Personal Pension Schemes (Disclosure of Information) Regulations 1987

JurisdictionUK Non-devolved
CitationSI 1987/1110

1987 No. 1110

PENSIONS

The Personal Pension Schemes (Disclosure of Information) Regulations 1987

Made 25th June 1987

Laid before Parliament 6th July 1987

Coming into force 27th July 1987

The Secretary of State for Social Services, in exercise of the powers conferred upon him by section 168(1) of, and Schedule 20 to, the Social Security Act 19751, and section 56A(1) and (3) of the Social Security Pensions Act 19752, and of all other powers enabling him in that behalf, by this instrument, which is made before the end of a period of 12 months from the commencement of the enactments under which it is made, makes the following Regulations:

S-1 Citation, commencement and interpretation

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Personal Pension Schemes (Disclosure of Information) Regulations 1987 and shall come into force on 27th July 1987.

(2) In these Regulations, unless the context otherwise requires—

the 1975 Act” means the Social Security Pensions Act 1975;

“the 1986 Act” means the Social Security Act 1986;

“beneficiary”, in relation to a scheme, means a person, other than a member of the scheme, who is entitled to payment of benefits under the scheme;

“linked long-term insurance policy” means any contract under which the benefits payable to the policy holder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in any index of, the value of property of any description (whether or not so specified);

“member” means a member of a scheme;

“pensionable age” means, in the case of a man, 65, and in the case of a woman, 60;

“scheme” means personal pension scheme;

“scheme year”, in relation to a scheme, means whichever of the following periods the trustees of the scheme select—

(a) a year specified for the purposes of the scheme—

(i) in any document comprising the scheme or which is included among the documents comprising it; or

(ii) in the rules of the scheme;

(b) a calendar year;

(c) the 12 months ending with 31st March;

(d) the 12 months ending with 5th April,

and also includes, in a case where the trustees have selected a period (“new scheme year”) to replace a previously selected period (“old scheme year”), a period exceeding 12 months but not exceeding 24 months between the last old scheme year and the first new scheme year;

“trustees”, in relation to a scheme which is not set up or established under a trust, means the managers of the scheme;

and other expressions have the same meaning as in the 1986 Act.

(3) Except so far as the context otherwise requires, any reference—

(a)

(a) in these Regulations to a numbered regulation or Schedule is to the regulation in, or, as the case may be, Schedule to, these Regulations, bearing that number;

(b)

(b) in a regulation or Schedule to a numbered paragraph is to the paragraph of that regulation or Schedule bearing that number;

(c)

(c) in a paragraph to a lettered sub-paragraph is to the sub-paragraph of that paragraph bearing that letter.

S-2 Schemes to which regulations 3 to 6 do not apply

Schemes to which regulations 3 to 6 do not apply

2. None of the requirements of regulations 3 to 6 shall apply to a scheme comprised in an annuity contract or trust scheme which is for the time being approved by the Commissioners Inland Revenue under section 226 or 226A of the Income and Corporation Taxes Act 19703.

S-3 Constitution of scheme

Constitution of scheme

3.—(1) Subject to the provisions of regulation 2, the trustees of any scheme shall make provision, in the manner specified in paragraphs (2) and (3), for the disclosure to persons in the categories specified in paragraph (4), of—

(a)

(a) the contents—

(i) of the trust deed constituting the scheme, if it is constituted by such a deed, and

(ii) of any document constituting the scheme, if it not constituted by a trust deed,

and, if the rules of the scheme are not set out in any trust deed or other document the contents of which fall to be disclosed under head (i) or (ii) above, the contents of the rules; and

(b)

(b) the contents of any document which amends or supplements or wholly or partly supersedes a document the contents of which fall to be disclosed under sub-paragraph (a) or this sub-paragraph.

(2) A copy of the contents of any of the documents of which disclosure is required by paragraph (1) shall be made available free of charge for inspection on request (not being a request made by a person within 12 months of the last occasion on which a copy of the contents of the same document was made available for inspection by the same person) by any person in the categories specified in paragraph (4), within a reasonable time after the request is made, at a place which is reasonable having regard to the circumstances of the request.

