation to which section 91(2A)(a)(i) of the 1993 Act has been disapplied, pursuant to section 91(2B) of the 1993 Act.

Publishing charges and transaction costs and other relevant information

29A

(1) Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, the information specified in paragraph (2) and, where that scheme falls within Article 35 of the 1995 Order (investment principles), paragraph (2A) must be made publicly available free of charge on a website in accordance with this regulation.

(2) The specified information is the information which must be included in the most recent statement prepared under regulation 23 of those Regulations (annual statement regarding governance) in accordance with the following paragraphs of that regulation—

(a) paragraph (1)(a);

(aza) paragraph (1)(aza);

(aa) paragraph (1)(aa);

(b) paragraph (1)(c), ...

(ba) paragraph (1)(cza);

(d) (1)(cb), and

(e) paragraph (1)(cc).

(2A) The specified information is—

(a) the latest statement of investment principles governing decisions about investments prepared for the scheme under Article 35 of the 1995 Order, and

(b) the information which must be included in the most recent document prepared under regulation 12 in accordance with paragraph 30(f) of Schedule 3.

(2B) The specified information is—

(a) the latest statement of investment principles governing decisions about investments prepared for the scheme under Article 35 of the 1995 Order, and

(b) the information which must be included in the most recent document prepared under regulation 12 in accordance with paragraph 30(ca) of Schedule 3.

(3) Where this regulation applies—

(a) a notification need not be given under regulation 27 in relation to the information on the website where information is given to the person in accordance with paragraph 5B(a) of Schedule 6;

(b) the trustees or managers of the scheme must have regard to guidance prepared from time to time by the Department concerning the publication of the information.

(4) Where a person requests the trustees or managers of the scheme to provide the information referred to in paragraph (2) , (2A) or (2B) in hard copy form, the trustees or managers of the scheme must give that information to the person in hard copy form only where the trustees or managers are satisfied that it would be unreasonable for that person to obtain it from the website on which it is published.

(5) Where information is required to be given in hard copy form in accordance with paragraph (4), it must be given within 2 months of the date the request is made.

Responsibility for giving information and documents

5B

In relation to the information that must be published on a website in accordance with regulation 29A(2) and (2A) —

(a) the information specified in sub-paragraphs (a) to (d) of regulation 27(2), and

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

Additional information available on request: pooled funds

12A

(1) Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, a statement containing the information listed in paragraph 35 of Schedule 3 must be given on request to a member, or to a recognised trade union on behalf of the member, in accordance with this regulation.

(2) The statement must be given within 2 months of the date the request is made and it must be given in accordance with regulation 26.

(3) A statement is not required to be given where the request is made—

(a) less than 6 months after the last occasion on which information was given to or in respect of the member under this regulation, or

(b) by a recognised trade union unless it is relevant to the rights of a member who is in that recognised trade union.

Other information to be given on request

Transfer credits

PART6 — Information to be given about pooled funds

35

(1) A statement identifying in relation to the provision of money purchase benefits to the member—

(a) the international securities identification number (“the ISIN”) allocated in accordance with ISO 6166 (1st edition) published by the International Organisation for Standardisation on 31st August 2013 in relation to each collective investment scheme in which assets are directly invested on behalf of that member on the relevant date;

(b) in the case of each unit-linked contract entered into by, or on behalf of, the trustees or managers which is in force on the relevant date in relation to that member, the ISIN (where present) relating to each collective investment scheme directly attributable to that contract, and

(c) the name given by the manager of the collective investment scheme to the scheme to which an ISIN provided in accordance with head (a) or (b) relates.

(2) In this paragraph—

“collective investment scheme” has the meaning given in regulation 1(2) of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005;

“the relevant date” means—the date the request is made under regulation 12A, orsuch earlier date as the trustees or managers of the scheme may specify which meets the following conditions—the date must be no more than 6 months before the date of the request, andthe trustees or managers of the scheme must be satisfied that the investment options in which the assets of the member were invested on the date specified are the same as those in which the member is invested on the date of the request.

5A

Where the scheme is a relevant scheme within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997, details of how the member may obtain on request the information specified in paragraph 35 of Schedule 3.

34A

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 (Northern Ireland) 2021 (climate change reporting and publication requirements), the website address where the report for the year has been published.

