Schemes which require a summary funding statement

Trustees of a defined benefit scheme are required to prepare and issue a summary funding statement to members and beneficiaries of the scheme if the scheme:

1. •

   is an occupational pension scheme which satisfies the conditions of Schedule 1 para 1 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the Disclosure Regs 2013). For more information, see Disclosure requirements applicable to occupational and personal pension schemes after 5 April 2014—Scope of the 2013 Disclosure Regulations, and

2. •

   is a scheme to which the Pensions Act 2004, Pt 3 applies. These schemes are described in section 221 of the Pensions Act 2004 and reg 17 of the Occupational Pension Schemes (Scheme Funding) Regulations 2005, SI 2005/3377 (the Scheme Funding Regs)

Frequency of statement

1. •

   For schemes with more than 100 members, the statement must be issued either before, on, or a reasonable time after each actuarial valuation and actuarial report

2. •

   Schemes with less than 100 members at the time