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Financial planning for retirement |
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191 | Promoting and facilitating financial planning for retirement |
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(1) | The Secretary of State and the Northern Ireland Department may take action for the |
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purpose of promoting or facilitating financial planning for retirement. |
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(2) | The action may in particular include the provision of facilities for the purpose of |
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enabling or assisting an individual or a person authorised by him— |
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(a) | to estimate the financial resources the individual is likely to need after his |
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(b) | to estimate the financial resources that are likely to be available to the |
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individual after his retirement, from pensions and other sources; |
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(c) | to ascertain what action might be taken with a view to increasing the financial |
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resources available to the individual after his retirement. |
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(3) | This section does not authorise the Secretary of State or the Northern Ireland |
| 15 |
Department to take action which the Secretary of State or the Northern Ireland |
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Department would otherwise be prohibited from taking under section 21 of the |
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Financial Services and Markets Act 2000 (c. 8) (restrictions on financial promotion). |
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(4) | In this section “the Northern Ireland Department” means the Department for Social |
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Development in Northern Ireland. |
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192 | Supply of information for purposes of section 191 |
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(1) | This section applies to— |
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(a) | information which is relevant for determining the pensions and other |
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benefits that may become payable to or in respect of an individual; |
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(b) | information which relates to the financial resources of, or available to, |
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(c) | information which relates to action taken in connection with— |
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(i) | providing facilities for saving (for retirement or otherwise) by |
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(ii) | promoting or facilitating saving (for retirement or otherwise) by |
| 30 |
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(2) | A person who holds information to which this section applies may supply it |
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(a) | the Secretary of State or the Northern Ireland Department, or |
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(b) | a person providing services to the Secretary of State or the Northern |
| 35 |
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| for use for the purposes of functions under section 191(1). |
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(3) | Information supplied under subsection (2) must not be supplied by the |
| |
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(a) | if the information relates to an individual— |
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(i) | to the individual or a person authorised by him; |
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(ii) | to another person, with the consent of the individual; |
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|
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|
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(i) | to a person to whom it could be supplied under subsection (2); |
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(ii) | to any person with a view to the institution of relevant criminal |
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proceedings or otherwise for the purposes of relevant criminal |
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(4) | In subsection (3) “relevant criminal proceedings” means criminal proceedings |
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(a) | the Pension Schemes Act 1993 (c. 48); |
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(b) | the Pensions Act 1995 (c. 26); |
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(d) | any enactment in force in Northern Ireland corresponding to an Act |
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mentioned in any of paragraphs (a) to (c). |
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(5) | In this section “the Northern Ireland Department” means the Department for |
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Social Development in Northern Ireland. |
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193 | Use and supply of information: private pensions policy and retirement |
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Schedule 9 (which makes provision about the use and supply of information |
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for purposes relating to private pensions policy and retirement planning) has |
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194 | Combined pension forecasts |
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(1) | Regulations may require the trustees or managers of an occupational or |
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personal pension scheme to provide any member of the scheme with— |
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(a) | the information specified in subsection (2), together with |
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(b) | the information specified in subsection (3). |
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(2) | The information referred to in subsection (1)(a) is information relating to the |
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(a) | is state pension information for the purposes of section 42 of the Child |
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Support, Pensions and Social Security Act 2000 (c. 19), |
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(b) | has been disclosed to the trustees or managers under that section (or, |
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by virtue of that section, is treated as having been so disclosed), and |
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(c) | is of a description specified in the regulations. |
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(3) | The information referred to in subsection (1)(b) is information which— |
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(a) | relates to the pensions and other benefits likely to accrue to the |
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member, or capable of being secured by him, under the scheme, and |
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(b) | is of a description specified in the regulations. |
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(4) | Regulations under subsection (1) may require information referred to in that |
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subsection to be provided at a time or times specified in the regulations. |
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Employee information and advice |
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195 | Information and advice to employees |
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(1) | Regulations may require employers to take action for the purpose of enabling |
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employees to obtain information and advice about pensions and saving for |
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|
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(2) | Regulations under subsection (1) may in particular— |
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(a) | provide that they are to apply in relation to employers of a prescribed |
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description and employees of a prescribed description; |
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(b) | make different provision for different descriptions of employers and |
| |
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(c) | make provision as to the action to be taken by employers (including the |
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frequency at which, and the time and place at which, action is to be |
| |
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(d) | make provision as to the description of information and advice in |
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relation to which requirements apply; |
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(e) | make provision about the description of person authorised to provide |
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any such information and advice. |
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(3) | Employers to whom regulations under subsection (1) apply must provide |
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information to the Regulator about the action taken by them for the purpose of |
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complying with the regulations. |
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(4) | Regulations may make provision as to— |