10

(a) the information specified in sub-paragraphs (a) to (d) of regulation 27(2), and

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

6A

(a) the information specified in sub-paragraphs (a) to (d) of regulation 27(2), and

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

5C

(a) the information specified in sub-paragraphs (a) to (d) of regulation 27(2), and

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

Requirement to refer members and survivors to guidance etc.

18C

(1) Where this regulation applies, the requirements in the following regulations to provide the information on pensions guidance in Part 1 of Schedule 9A do not apply—

(a) regulation 18A(1) and (2)(b), and

(b) regulation 18B(1) and (2).

(2) Subject to paragraph (3), this regulation applies where the trustees or managers of an occupational pension scheme receive on or after 1st June 2022 from any person an application, or communication made in relation to an application, from a relevant beneficiary (“B”)—

(a) to transfer any rights to flexible benefits accrued by B under the scheme, or

(b) to start receiving flexible benefits provided by the scheme.

(3) This regulation does not apply where the trustees or managers of an occupational pension scheme receive on or after 1st June 2022 from any person an application, or communication made in relation to an application, from B to transfer rights in accordance with paragraph (2)(a) if—

(a) B is under the age of 50;

(b) receiving flexible benefits is not the purpose, or one of the purposes, of the application, or

(c) the trustees or managers have received from B or a person authorised to act on behalf of B confirmation (given verbally or in writing) in relation to the application that—

(i) B—

(aa) has been referred by the trustees or managers of a different pension scheme to appropriate pensions guidance, and

(bb) has received or opted out of receiving that guidance,

in accordance with the requirements of this regulation, or

(ii) B is transferring rights to flexible benefits into a relevant pension scheme in respect of which the trustees or managers are required to comply with rules made under section 137FB of the Financial Services and Markets Act 2000 (FCA general rules: disclosure of information about the availability of pensions guidance).

(4) As part of the application process, the trustees or managers—

(a) must offer to book a pensions guidance appointment on behalf of B on a date, at a time and of a kind suitable for B;

(b) where B accepts the offer mentioned in sub-paragraph (a), must take reasonable steps to book that appointment;

(c) where B does not accept that offer, or where the trustees or managers are unable to book such an appointment on a date, at a time and of a kind suitable for B despite having taken reasonable steps, must provide B with details of how to book a pensions guidance appointment;

(d) must explain to B that they cannot, proceed with the application unless—

(i) B has received, and notified them of receipt of, appropriate pensions guidance, or

(ii) B opts out of receiving such guidance by giving them an opt-out notification, and

(e) must explain to B that B can only opt out of receiving appropriate pensions guidance by giving them an opt-out notification.

(5) Where the trustees or managers receive an application, or communication made in relation to an application, as mentioned in paragraph (2), B may give an opt-out notification—

(a) in a communication made solely for the purpose of opting out of receiving appropriate pensions guidance, or

(b) where paragraph (9) applies.

(6) Paragraph (7) applies to any interaction subsequent to the interaction mentioned in paragraph (4) where B contacts the trustees or managers in connection with B’s application unless—

(a) B has confirmed to the trustees or managers that B has received appropriate pensions guidance in connection with the application, or

(b) B has provided to the trustees or managers an opt-out notification in a communication made solely for the purpose of opting out of receiving appropriate pensions guidance.

(7) Where this paragraph applies, the trustees or managers must repeat the steps required by paragraph (4).

(8) If, at any point while the trustees or managers are repeating the steps required by paragraph (4) by virtue of paragraph (7), B confirms to them that B has received appropriate pensions guidance in connection with the application, the trustees or managers may treat the requirements of paragraph (4) as having been satisfied.

(9) This paragraph applies where the trustees or managers have received from B or a person authorised to act on behalf of B confirmation (given verbally or in writing) that—

(a) B has received—

(i) appropriate pensions guidance, or

(ii) regulated financial advice in connection with the application, provided by a financial adviser regulated and authorised by the Financial Conduct Authority to provide such advice,

in the 12-month period (excluding the date of receipt) before the trustees or managers received an application, or communication made in relation to an application, as mentioned in paragraph (2);

(b) B qualifies for a serious ill-health lump sum within the meaning of paragraph 4(1) of Schedule 29 to the Finance Act 2004, or

