Consultation on disclosure of information requirements

Monday, June 11, 2012

As part of the "red tape challenge" to remove unnecessary legislation, the Department for Work and Pensions (“DWP”) has issued for consultation draft regulations bringing into line the current obligation regarding disclosure of information with the auto-enrolment regime.

One of the key provisions of the draft regulations concerns basic scheme information that currently has to be provided to new joiners within two months of joining. Under the auto-enrolment regime, employees who are auto-enrolled have one month within which to opt out of the pension arrangement in which they are auto-enrolled.

The draft regulations amend the period within which basic information has to be provided to the member from two months to one month to enable members to make an informed decision as to whether they want to opt out or not. The DWP acknowledges that some employees may not receive the information in time, but it considers that a sufficiently high proportion of employees will benefit from the changes.

Thank you for all your assistance in helping to meet the deadline for the capital reduction exercise – your professionalism and friendly approach was appreciated.

Finance Director - Leading UK Company

Current News

Cohabitee wins right to pension

The Supreme Court has ruled that a nomination requirement relating to the payment of a survivor’s pension under a public sector pension scheme discriminated against cohabiting unmarried couples and should be disapplied.


Reversing Trustee Decisions

Trustees have on occasion relied on the “Hastings Bass” rule to unwind decisions that subsequently transpire to have unintended consequences. The scope to do so has been narrowed by the recent Supreme Court judgments in the jointly heard cases of Futter and another v HMRC and Pitt and another v HMRC.


EU Solvency Rules dropped

The European Commission has announced that it is dropping its plans for a new funding regime for pension schemes.


Pensions for Mortgages

Nick Clegg announces a new government idea to allow parents to use their pensions to help children onto the property ladder.