As noted in our February update, the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 (the Regulations) place an obligation on trustees and employers not to implement “listed changes” to pension scheme provisions unless consultation with the scheme’s members has been carried out. The Department for Work and Pensions (the DWP) has now published updated guidance on both these Regulations and the Occupational Pension Schemes (Consultation by Employers) Modification for Multi-Employer Schemes) Regulations 2006.
The two key changes to the guidance first published in March 2006 are:
- a change of insurance company provider for a personal pension scheme is not a listed change; and
- the sanctions section has been amended to reflect the new power of the Pensions Regulator (TPR) to impose a fine on employers who, without reasonable excuse, do not comply with the consultation requirements under the Regulations.
View the guidance (pdf)(168KB)