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(a) | the information to be provided under subsection (3); |
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(b) | the form and manner in which the information is to be provided; |
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(c) | the period within which the information is to be provided. |
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(5) | Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any person |
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who, without reasonable excuse, fails to comply with subsection (3). |
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(6) | In this section “employer” means any employer, whether or not resident or |
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incorporated in any part of the United Kingdom. |
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Occupational and personal pension schemes: miscellaneous provisions |
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Requirements for member-nominated trustees and directors |
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196 | Requirement for member-nominated trustees |
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(1) | The trustees of an occupational trust scheme must secure— |
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(a) | that, within a reasonable period of the commencement date, |
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arrangements are in place which provide for at least one-third of the |
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total number of trustees to be member-nominated trustees, and |
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(b) | that those arrangements are implemented. |
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(2) | “Member-nominated trustees” are trustees of an occupational trust scheme |
| |
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(a) | are nominated as the result of a process in which at least all the active |
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members of the scheme are eligible to participate, and |
| |
(b) | are selected by some or all of the members of the scheme. |
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(3) | The “commencement date”, in relation to a scheme, is— |
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(a) | the date upon which this section first applies in relation to the scheme, |
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(b) | in the case of a scheme to which this section has ceased to apply and |
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then reapplies, the date on which the section reapplies to it. |
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|
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|
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|
(4) | The arrangements may provide for a greater number of member-nominated |
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trustees than that required to satisfy the one-third minimum mentioned in |
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subsection (1)(a) only if the employer has approved the greater number. |
| |
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(a) | must provide for the nomination and selection process to take place |
| 5 |
within a reasonable period of any requirement arising under the |
| |
arrangements to appoint a member-nominated trustee, |
| |
(b) | must provide, where a vacancy is not filled because insufficient |
| |
nominations are received, for the nomination and selection process to |
| |
be repeated at reasonable intervals until the vacancy is filled, |
| 10 |
(c) | must provide that where the employer so requires, a person who is not |
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a member of the scheme must have the employer’s approval to qualify |
| |
for selection as a member-nominated trustee, and |
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(d) | subject to paragraph (c), may provide that, where the number of |
| |
nominations received is equal to or less than the number of |
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appointments required, the nominees are deemed to be selected. |
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(6) | The arrangements must provide that the removal of a member-nominated |
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trustee requires the agreement of all the other trustees. |
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(7) | Nothing in the arrangements or in the provisions of the scheme may exclude |
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member-nominated trustees from the exercise of functions exercisable by other |
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trustees by reason only of the fact that they are member-nominated trustees. |
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(8) | This section does not apply in relation to an occupational trust scheme if— |
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(a) | every member of the scheme is a trustee of the scheme and no other |
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person is such a trustee, |
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(b) | every trustee of the scheme is a company, or |
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(c) | the scheme is of a prescribed description. |
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(9) | If, in the case of an occupational trust scheme, the arrangements required by |
| |
| |
(a) | are not in place as required by subsection (1)(a), or |
| |
(b) | are not being implemented, |
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| section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee |
| |
who has failed to take all reasonable steps to secure compliance. |
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197 | Requirement for member-nominated directors of corporate trustees |
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(1) | Where a company is a trustee of an occupational trust scheme and every |
| |
trustee of the scheme is a company, the company must secure— |
| 35 |
(a) | that, within a reasonable period of the commencement date, |
| |
arrangements are in place which provide for at least one-third of the |
| |
total number of directors of the company to be member-nominated |
| |
| |
(b) | that those arrangements are implemented. |
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(2) | “Member-nominated directors” are directors who— |
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(a) | are nominated as the result of a process in which at least all the active |
| |
members of the occupational trust scheme are eligible to participate, |
| |
| |
(b) | are selected by some or all of the members of that scheme. |
| 45 |
(3) | The “commencement date”, in relation to a company, is— |
| |
|
| |
|
| |
|
(a) | the date upon which this section first applies in relation to the |
| |
| |
(b) | in the case of a company to which this section has ceased to apply and |
| |
then reapplies, the date on which the section reapplies to it. |
| |
(4) | The arrangements may provide for a greater number of member-nominated |
| 5 |
directors than that required to satisfy the one-third minimum mentioned in |
| |
subsection (1)(a) only if the employer has approved the greater number. |
| |
| |
(a) | must provide for the nomination and selection process to take place |
| |
within a reasonable period of any requirement arising under the |
| 10 |
arrangements to appoint a member-nominated director, |
| |
(b) | must provide, where a vacancy is not filled because insufficient |
| |
nominations are received, for the nomination and selection process to |
| |
be repeated at reasonable intervals until the vacancy is filled, |
| |
(c) | must provide that where the employer so requires, a person who is not |
| 15 |
a member of the scheme must have the employer’s approval to qualify |
| |
for selection as a member-nominated director, and |
| |
(d) | subject to paragraph (c), may provide that, where the number of |
| |
nominations received is equal to or less than the number of |
| |
appointments required, the nominees are deemed to be selected. |
| 20 |
(6) | The arrangements must provide that the removal of a member-nominated |
| |
director requires the agreement of all the other directors. |
| |
(7) | Nothing in the arrangements may exclude member-nominated directors from |
| |
the exercise of functions exercisable by other directors by reason only of the |
| |
fact that they are member-nominated directors. |
| 25 |
(8) | Where the same company is a trustee of two or more occupational trust |
| |
schemes by reference to each of which this section applies to the company, then |
| |
subject to subsection (9), the preceding provisions of this section have effect as |
| |
| |
(a) | the schemes were a single scheme, |
| 30 |
(b) | the members of each of the schemes were members of that single |
| |
| |
(c) | the references to “the employer” were references to all the employers in |
| |
| |
(9) | Where, apart from this subsection, subsection (8) would apply in relation to a |
| 35 |
company, the company may elect that subsection (8)— |
| |
(a) | is not to apply as mentioned in that subsection, or |
| |
(b) | is to apply but only in relation to some of the schemes to which it would |
| |
| |
(10) | This section does not apply in relation to an occupational trust scheme if the |
| 40 |
scheme is of a prescribed description. |
| |
(11) | If, in the case of a company which is a trustee of an occupational trust scheme, |
| |
the arrangements required by subsection (1)— |
| |
(a) | are not in place as required by subsection (1)(a), or |
| |
(b) | are not being implemented, |
| 45 |
| section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to the |
| |
| |
|
| |
|