Occupational Pension Schemes (Disclosure of Information)(Amendment) Regulations, 2006
An information notice on proposals to amend the Disclosure of Information Regulations was issued in the "News" section of the website on 28 August 2006.
Please note that these Regulations (S.I. No. 582 of 2006) effective from 21 November 2006, have now been commenced which provide for some of the proposals as outlined in that information notice.
The Regulation provides for the following technical amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 (SI 301 of 2006).
- by excluding one member arrangements from the requirement to prepare a valuation report within the meaning of article 56(2A) because the valuation report will be the same as the annual benefit statement.
- by clarifying that a person designated by an insurance undertaking to prepare an annual report can only do so, where all of the relevant benefits are secured under policies or contracts of assurance.
- by clarifying that in respect of a defined contribution scheme which is a small scheme the preparer’s statement in the annual report regarding certain matters shall only be based on the information available to him.
- by providing that the information in the annual benefit statement for a DB scheme should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information.
- by providing that trustees shall not be obliged to furnish statements of reasonable projection under articles 13 or 14 of the Principal Regulations until 1 January 2008. This is to allow for sufficient time for the development of guidance on how the statement of reasonable projection should be prepared.
- to clarify that the annual benefit statement should provide details of the trustees at the date of preparation of the statement rather than at the specified date which may be earlier that the date of preparation of the statement.
- textual amendment to include a “PRSA” in paragraph 17 of Schedule D in relation to transfer payments received from another scheme to mirror other provisions of Schedule D.
- Textual amendment to paragraph 12 of Schedule E so that it corresponds with paragraph 6 of Schedule E.
No liability whatsoever is accepted by the Pensions Board, it’s servants or agents for any errors or omissions in the information contained in this document or for any loss occasioned to any person acting or refraining from acting as a result of any statement in this document.