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

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

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6

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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

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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

• (c) those assumptions may not correspond with the investments actually made or their actual performance.

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) 2021⁵⁷ (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

• (c) the options available to the member under the scheme rules.

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

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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;

• (c) except where information under this paragraph is provided to the person for the first time—

• (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;

• (c) except where information under this paragraph is provided to the person for the first time—

• (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

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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;

• (c) the rate or amount of contributions paid by the member;

• (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

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35

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