Pensions Alert: What The New Disclosure Regulations Mean For Your Scheme Documents And Processes

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The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 ("New Regulations") come into force on 6 April 2014 governing the disclosure of scheme information by trustees to members, prospective members, their spouses or civil partners, beneficiaries and recognised trade unions.

From 6 April the existing regulations - which in the case of occupational pension schemes are the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 ("Old Regulations") - will cease to apply.

The main purpose of the New Regulations is to consolidate, harmonise and simplify the disclosure requirements for occupational and personal pension schemes into one set of regulations. Many amendments made to the disclosure requirements in the New Regulations are permissive, introducing flexibilities that trustees may find useful. However, there are also amendments that are mandatory and it will therefore be important for trustees to make any changes necessary to ensure that their scheme documents and processes remain compliant with the legislation when the New Regulations come into force.

Please see full alert below for more information.

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Topics:  Disclosure Requirements, UK

Published In: Finance & Banking Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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