Model disclosure documents published by the Pensions Authority
29 September 2014: Today, the Pensions Authority published the first in a series of model documents concerning disclosure of information requirements. This is in response to submissions received to its Defined Contribution (DC) pensions’ consultation paper published last year which indicated that the quality of member information needs to be improved considerably and made more user-friendly. The first documents in the series are a model DC Annual Benefit Statement (including statement of reasonable projection requirements) and a model Statement of Reasonable Projection (SRP).
Speaking about the model documents, Brendan Kennedy, Pensions Regulator, said: "The Authority considers that these model documents have been prepared in accordance with the relevant legislation. Trustees or their administrators preparing such documents for scheme members should satisfy themselves that the information given is compliant with the applicable legislative requirements. An instructions note to this effect accompanies the model documents.” He added: “It is important that pension scheme members receive accurate and understandable information in a structured manner so that they can make informed decisions about their retirement savings."
The Authority will issue further model disclosure documents over the next few months.
The model documents can be accessed here under ‘Related Articles’.
For further information, contact:
Head of Operations and Communications
The Pensions Authority
Tel: (01) 613 1900
Note to Editors
The Pensions Authority is the statutory body established by the Pensions Act, 1990 to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts (PRSAs). www.pensionsauthority.ie