The Occupational And Personal Pension Schemes (Disclosure of Information) (Requirements to Refer Members to Guidance etc.) (Amendment) Regulations (Northern Ireland) 2022 - screening

The Statutory Rule amends existing regulations governing the disclosure requirements for occupational and personal pension schemes. It requires trustees or managers of certain occupational pension schemes (defined contribution pension schemes) to ensure relevant beneficiaries are referred to appropriate pensions guidance, provided by the single financial guidance body or one of its delivery partners. They will be provided with an explanation of the nature and purpose of the guidance as part of the application process when a beneficiary applies to receive or transfer their flexible benefits. The requirements will ensure that a relevant beneficiary has either received appropriate pensions guidance or opted out of receiving such guidance before they can transfer or access their flexible benefits. This is to ensure that relevant beneficiaries are made aware of Pension Wise guidance before accessing their pension savings, and remove the inertia introduced by beneficiaries having to book their own Pension Wise appointment.