Proposals for technical amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006
It is proposed to make the following technical amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006 (S.I. 301 of 2006)
To exclude One Member Arrangements from the requirement to produce a valuation report;
To clarify that a person designated by an insurance undertaking to prepare an alternative annual report in respect of a small scheme can only do so, where all of the benefits are secured under policies or contracts of assurance with one or more insurance undertaking;
To extend the period for which the information in the annual benefit statement for a Defined Benefit scheme can relate, to a date not earlier than 6 months before the date of issue of the statement;
To defer the date for entry into operation of the requirement to provide statement of reasonable projection until 1 January 2008, to allow practitioners sufficient time to develop IT systems and procedures necessary to implement the changes required on how the statement should be prepared;
To clarify that the annual benefit statement should provide details of the trustees at the date of the preparation of the statement.
To provide that in respect of a defined contribution scheme, which is a small scheme, the preparer’s statement in the annual report that contributions payable have been received by the trustees within a specified period and that the contributions have been paid in accordance with the rules of the scheme shall only be based on the information available to the preparer.
The existing provisions of S.I. 301 of 2006 continue to remain in full force at this time.
A further notice will be issued on the website, advising whether the above proposals to amend the Disclosure Regulations are implemented.