(3) A copy of any of the documents of which disclosure is required by paragraph (1) shall be furnished, on request, on payment of a reasonable charge, to any person in the categories specified in paragraph (4), within a reasonable time after the request is made, so however that in the case of a document which is publicly available the trustees of the scheme may, instead of furnishing a copy, advise the person who has requested it where copies may be obtained.

(4) The categories of persons mentioned in paragraphs (1) to (3) are the following, namely—

(a)

(a) in relation to an appropriate scheme—

(i) members of the scheme,

(ii) spouses of members,

(iii) beneficiaries under the scheme; and

(b)

(b) in relation to any other scheme—

(i) members of the scheme,

(ii) beneficiaries under the scheme.

S-4 Basic information about the scheme

Basic information about the scheme

4.—(1) Subject to the provisions of regulation 2 and paragraph (4), the trustees of any scheme shall furnish in writing the information specified in Schedule 1 to persons in the categories specified in paragraphs (2) and (3).

(2) The information specified in Schedule 1 shall be furnished as of course to every member of the scheme within 13 weeks of his becoming a member.

(3) The information specified in Schedule 1 shall—

(a)

(a) in relation to an appropriate scheme, be given to—

(i) members of the scheme,

(ii) spouses of members,

(iii) beneficiaries under the scheme; and

(b)

(b) in relation to any other scheme, be given to—

(i) members of the scheme,

(ii) beneficiaries under the scheme,

on request (not being a request made by a person within 3 years of the last occasion on which the same person was furnished with information in accordance with paragraph (2) or this paragraph) as soon as practicable after he requests it.

(4) Where different information is applicable to different members and beneficiaries, nothing in this regulation shall be construed as requiring the trustees of the scheme to disclose information in relation to a member or beneficiary that is not relevant to his rights under the scheme.

(5) Any member who is entitled to be furnished with information specified in Schedule 1, in relation to any scheme, shall be notified by its trustees of any material alteration in the information specified in paragraph 1, 2, 4 or 8 of Schedule 1 within one month of the occurrence of the alteration.

(6) Any member who is entitled to be furnished with information specified in Schedule 1, in relation to any scheme, shall, except in the circumstances mentioned in paragraph (7), be notified by its trustees of any intended material alteration in the information specified in paragraph 3, 6, 7, 10, 11, 12 or 13 of Schedule 1 not less than 3 months before the alteration is intended to take effect.

(7) Where any intended material alteration in the information specified in those paragraphs of Schedule 1 mentioned in paragraph (6)—

(a)

(a) is consequential on events over which the trustees of the scheme had no control, and

(b)

(b) it is not possible for them to comply with the requirements of paragraph (6) within the 3 month period mentioned in that paragraph,

they shall comply with those requirements as soon as reasonably practicable after the intention is formed to make the alteration.

(8) When any information is provided in accordance with the foregoing provisions of this regulation, it shall be accompanied by a written statement that further information about the scheme is available, giving the address to which enquiries about it should be sent.

S-5 Information to be made available to individuals

Information to be made available to individuals

5.—(1) Subject to the provisions of regulation 2, the trustees of any scheme shall furnish in writing the information specified in Schedule 2, to the persons in the categories and in the circumstances specified in paragraphs (2) to (8).

(2) The information mentioned in paragraphs 1 and 2 of Schedule 2 shall be furnished as of course to each member of the scheme at least once in every period of 12 months after the date of his becoming a member of it.

(3) Where the scheme is not an appropriate scheme, the information mentioned in paragraph 3 of Schedule 2 shall be sent, as of course, to each member who has no protected rights under the scheme, not less than 4 months before the last date on which he may make contributions to the scheme, so however that where—

(a)

(a) his expected date of retirement is earlier or later than the last date on which he may make contributions to the scheme, and

(b)

(b) he has given the trustees not less than 5 months' prior notice in writing of that expected date,

that information shall be sent not less than 4 months before that expected date.

(4) Where the scheme is, or has been, an appropriate scheme and members have protected rights under it, the information mentioned in paragraph 4 of Schedule 2 shall be sent, as of course, to each member with such rights—

(a)

(a) not less than 4 months, but not more than 6 months, before he attains...

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