(10) In this regulation—

“appropriate pensions guidance” means pensions guidance accessible by B during a pensions guidance appointment which includes the facility for real-time human interaction between the parties during the appointment (whether face to face, by telephone or through another electronic medium);

“opt-out notification” means a notification (given verbally or in writing) given to the trustees or managers of an occupational pension scheme for the purpose of confirming that B is opting out of receiving appropriate pensions guidance in connection with an application or communication made in relation to an application;

“pensions guidance appointment” means an appointment of B with the provider of appropriate pensions guidance;

“regulated financial advice” means advice of a kind mentioned in Article 53 of the Financial Services and Markets Act (Regulated Activities) Order 2001 (advising on investments);

“relevant beneficiary” has the meaning given by the definition in section 109B(6) of the 1993 Act and for the purposes of paragraph (b) of that definition another person of a prescribed description is a survivor of a member.

Consequential modifications of sections 95 and 97J of the 1993 Act

18D

(1) The 1993 Act has effect subject to the following modifications.

(2) Where regulation 18C of these Regulations applies in relation to an application under section 91(1) of the 1993 Act (ways of taking right to cash equivalent), section 95(2)(b) of the 1993 Act (trustees’ duties after exercise of option) has effect as if the duty it imposes only applies if, within the 6-month period to which it refers, therequirementsunder that regulation for proceeding with the application have been satisfied.

(3) Where regulation 18C of these Regulations applies in relation to the requirement under section 97G(4) of the 1993 Act (restrictions on power to give transfer notice) for a member to make an application under section 91(1) of the 1993 Act in addition to giving a transfer notice, section 97J(1)(b) of the 1993 Act (time for compliance with transfer notice) has effect as if the duty it imposes only applies if, within the 6-month period to which it refers, therequirementsunder that regulationfor proceeding with the applicationhave been satisfied.

Record-keeping requirements of trustees and managers

18E

(1) The trustees or managers of an occupational pension scheme must, in respect of a relevant beneficiary (“B”), keep a record of—

(a) the receipt by B of appropriate pensions guidance in connection with an application, or communication made in relation to an application, from B under regulation 18C(2);

(b) the provision to them by B of an opt-out notification in connection with an application, or communication made in relation to an application, from B under regulation 18C(2), or

(2) For the purposes of paragraph (1), “relevant beneficiary”, “appropriate pensions guidance” and “opt-out notification” have the meanings given in regulation 18C(10).

First information on accessing benefits

Retirement risk warnings

Second information on accessing benefits

Accessing benefits on the death of the member or beneficiary

Scheme closure: collective money purchase schemes

8A

(1) In relation to a collective money purchase scheme, the information specified in paragraphs (2) and (3) must be given in accordance with this regulation.

(2) The information listed in paragraphs 30 to 33 of Schedule 2 must be given as soon as practicable and in any event no more than one month after a decision by the trustees to pursue continuity option 3.

(3) The information listed in paragraphs 34 to 37 of Schedule 2 must be given as soon as is practicable and in any event no more than one month after the date on which the Regulator notifies the trustees in accordance with section 89(4) of the 2021 Act (continuity option 3: conversion to closed scheme).

(4) The information must be given to all members and beneficiaries of the scheme except for excluded persons.

(5) In this regulation, and in Schedule 2, “continuity option 3” is the conversion of the scheme into a closed scheme in accordance with sections 85 (continuity options) and 89 of the 2021 Act and regulations made section 89 of that Act.

Modification by the Regulator

Former stakeholder pension schemes

Statements of benefits: collective money purchase schemes

17A

(1) The information mentioned in paragraph (2) must be given in accordance with this regulation to a member of a collective money purchase scheme who is not—

(a) an excluded person, or

(b) a member to whom benefits under the scheme have, or are about to, become payable.

(2) The information is—

(a) for active members, the information listed in Parts 1, 2 and 4 of Schedule 6A;

(b) for deferred members, the information listed in Parts 1, 2, 3 and 5 of Schedule 6A, and

(3) The information must be given—

(a) no more than 12 months after the effective date of the first actuarial valuation, and

(b) thereafter, no more than 12 months after the end of each scheme year.

(4) In this regulation, “the effective date” is the date by reference to which the available assets of the scheme are determined.

(5) A notification need not be given under regulation 27 in relation to the information on the website that is also given to the person in accordance with paragraphs 15 and 16 of Schedule 6A.

