Public-sector pensions: exemptions from disclosure requirements published

Consultation has started on amendments to the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (SI 2013/2734) to ensure these operate correctly in relation to the new public-sector pension schemes that come into force from 1 April 2015.

The draft Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations 2015 provide that the exemptions that apply to certain public-sector pension schemes, such as not being required to give members information contained in a scheme's annual report and not needing to provide a summary funding statement or other scheme specific funding information, will continue to apply to the new schemes that come into force from 1 April 2015.

The draft regulations also provide that, from 1 April 2015, the current obligations of Regulation 16 of the Disclosure Regulations will apply differently to public-sector pension schemes. Where a public-sector pension scheme has supplied an annual "benefit information statement" in the previous 12 months, the Regulation 16 obligation that a member who has rights to benefits that are not money purchase benefits must provide an annual benefit statement as soon as practicable after the request was made (unless the information has already been provided to that member in the last 12 months) will not apply.

For more information on the disclosure regime see Practice note, Disclosure: providing information to pension scheme members.

The consultation closes on 28 November 2014 with the regulations expected to come into force on 1 April 2015.

Sources: DWP: The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations 2015, Public Consultation and Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations 2015 (3 November 2014).