The Department for Work and Pensions (DWP) is consulting on proposals to simplify some of the disclosure of information requirements for occupational, personal and stakeholder pension schemes.
The DWP is proposing to replace some disclosure requirements with a more principles-based approach. It is also considering extending this approach to other areas of pensions legislation.
The DWP does not intend to adopt this principled-based approach where:
- the information is required by the IORP directive; or the information is about a member’s benefits; key events in the membership life cycle; or
- the status of the scheme. The DWP acknowledges that in reality most of the current information requirements under pensions legislation fall under the above paragraphs 1 or 2.
Where the DWP has identified some scope for deregulation it is, amongst other things, considering a single set of regulations setting out the information requirements for occupational, personal and stakeholder pension schemes. It is also proposing to introduce a single high level principle in the legislation.
The DWP is intending to consult on draft regulations later this year with the intention of the final regulations having effect from 6 April 2010.
The consultation will close on 6 May 2009.