The Department for Work and Pensions (DWP) has published a consultation paper setting out the results of a review of the requirements for disclosure of information to members applying to occupational, personal and stakeholder pension schemes, together with the Government’s proposals for reform.
The DWP’s aim is to “significantly restructure and simplify” the current disclosure requirements and, if possible, to set out all future requirements in a single set of regulations. Provisions making it clear that information may be provided electronically to members are proposed, as are “deemed receipt” provisions relating to the provision of electronic or postal information to deferred members.
It is also proposed that regulations which require information to be provided within a specified time will generally be redrafted so that the required information should be provided “within a reasonable period”. The Pensions Regulator (TPR) would then issue a code of practice incorporating guidance on timescales for scheme trustees and administrators.
The consultation period runs until 6 May 2009.
View the consultation paper (130 KB pdf).