The Occupational and Personal Pension Schemes (Disclosure Of Information) Regulations (Northern Ireland) 2014 - Regulatory Impact Assessment
Date published:
This impact assessment considers three private pensions policy areas: consolidation of the disclosure of information regulations; a review of Statutory Money Purchase Illustrations (SMPIs); and extending the current provisions which allow private pension schemes to communicate electronically with their members and other prescribed individuals.
The majority of the changes are minor and are designed to improve the understanding of the disclosure requirements by private pension schemes. The changes would also improve the communications that members receive as well as allowing the industry to reduce costs with the extension of electronic communications in line with the introduction of automatic enrolment from 2012.
The changes are grouped together as they are all aspects of a critical review of legislation rather than separate policy options. The requirement for schemes to notify members when their fund is subject to lifestyling is an essential part of ensuring that members have the information they need.