The Department for Work and Pensions (DWP) has launched a public consultation asking for views on proposals to harmonise, simplify and consolidate regulations concerning the disclosure of information to members of occupational and personal pension schemes.

The consultation The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 states that there are considerations in place to move towards a more “principle-based” approach.

Proposed changes to the disclosure of information include regulations “removing the specific annuity requirements from the legislation – so schemes do not need to assume the purchase of an annually increased annuity and a dependents pension. This will allow schemes to provide projections that relate more to the choices that the member may actually make at the point of retirement and can be tailored to the individual member.”

In addition, proposals include simplifying the terminology used in DWP regulations and must inform members of occupational and personal schemes that a lifestyle strategy is being used within the fund.

On a tax basis, the DWP proposes to “update the requirement to disclose whether the scheme is tax approved or whether an application for a scheme to become tax approved is under consideration”.

The consultation period runs until 14 April 2013.

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