The first set of draft regulations on automatic enrolment (due to commence in 2012) have been issued for consultation. We will be issuing a separate briefing on these. The DWP has also issued consultation on amendments to the disclosure requirements. The background to the consultation is the Deregulatory Review which recommended a "principles based" approach to disclosure. The DWP is now of the view that it is necessary to specify disclosure requirements where:
- the information is required by European legislation; or
- the information is about members' benefits, key events in the membership cycle or the status of the scheme.
The proposals include:
- reducing the items under the current "basic information about the scheme"
- reducing the matters required in the Annual Report
- streamlining information sent annually to members
- simplifying statutory money purchase illustrations
- most requirements currently with a specified time limit will become "within a reasonable period" with a supporting Code of Practice
- information may be provided electronically - with hard copies on request