# The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations 2015, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734) (“the Disclosure Regulations”).
The Taxation of Pensions Act 2014 (c. 30) (“the 2014 Act”) amends the Finance Act 2004 (c. 12) to enable individuals with certain types of benefits to have more flexibility of access to those benefits (known as the “pension flexibilities”). The Pension Schemes Act 2015 (c. 8) (“the 2015 Act”) makes provision to support the pension flexibilities and creates a new term, “flexible benefits”, which covers the types of benefits to which the pension flexibilities apply. The 2015 Act also establishes a pensions guidance service to help members of pension schemes, and survivors of members of pension schemes, to make decisions about what to do with their flexible benefits (“the pensions guidance”). These Regulations make provision concerning the information that certain pension schemes must give a person with flexible benefits and when that information must be given. The information to be given includes information about the pensions guidance and, where the person is a member, information about the member’s benefits and the member’s opportunity to transfer flexible benefits out of the scheme. These Regulations also make transitional provision and amendments that are consequential on, or connected with, the 2014 Act and the 2015 Act.
The Public Service Pensions Act 2013 (c. 25) (“the 2013 Act”) restricts existing public service and public body pension schemes and introduces rules governing new public service and public body pension schemes. The Public Service Pensions (Information about Benefits) Directions 2014 (“the 2014 Directions”) make provision as to what information must be given pursuant to the disclosure requirement in section 14 of the 2013 Act. These Regulations make amendments to ensure that the disclosure exemption in regulation 4 of the Disclosure Regulations will apply to any new local government scheme made under the 2013 Act. They also remove duplication between the disclosure requirement under regulation 16 of the Disclosure Regulations and the disclosure requirement under the 2013 Act and the 2014 Directions.
Regulation 3 inserts new definitions into regulation 2 of the Disclosure Regulations and removes one definition that is no longer needed following one of the amendments to Schedule 2 to those Regulations.
Regulation 4(2)(a) amends regulation 4(2) of the Disclosure Regulations to ensure that the disclosure exemption in regulation 4(2) of the Disclosure Regulations will also apply to any future defined benefit schemes for local government workers in England, Wales and Scotland in regulations made solely under section 1 of the 2013 Act. Regulation 4(5) inserts a definition necessitated by that amendment.
Regulation 4(2)(b) updates a reference in regulation 4(2)(c) of the Disclosure Regulations.
Regulation 4(3) amends regulation 4(5) of the Disclosure Regulations so that managers of a personal pension scheme are no longer required to give information in accordance with regulation 19 of the Disclosure Regulations.
Regulation 4(4) amends regulation 4(7) of the Disclosure Regulations so that it does not apply where information is given verbally in accordance with new regulation 18B(3).
Regulation 5 corrects a grammatical error in regulation 10 of the Disclosure Regulations.
Regulation 6 amends regulation 16 of the Disclosure Regulations so that trustees and managers do not have to provide a statement of benefits where a benefit information statement has been provided pursuant to section 14 of the 2013 Act in the last 12 months.
Regulation 7 inserts new regulations 18A and 18B into the Disclosure Regulations. Regulation 18A makes provision concerning the information that must be given to a member who satisfies certain conditions and requests information about what they may do with their flexible benefits or informs the trustees or managers of a scheme that they are considering, or have made a decision in relation to, what to do with those benefits. Regulation 18B makes provision concerning the information that must be given to a member who satisfies certain conditions where the trustees or managers of a scheme contact a member, or a member contacts the trustees or managers of a scheme, in connection with what the member may do with their flexible benefits (in circumstances where information is not required to be given under regulation 18A).
Regulation 8 amends regulation 19 of the Disclosure Regulations so that information is to be given under that regulation to members with flexible benefits. It also amends the information that must be given under that regulation and the timeframe within which information must be given to certain members.
Regulations 9 and 10 amend, respectively, the information that must be given under regulations 20 and 21.
Regulation 11 amends Schedule 2 to the Disclosure Regulations, which contains provision concerning the information that must be given at the initial stage of membership of a pension scheme. Paragraphs 3 and 8 make amendments so that certain information must be given to a member with flexible benefits and certain information must be given to a member with safeguarded benefits. Paragraph 9 replaces the previous paragraph 26 of Schedule 2 with clearer wording. The remaining paragraphs make amendments consequential on the 2014 Act and the 2015 Act.
Regulation 12 makes amendments to Schedule 3 to the Disclosure Regulations consequential on the 2015 Act.
Regulation 13 inserts a Part 3 into Schedule 7 to the Disclosure Regulations and lists information to be given to a member who has an opportunity to transfer flexible benefits.
Regulation 14 inserts Schedule 10 into the Disclosure Regulations and lists the information to be given about the pensions guidance, members’ benefits and other matters.
Regulation 15 makes transitional provision.
No analysis of the impact of regulations 3(2)(a) and (e), 4(2) and (5), 5, 6 and 11(9) has been made because those regulations have no impact on the private sector or civil society organisations. In relation to all the other regulations in this instrument, an analysis of the impact of this legislation on the private sector and civil society organisations has been made. A copy of this impact assessment is available in the libraries of both Houses of Parliament. Copies may also be obtained from the Better Regulation Unit of the Department for Work and Pensions, 2D, Caxton House, Tothill Street, London SW1H 9NA.

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Source: https://www.legislation.gov.uk/uksi/2015/482/note (the official version)
Page: https://openlegislation.uk/occupational-and-personal-pension-schemes-disclosure-of-information-amendment-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.