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The Occupational Pension Schemes (Disclosure of Information) Regulations 1996

Type Statutory-Instrument
Publication 1996-06-26
Last updated 2015-04-06
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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  • (ii) the treatment of the scheme under sections 592 to 594 or, as the case may be, 639 to 646A of the Income and Corporation Taxes Act 1988 as for the time being in force will continue;
  • (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (4) The assumptions about annuities referred to in sub-paragraph (2)(b) above are—
  • (a) that the rate of pension is to be increased annually by the relevant percentage for the time being specified in the relevant guidance; and
  • (b) that, subject to sub-paragraph (5) below, irrespective of whether or not the member is married or in a civil partnership at the time when the information referred to in sub-paragraph (1) above is furnished, the annuity will include provision for the payment, to a surviving spouse or, as the case may be, a surviving civil partner of the member, of a pension of an amount equal to one half of the pension which was payable to him immediately before his death.
  • (5) Sub-paragraph (4)(b) above does not apply where—
  • (a) the trustees decide to use a different assumption in substitution for that specified in sub-paragraph (4)(b) on the basis that the scheme records indicate that the member is not married or not in a civil partnership; or
  • (b) the trustees and the member agree to use a different assumption.
  • (6) The additional information which is to accompany the information provided under sub-paragraph (1) above is—
  • (a) a statement to the effect that the information provided under that sub-paragraph is provided only for the purposes of illustration and that it does not represent any promise or guarantee as to the amount of benefit which may be receivable by the member or a beneficiary under the scheme ... ;
  • (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (c) a statement specifying the means by which the person to whom the information relates may obtain from the trustees further information about the information provided under sub-paragraph (1) above;
  • (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (e) a statement to the effect that certain general assumptions have been made ... ;
  • (f) a statement to the effect that the amount referred to in sub-paragraph (1) above is expressed in today’s prices;
  • (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (j) a statement of the member’s retirement date for the purpose of sub-paragraph (1) above; and
  • (k) a statement of the illustration date used for the purpose of calculating the amount referred to in sub-paragraph (1) above.
  • (7) The further information which is to be provided, as mentioned in regulation 5(5ZZA)(b) and (5ZC)(b), is—
  • (a) a statement to the effect that assumptions have been made about the nature of the investments made for the purposes of the member’s money purchase benefits and their likely performance, which may not correspond with the investments actually made for those purposes, or their actual performance;
  • (b) a statement to the effect that the actual amount of any pension payable to or in respect of the member under the scheme will depend on considerations, including the actual performance of investments and the cost of buying an annuity at the time the pension becomes payable, which may be different from the assumptions made for the purposes of providing the information under sub-paragraph (1);
  • (c) a statement specifying any assumptions made in relation to future contributions to the scheme; and
  • (d) a statement of the assumptions made in accordance with sub-paragraph (4) or as mentioned in sub-paragraph (5).

6AA

  • (a) The value of the pension credit member’s accrued rights under the scheme at a specified date.
  • (b) Where the cash equivalent (calculated, as at the date specified for the purposes of sub-paragraph (a) in accordance with section 101I of the 1993 Act (calculation of cash equivalents) and regulation 24 of the Pension Sharing (Pension Credit Benefit) Regulations 2000 (manner of calculation and verification of cash equivalents)) in respect of the transfer of any of the pension credit member’s rights mentioned in sub-paragraph (a) would be different from the values to be specified under that sub-paragraph, that cash equivalent.

6A

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

8A

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

17

A summary, based on the last actuarial valuation under section 224 of the 2004 Act received by the trustees and any actuarial report received subsequently, of the extent to which the assets of the scheme are adequate to cover its technical provisions.

18

An explanation of any change in the funding position of the scheme—

  • (a) in the case of the first summary funding statement issued in respect of the scheme, since the last actuarial valuation in respect of the scheme under regulation 30 of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 (ongoing actuarial valuations), or, if no such valuation was obtained, since the last actuarial valuation under the rules of the scheme, and
  • (b) in the case of any subsequent summary funding statement, since the date of the last summary funding statement.

19

The actuary's estimate of solvency contained in the last actuarial valuation under section 224 of the 2004 Act received by the trustees.

20

A summary of any recovery plan prepared under section 226 of the 2004 Act which is currently in force.

21

Whether the scheme has been modified under section 231(2)(a) of the 2004 Act, is subject to directions under section 231(2)(b) of that Act or bound by a schedule of contributions imposed under section 231(2)(c) of that Act, and if so an account of the circumstances in which the modification was made, the direction given or the schedule of conditions imposed.