Benefit adjustment information: collective money purchase schemes

22A

(1) Information listed in paragraphs 15 to 20 of Schedule 7 must be provided in accordance with this regulation to members and beneficiaries of a collective money purchase scheme.

(2) The information must be given each time an actuarial valuation is obtained—

(a) as soon as reasonably practicable after the certification of the actuarial valuation by the scheme actuary, and

(b) no less than 6 weeks before any adjustment to the rate or amount of benefits provided under the scheme following the latest actuarial valuation is applied, where reasonably practicable.

Incorrect benefit adjustments in collective money purchase schemes

22B

(1) The information listed in paragraphs 21 to 27 of Schedule 7 must be given in accordance with this regulation where—

(a) the scheme is a collective money purchase scheme, and

(b) a benefit adjustment has not been applied in accordance with the scheme rules or (as the case may be) the latest actuarial valuation.

(2) The information must be given as soon as reasonably practicable to members and beneficiaries who have been or will be affected by the failure to apply the benefit adjustment in accordance with the scheme rules or (as the case may be) the latest actuarial valuation.

Additional publication requirements for collective money purchase schemes

29B

(1) In relation to a collective money purchase scheme, the information specified in paragraphs (2) to (4) must be published in accordance with this regulation.

(2) The following information must be published no more than one month after the date on which the Regulator notifies the applicant of its decision to authorise the scheme—

(a) a statement explaining the design of the scheme, which must contain the information listed in Part 1 of Schedule 9B, and

(b) the scheme’s rules.

(3) The information listed in Part 2 of Schedule 9B must be published no more than 3 months after the latest actuarial valuation is sent to the Regulator.

(4) The model used to calculate information specified in paragraphs ... 19, 20 and 23 to 25 of Schedule 6A must be published as soon as reasonably practicable after information is first provided in accordance with regulation 17A.

(5) Where there is a change in relation to the information listed in paragraph 4 or 5 of Schedule 9B, the statement mentioned in sub-paragraph (2)(a) must be altered accordingly, and published ... as soon as practicable after the change.

(6) Each time the document specified in sub-paragraph (2)(b) is changed after it is first published, the changed version must be published ... as soon as possible after (and in any event within 3 months after) the change.

(7) A notification need not be given under regulation 27 in relation to the information on the website that is published in accordance with this regulation.

(8) Where a person requests the trustees of the scheme to provide the information referred to in paragraph (2), (3) or (4) in hard copy form, the trustees of the scheme must give that information to the person in hard copy form where, but only where, the trustees are satisfied that it would be unreasonable for that person to obtain it from the website on which it is published.

(9) Where information is required to be given in hard copy form in accordance with paragraph (8), it must be given within 2 months of the date the request is made.

(10) In this regulation, “published” means made publicly available free of charge on a website.

Responsibility for giving information and documents

18A

In respect of a collective money purchase scheme, a statement that—

(a) there is no promise or guarantee as to the rate or amount of benefit provided under the scheme, and

(b) the rate or amount of benefits may fluctuate, which may result in—

(i) reduced benefits before benefit becomes payable;

(ii) reduced benefits after benefit becomes payable.

18B

In respect of a collective money purchase scheme, a summary of the rules governing how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including—

(a) that annual benefit calculations and any adjustments of the rate or amount of benefits are applied to all the members of the scheme without variation;

(b) where relevant, an explanation of how any multi-annual reduction permitted under the scheme rules operates and the effect it may have on the rate or amount of benefits provided under the scheme, and

(c) the arrangements in place for making any adjustments to the rate or amount of benefits provided to pensioner members.

PART 4 — Scheme closure: collective money purchase schemes

30

A statement that a decision has been made to pursue continuity option 3.

31

A summary of the reasons for the decision in paragraph 30.

32

An estimate of when information will be provided in accordance with paragraphs 34 to 37.

33

A statement that the scheme will continue to operate in respect of its current members and beneficiaries.

34

A statement confirming that the scheme will be closed, which must include whether it will be closed to new contributions or new members (or both).

36

A statement explaining any impact that the closure will have in relation to accrued rights to benefits under the scheme, including any differences in impact for active, deferred and pensioner members.

37

The arrangements for—

(a) the future operation of the scheme, and

(b) where the scheme will be closed to new contributions, any scheme or section of a scheme to which future contributions may be made.

