Consultation outcome

Occupational and Personal Pension Schemes Miscellaneous Amendments Regulations 2016

• From: Department for Work and Pensions
• Published: 23 November 2015
• Last updated: 7 March 2016 — See all updates

This consultation has concluded

Download the full outcome

Government response to: Occupational and Personal Pension Schemes and the Pension Protection Fund (Miscellaneous Amendments) Regulations 2016 and the call for evidence on the valuation of pensions with a guaranteed annuity rate

PDF, 271 KB, 38 pages

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Regulatory Policy Committee opinion: Risk warning provision occupational pension schemes

Ref: RPC-3276(1)-DWP

PDF, 88.6 KB, 2 pages

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Detail of outcome

The government’s response to this consultation includes a response to the call for evidence on the valuation of pensions with a guaranteed annuity rate (GAR) for the purposes of the advice safeguard. It also sets out the next steps the government proposes to take.

The regulations are published here:

• The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2016

• The Pension Sharing (Miscellaneous Amendments) Regulations 2016

Detail of feedback received

On 26 January 2016 we published guidance on Pension benefits with a guarantee and the advice requirement. It includes an update on the call for evidence on the valuation of pensions with a guaranteed annuity rate that was part of this consultation.

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Original consultation

Summary

This consultation seeks views on proposed changes to pensions legislation, and on the valuation of pensions with a guaranteed annuity rate.

This consultation ran from
23 November 2015 to 11:45pm on 15 January 2016

Consultation description

This consultation seeks views on proposed minor and technical regulatory changes to 4 areas of pensions legislation, to ensure that the new pension flexibilities operate as intended:

• pension sharing on divorce, including a requirement that, where an attachment order exists, schemes will have to write out to the former spouse at the point the member applies to take their flexible benefits
• the final technical changes needed to reflect the pension flexibilities to operate in specific situations (for example, where a scheme is winding up)
• the Pension Protection Fund, including amendments to the Pension Protection Fund (Entry Rules) Regulations around schemes whose sponsoring employer cannot have an insolvency event
• disclosure of information, to place an obligation on trustees of occupational pension schemes to give generic risk warnings to scheme members who wish to take their benefits flexibly

The consultation also seeks views on how the government should simplify the valuation process for the purposes of the new advice requirement for pensions which contain a guaranteed annuity rate (GAR).

We welcome comments from:

• those involved in designing and running pension schemes
• pension industry professionals and advisers
• pension scheme members
• consumer groups and member representative organisations
• anyone with an interest in pensions

Documents

Occupational and Personal Pension Schemes and the Pension Protection Fund (Miscellaneous Amendments) Regulations 2016 consultation and call for evidence on the valuation of pensions with a Guaranteed Annuity Rate

Ref: ISBN 978-1-78425-661-6

PDF, 564 KB, 69 pages

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Published 23 November 2015
Last updated 7 March 2016 + show all updates

1. 7 March 2016

   Published the government response to this consultation.

2. 27 January 2016

   Added a link to an update on the call for evidence on the valuation of pensions with a guaranteed annuity rate.

3. 7 December 2015

   We've extended the deadline for responses to this consultation to 15 January 2016 (was 11 January).

4. 23 November 2015

   First published.