22

Whether any payment has been made to the employer under section 37 of the 1995 Act F4(payment of surplus to employer)—

  • (a) in the case of the first summary funding statement issued in respect of the scheme, in the 12 months preceding the date on which it is prepared, and
  • (b) in the case of any subsequent summary funding statement, since the date of the last such statement,

Editorial notes

20

1993 c.48. Section 168 was amended by section 155(1) of the Pensions Act 1995 (c.26). Section 181(1) is cited because of the meaning ascribed to “prescribed” and “regulations”.

21

1995 c.26. Section 124(1) is cited because of the meaning ascribed to “prescribed” and “regulations”.

22

See section 185(2)(b) and (6) of the Pension Schemes Act 1993 and section 173(1)(b) of the Social Security Administration Act 1992 (c.5).

23

See section 120(2)(c) of the Pensions Act 1995. This provides that the requirement to consult does not apply where regulations are made before the end of the period of 6 months beginning with the coming into force of the provisions of Part I of the Pensions Act 1995 by virtue of which they are made.

27

Section 611A was inserted by section 75 of and Schedule 6, Part I, paragraphs 1, 15, 18(1) to the Finance Act 1989 (c.26) .

31

S.I. 1986/1046, as amended by 1986/1717, 1987/1105, 1988/476, 1989/1641, 1991/167, 1992/246, 1992/1531, 1994/1062.

32

1986 c.50. Section 7 was repealed by Schedule 5 to the Pension Schemes Act 1993, subject to the saving in paragraph 22 of Schedule 6 to that Act.

33

Section 9(2) to (2C) was substituted for section 9(2) by section 136(3) of the Pensions Act 1995. Section 9(3) was amended by section 136(4) of, and paragraph 24 of Schedule 5 to, the Pensions Act 1995.

55

Reg. 5 applied (with application in accordance with art. 1(2) of the commencing S.I., 1.12.2000) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123), art. 3(1)(b)(2)(b)reg. 1(1)

56

Sch. 2 applied (with application in accordance with art. 1(2) of the commencing S.I., 1.12.2000) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123), art. 3(1)(b)(2)(b)reg. 1(1)

63

Words in reg. 1(2) inserted (6.4.2003) by The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (S.I. 2002/1383), regs. 1(2), 3(2)(a)

64

Words in reg. 1(2) inserted (6.4.2003) by The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (S.I. 2002/1383), regs. 1(2), 3(2)(b)

65

Words in reg. 1(2) inserted (6.4.2003) by The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (S.I. 2002/1383), regs. 1(2), 3(2)(d)

75

Sch. 2 para. 6ZA inserted (6.4.2003) by The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (S.I. 2002/1383) regs. 1(2), 3(4)

85

Reg. 5(12AA) inserted (1.4.2002) by The Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002 (S.I. 2002/459, reg 1(2), reg. 2

115

Reg. 5(5ZA)-(5ZC) inserted (6.4.2003) by The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (S.I. 2002/1383) regs. 1(2), 3(3)(b)

145

Words in reg. 1(2) inserted (6.4.2003) by The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (S.I. 2002/1383), Reg. 1(2), Reg. 3(2)(c)

154

Words in reg. 1(2) omitted (9.8.2012) by The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012 (S.I. 2012/1817), reg. 1(2), Sch. 1, para. 5(a)

155

Words in reg. 5(10)(a) omitted (1.4.2002) by The Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002 (S.I. 2002/459), regs. 1(2), 2

156

Words in reg. 5(10)(b) omitted (1.4.2002) by The Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002 (S.I. 2002/459), regs. 1(2), 2

157

Words in reg. 5(10)(d) omitted (1.4.2002) by The Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002 (S.I. 2002/459), regs. 1(2), 2

158

Words in reg. 5(12A) substituted (1.4.2002) by The Occupational Pension Schemes (Winding Up Notices and Reports etc.) Regulations 2002 (S.I. 2002/459), regs. 1(2), 2(4).

159

Sch. 2 para. 4(c) inserted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691) regs. 1(2), 5(4)(a)(i)

160

Words in Sch. 2 para. 4 substituted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691) regs. 1(2), 5(4)(a)(ii)

161

Words in Sch. 2 para. 4 inserted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691) regs. 1(2), 5(4)(a)(iii)

162

Words in Sch. 2 para. 13 substituted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691) regs. 1(2), 5(4)(f)

163

Words in Sch. 2 para. 14 substituted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691) regs. 1(2), 5(4)(f)

166

Reg. 11 excluded (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 78 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

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