38

The arrangements for—

(a) the future operation of the scheme, and

(b) where the scheme will be closed to new contributions, any scheme or section of a scheme to which future contributions may be made.

10A

In respect of a collective money purchase scheme, the latest actuarial valuation.

SCHEDULE6A — Statements of benefits: collective money purchase benefits

PART1 — Information for active, deferred and pension credit members

1

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

2

The member’s retirement date and age used for the purposes of the information given under this Schedule.

3

The illustration date.

4

An explanation of how the member may obtain further details about the information given under this Schedule.

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

Details of any deduction from the member’s benefits.

8

Where applicable, a statement that, if the member exercises rights or options to access benefits under the scheme before the member’s retirement date, the amount of the member’s benefits is likely to be lower.

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

A statement that illustrations of the amount of pension that may be payable to the member on the member’s retirement date—

(a) do not represent any promise or guarantee as to the amount of benefits that may be receivable by the member under the scheme, and

(b) are calculated using projections based on actuarial assumptions as to uncertain future events, and that the actual amount could be higher or lower.

11

A statement that—

(a) any future increases or decreases in the rate or amount of benefits provided under the scheme will depend on the available assets of the scheme;

(b) assumptions have been made about the nature of the scheme’s investments and their likely performance, and

12

A statement that the amounts in any illustrations of amount of pension given are expressed in today’s prices.

13

Either—

(a) an explanation of the meaning and basis of “today’s prices”, or

(b) a statement that such an explanation is—

(i) provided in a specified annex, or

(ii) available on a website, in which case the statement must include the information listed in regulation 27(2).

14

Where any illustrations of amount of pension are expressed as a range, an explanation of the extent of variability which the range represents.

15

In relation to the information that must be published on a website in accordance withregulation 29A(2)and (2A)(publishing charges and transaction costs and other relevant information)—

(a) the information specified insub-paragraphs (a) to (d) of regulation 27(2), and

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

16

Where the trustees are required to publish a report on a website in accordance with regulation 5 of the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations (Northern Ireland) 2021[^f00061] (climate change reporting and publication requirements), in relation to the most recent report published—

(a) the information specified in sub-paragraphs (a) to (d) of regulation 27(2) of these Regulations, and

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

17

Either—

(a) a summary of the methods and assumptions used to calculate—

(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) the member’s future benefit illustrations, or

(b) a statement that such a summary is—

(i) provided in a specified annex, or

(ii) available on a website, in which case the statement must include the information listed in regulation 27(2).

PART2 — Information for active and deferred members

18

Where the member has reached normal minimum pension age on the illustration date, a statement explaining that the member may request the following information—

(a) the flexible benefits that may be provided to the member;

(b) the member’s opportunity to transfer flexible benefits, and

PART3 — Information for deferred and pension credit members

19

An illustration, having regard to the latest actuarial modelling under the scheme, of the amount of any survivor’s benefits, as if these were payable on the illustration date.

20

An illustration of the amount of pension, having regard to the latest actuarial modelling under the scheme, that may be payable to the member on their retirement date.

21

Either—

(a) a summary of the method used for calculating any survivor’s benefits, or

(b) a statement that such a summary is—

(i) provided in a specified annex, or

(ii) available on a website, including the information listed in regulation 27(2).

PART4 — Information for active members

22

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23

The amount, at the illustration date, of any benefits payable on the death of the member.

24

An illustration of the amount of pension, which may be payable to the member at their retirement date if pensionable service were to end on the illustration date, having regard to the latest actuarial modelling under the scheme.

25

An illustration of the amount of pension, which may be payable to the member at their retirement date if contributions continue, having regard to the latest actuarial modelling under the scheme.

26

A statement that it is assumed the active member will continue to contribute, or a contribution will be made on the member’s behalf, to the scheme until their retirement date.

27

A statement as to any assumed salary increases taken into account in calculating the illustration provided in accordance with paragraph 25.

28

Either—

(a) a summary of the method used for calculating the member’s death in service benefits, or

(b) a statement that such a summary is—

(i) provided in a specified annex, or

(ii) available on a website, including the information listed in regulation 27(2).

PART5 — Information for deferred members

29

The date on which the member became a deferred member.

