Pension Schemes Act 2026
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Change 1
52 Provision and gathering of information
(1) Where only one pension benefit solution is available to the members of a relevant scheme, the trustees or managers must ensure that each eligible member of the scheme is given at a prescribed time a communication which— (a) describes the pension benefit solution, and (b) sets out the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the pension benefit solution is suitable. (2) Where more than one pension benefit solution is available to the eligible members of a relevant scheme, the trustees or managers must ensure that, at a prescribed time, each eligible member of the scheme is given a communication which— (a) describes the default pension benefit solution or qualifying pension benefit solution that the trustees or managers consider to be the most appropriate to the member (“the specified solution”), and (b) sets out the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the specified solution is suitable. (3) Regulations may make provision about how a pension benefit solution is to be presented to a member when the member applies to receive benefits. (4) The trustees or managers of a relevant scheme must ensure that each eligible member of the scheme is given at prescribed times or intervals— (a) information about basic features of the member’s pension, including that it has— (i) an accumulation phase, and (ii) a decumulation phase; (b) general information about the availability to the member of a default pension benefit solution or qualifying pension benefit solution and an explanation that such a solution is designed to provide a regular income during retirement. (5) Regulations may require the trustees or managers of a relevant scheme to communicate to each eligible member at prescribed times or intervals— (a) information about the pension benefit solutions available to the eligible members; (b) general information about other options that may be available to the member for receiving benefits in respect of their contributions; (c) information describing a particular pension benefit solution that the trustees or managers consider to be suitable for the eligible member in question; (d) where information within paragraph (c) is included in a communication, the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the pension benefit solution is suitable; (e) any general information prescribed for the purpose of assisting eligible members in deciding how to receive their pension benefits. (6) Communications made under or by virtue of any of subsections (1) to (5) must be in clear and plain language. (7) The trustees or managers of a relevant scheme may request from eligible members of the scheme any information the trustees or managers consider reasonably necessary for the purpose of— (a) designing or reviewing, or in the case of transferable members identifying, pension benefit solutions; (b) determining what pension benefit solution may be appropriate for the member, including what rate of decumulation may be appropriate, which may for example include information about the member’s financial circumstances or plans for retirement. (8) Regulations may require the trustees or managers of relevant schemes to request from eligible members any information the trustees or managers consider appropriate for the purposes specified in subsection (7). (9) In exercising their functions under subsection (7) trustees and managers must comply with any requirements that may be prescribed. (10) Regulations may make provision about the format of any communications authorised or required to be made under this section. (11) Before making regulations under this section the Secretary of State must consult any persons the Secretary of State thinks appropriate. (12) Regulations under this section are subject to the negative procedure.
52 Provision and gathering of information
(1) Where only one pension benefit solution is available to the members of a relevant scheme, the trustees or managers must ensure that each eligible member of the scheme is given at a prescribed time a communication which— (a) describes the pension benefit solution, and (b) sets out the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the pension benefit solution is suitable. (2) Where more than one pension benefit solution is available to the eligible members of a relevant scheme, the trustees or managers must ensure that, at a prescribed time, each eligible member of the scheme is given a communication which— (a) describes the default pension benefit solution or qualifying pension benefit solution that the trustees or managers consider to be the most appropriate to the member (“the specified solution”), and (b) sets out the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the specified solution is suitable. (3) Regulations may make provision about how a pension benefit solution is to be presented to a member when the member applies to receive benefits. (4) The trustees or managers of a relevant scheme must ensure that each eligible member of the scheme is given at prescribed times or intervals— (a) information about basic features of the member’s pension, including that it has— (i) an accumulation phase, and (ii) a decumulation phase; (b) general information about the availability to the member of a default pension benefit solution or qualifying pension benefit solution and an explanation that such a solution is designed to provide a regular income during retirement. (5) Regulations may require the trustees or managers of a relevant scheme to communicate to each eligible member at prescribed times or intervals— (a) information about the pension benefit solutions available to the eligible members; (b) general information about other options that may be available to the member for receiving benefits in respect of their contributions; (c) information describing a particular pension benefit solution that the trustees or managers consider to be suitable for the eligible member in question; (d) where information within paragraph (c) is included in a communication, the trustees’ or managers’ opinion as to what might be the circumstances (in terms of age, pension savings etc) of a person for whom the pension benefit solution is suitable; (e) any general information prescribed for the purpose of assisting eligible members in deciding how to receive their pension benefits. (6) Communications made under or by virtue of any of subsections (1) to (5) must be in clear and plain language. (7) The trustees or managers of a relevant scheme may request from eligible members of the scheme any information the trustees or managers consider reasonably necessary for the purpose of— (a) designing or reviewing, or in the case of transferable members identifying, pension benefit solutions; (b) determining what pension benefit solution may be appropriate for the member, including what rate of decumulation may be appropriate, which may for example include information about the member’s financial circumstances or plans for retirement. (8) Regulations may require the trustees or managers of relevant schemes to request from eligible members any information the trustees or managers consider appropriate for the purposes specified in subsection (7). (9) In exercising their functions under subsection (7) trustees and managers must comply with any requirements that may be prescribed. (10) Regulations may make provision about the format of any communications authorised or required to be made under this section. (11) Before making regulations under this section the Secretary of State must consult any persons the Secretary of State thinks appropriate. (12) Regulations under this section are subject to the negative procedure.
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