Disclosure

Information Overview I

Under employment legislation, pension scheme details must be given to employees within 30 days of starting a job. When joining the scheme, members receive a booklet summarising its terms. This information is provided to members, prospective members, spouses of members, potential beneficiaries, and authorized union representatives. Employers must provide certain information to scheme members to meet Revenue requirements, often through an announcement letter.

Information Overview II

Beneficiaries have the right to access trust documents and information about their interests in a pension trust. The Revenue and disclosure regulations requirements usually fulfill trustees’ disclosure obligations. These regulations are more detailed than trust law, making it easier for members to assert their rights. Trustees must provide specific information at various times, such as when a member joins, leaves, dies, or when the scheme terminates. Audited accounts, reports, actuarial valuations, and annual reports must be made available to members regularly.

New Members Disclosure

New members should receive specific information within two months of joining, with no obligation to notify spouses. In cases of divorce or separation, spouses have rights to scheme-related information. Material alterations must be notified within 30 days, covering various scheme details.

Trustees’ Annual Reports

Trustees may prepare annual reports for schemes, with exemptions for specific situations. The annual report must contain audited accounts, an auditor’s report, actuarial funding certificates, and other information.

Accounts and Auditor’s Report

Trustees must prepare audited accounts and an auditor’s report. Some small schemes and one-member arrangements are exempt. The accounts must provide a true and fair view of the scheme’s financial transactions, assets, and liabilities.

Funding/Valuation

Certain schemes need regular actuarial valuations, and reports on these valuations are required. Trustees must prepare an actuarial funding certificate, confirming solvency for defined benefit schemes.

Individual Disclosure

Trust documents must be available for inspection, and beneficiaries have rights to individual information, often provided through benefit statements. Trustees must disclose specific information to members and others upon request or in certain circumstances.

Requested Information

Regulations oblige trustees to provide information automatically and upon request, with some limitations on the timeframe for requests.

DB Annual Disclosure

Defined benefit schemes must disclose specific information annually, including benefit calculations and contributions.

DC Annual Disclosure

Defined contribution schemes must disclose information annually, including contributions, investment details, and projected benefits.

Statement of Reasonable Projection

A statement of reasonable projection must be provided to members at certain times, detailing expected benefits based on contributions and assumptions.

Termination I and II

Trustees must notify members when service ceases to count towards pension accrual and provide specific information upon termination of employment. Preserved benefit information must also be given to relevant members.

Winding Up

If a scheme is winding up, notice and information must be provided to the Pensions Board and scheme members. Certain information must be furnished to active and deferred members after scheme assets are applied, and again after the scheme is wound up.

Small Schemes Winding Up

Reduced disclosure obligations apply to small schemes during winding up, with specific reporting requirements.

Directed Investments

Trustees must provide certain information to members if the scheme allows members to direct investments.

Small Schemes

Smaller schemes have reduced disclosure requirements, with alternative annual reports as an option.

Disclosure Offences

Failure to meet disclosure obligations can result in fines and imprisonment for trustees, employers, actuarial, and auditors.

Notes to Accounts

Companies must disclose pension commitments in their accounts, providing information about pension schemes, funding, and valuations.

Trust Retirement Annuity Contracts

Trust retirement annuity contracts are subject to specific provisions under the IORPs Directive, including disclosure requirements. Small trust RACs (those with less than 100 members) are exempted from certain information disclosure requirements.