Thursday 25 May 2017: The Authority is alerting trustees of issues in relation to member consent that should be borne in mind if trustees are considering issuing statutory information electronically.
Under the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006, trustees are legally obliged to provide scheme members with certain information in relation to their retirement savings at numerous points throughout their scheme membership. In general, where members give their consent and trustees are satisfied of their compliance with relevant data protection legislation, this statutory information may be provided to members in electronic format.
The statutory information provided to members has an important role to play in facilitating member confidence and understanding of their retirement savings. This is necessary if members are to be able to make appropriate and fully informed decisions around their retirement savings. Trustees should bear this…