30

A statement that no further contributions are expected to be made to the scheme by, or in respect of, the member after the illustration date.

6A

In relation to a collective money purchase scheme, a statement that—

(a) there is no promise or guarantee as to the rate or amount of benefit provided under the scheme, and

(b) the rate or amount of benefits may fluctuate, which may result in—

(i) reduced benefits before benefit becomes payable;

(ii) reduced benefits after benefit becomes payable.

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

15

Where benefit is not yet payable to the person—

(a) the amount representing the member’s share of the available assets of the scheme;

(b) the period for which that amount applies;

(i) any adjustment to that amount since the previous year, both in monetary terms and as a percentage increase or decrease;

(ii) where applicable, an explanation of why that amount has been adjusted or, as the case may be, remained the same, and

(d) an explanation of when an adjustment in that amount may next occur.

16

Where benefit is payable to the person—

(a) the amount of benefit that is payable;

(b) the period for which that amount applies;

(i) any adjustment to the amount of benefit payable from the previous year, both in monetary terms and as a percentage increase or decrease;

(ii) an explanation of why the amount of benefit payable has been adjusted or, as the case may be, remained the same, and

(d) an explanation of when an adjustment in the amount of benefit payable may next occur.

17

Any rights or options a person may be entitled to exercise in the event of a member or beneficiary dying, and any procedures for exercising those rights or options.

18

A statement that there is no promise or guarantee as to the amount of benefit that may be provided under the scheme, that the rate or amount of benefits may fluctuate, and that this may result in reduced benefits.

19

A summary of the method and assumptions used to calculate the benefit adjustments.

20

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21

The level of the benefit adjustment that should have been applied in accordance with the latest actuarial valuation and the schemes rules.

22

The level of the benefit adjustment that was actually applied.

23

Where the benefit adjustment that was actually applied was not the adjustment that should have been applied in accordance with the latest actuarial valuation and the schemes rules, any proposed remedial actions.

24

A timetable for implementing any remedial actions.

25

A statement indicating whether the failure to apply the benefit adjustment in accordance with the scheme rules or (as the case may be) the latest actuarial valuation has resulted in any negative impact on the scheme’s ongoing ability to deliver the pension benefits envisaged under the design of the scheme.

26

Where there is a likely negative impact on the scheme’s ongoing ability to deliver the pension benefits envisaged, details of any proposed actions to address the negative impact.

27

An explanation of what the trustees will do to ensure benefit adjustments are applied correctly in future.

SCHEDULE9B — Statements to be published by collective money purchase schemes

PART1 — Scheme design statement

1

A summary of—

(a) the rate or amount ... by reference to which ... benefits accrue each year under the scheme;

(b) the rate or amount of contributions paid by the employer;

(d) the normal pension age as specified in the rules of the scheme.

2

A statement that—

(a) there is no promise or guarantee as to the rate or amount of benefits provided under the scheme, and

(b) the rate or amount of benefits may fluctuate, which may result in—

(i) reduced benefits before benefit becomes payable;

(ii) reduced benefits after benefit becomes payable.

3

A summary of the rules governing how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including—

(a) that annual benefit calculations and any adjustments of the rate or amount of benefits are applied to all the members of the scheme without variation, and

(b) where relevant, an explanation of how any multi-annual reduction permitted under the scheme rules operates and the effect it may have on the rate or amount of benefits provided under the scheme.

4

An explanation of how the trustees of the scheme will monitor risks to the scheme including potential negative impacts on the rate or amount of benefits provided under the scheme.

5

A summary of the procedure that would be followed in the event of the winding up of the scheme.

PART2 — Valuation and benefit adjustment statement

6

The name of the scheme to which the statement relates.

7

A summary of the results of the latest actuarial valuation of the scheme, based on the latest actuarial valuation report, including any resulting benefit adjustment.

8

An explanation of the methods and assumptions used in the latest actuarial valuation.

9

The effective date of the latest actuarial valuation to which the explanation in paragraph 8 relates.

10

A description of the model used to calculate benefit illustrations for the purpose of annual benefit statements.

11

In the case of the first valuation statement for the scheme, an explanation of any changes to the methods and assumptions used in the application for authorisation.

12

In the case of all subsequent statements, an explanation of any changes to the actuarial valuation or to the methods and assumptions used in the last statement.

13

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35

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

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