Pension reforms to inform

Draft regulations published today will guarantee members of non money-purchase schemes an annual benefits information statement on their pension said the Minister for Pensions Reform, Stephen Timms.

The draft regulations, Occupational Pension Schemes (Disclosure of Information), introduce a requirement that annual benefit information for non money-purchase benefits is provided automatically, and in addition establishes an approach to disclosure, which replaces the rigid timescales of the current
disclosure regime with a simple requirement that information be furnished within a reasonable period.

The pensions regulator is also simultaneously consulting on a corresponding Code of Practice regarding views on what constitutes a reasonable period.

Stephen Timms, pensions reform minister, says: “These regulations are in everyone’s interest ensuring that scheme members get important automatic information about their pensions. It is important that if people are able to make informed choices about ensuring they have adequate provision for their retirement then they will need to have information that is
easily available”.

The consultation period is September 9 2005 to December 2 2005.