New draft regulations published last week will guarantee member of non-money purchase scheme an annual benefits information statement, according to Minister for Pensions Reform, Stephen Timms.
The draft regulation covering occupational pensions schemes introduces a requirement that annual benefit information for non money-purchased benefits is provided automatically. It also establishes a new approach to disclosure, replacing the existing time scales of the current regime with what the Department for Work and Pensions (DWP) says will be a requirement that information should be provided within a “reasonable period.” Announcing the changes Timms says: “These regulations are in everyone’s interest ensuring that scheme members get important automatic information about their pensio...
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