Model disclosure documents

The Pensions Authority has published a series of model disclosure documents concerning disclosure of information requirements. This is in response to submissions received to our defined contribution (DC) pensions’ consultation paper which indicated that the quality of member information needs to be improved considerably and made more user-friendly. These model disclosure documents communicate as clearly and meaningfully as possible the information required to be disclosed to scheme members by disclosure regulations.

To date the following have been published and can be viewed by selecting the relevant link on the left:

  • a model annual benefit statement for a DC scheme,
  • a model Statement of Reasonable Projection (SRP) for a DC scheme – please note that the Pensions Authority’s model SRP is currently being reviewed and may be updated to reflect the most recent guidance issued by the Society of Actuaries,
  • a model annual benefit statement for a defined benefit (DB) scheme,
  • a model leaving service options letter for a DC scheme,
  • a model leaving service options letter for a DB scheme,
  • a model retirement options letter for a DC scheme, and
  • a model retirement options letter for a DB scheme.

These documents aim to provide understandable information in a structured manner so that members can make informed decisions about their retirement savings.

The Pensions Authority intends to publish Pension Benefit Statement guidance before the first Pension Benefit Statements are required to be issued to scheme members in accordance with Part 6 of the European Union (Occupational Pension Schemes) Regulations 2021.