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Occupational Pension Schemes

Volume 100: debated on Wednesday 25 June 1986

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asked the Secretary of State for Social Services when he intends to make regulations on disclosure of information by occupational pension schemes; and if he will make a statement.

I have today laid regulations on disclosure of information which will come into effect on 1 November this year. The regulations introduce important new rights for members of occupational pension schemes who will be able to receive full details of how their pension fund is invested as well as statements showing the individual pension rights they have built up in a scheme.In addition, members and their spouses will have access to a scheme's legal documentation and all new members will, on joining a scheme, receive basic information about it rules. Most schemes will have to produce an annual report which will contain its audited accounts and a statement by a qualified actuary showing whether the funding of the scheme is adequate to meet all its pension liabilities. These measures are aimed at improving protection for members of occupational pension schemes and providing them with information on which to make informed choices about future pension provision. We intend to make regulations under the current Social Security Bill which will extend the provisions on disclosure of information to members of personal pension schemes. When we do so, we shall be giving further consideration to the kinds of individual benefit statement which should be available to members of both occupational and personal pension schemes.