Employer duty to disclose information about pensions

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Employer duty to disclose information about pensions
  • Requirements to disclose information to trustees
  • Legislative requirement
  • Declaration of intent
  • Contractual requirement
  • Best interests considerations
  • Other statutory disclosure requirements
  • Disclosure requirements under the Takeover Code
  • Implied duty to inform staff about the existence of a valuable pension right
  • The Scally implied duty
  • More...

Employer duty to disclose information about pensions

This Practice Note covers various disclosure obligations which apply to employers in respect of pensions information. Depending on the disclosure obligation, the pensions information may have to be disclosed to the scheme members, the trustees and/or the Pensions Regulator.

Requirements to disclose information to trustees

Legislative requirement

Under the Occupational Pension Schemes (Scheme Administration) Regulations 1996, SI 1996/1715 (the Scheme Administration Regs), an employer participating in an occupational pension scheme is legally obliged to disclose information to the scheme trustees (eg about a particular matter or event such as a proposed transaction) in the following circumstances:

  1. at the trustees' request, if the information is reasonably required for the performance of their duties or their advisers' functions. If the employer deals with the administration of the scheme, this includes information about who administers the scheme and the terms on which they do it

  2. if an event occurs in relation to the employer which there is reasonable cause to believe will be of material significance in the exercise of the trustees' functions or their advisers' functions, in which case the information must be disclosed within one month. Note that:

    1. according to the Pensions Regulator, a materially significant event could include:

      1. a large group of new members joining as a result of the employer buying a new company

      2. a major redundancy programme involving members

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