Jurisdiction(s):
United Kingdom

Key definition

Reporting definition

What does Reporting mean? In pensions practice, reporting means the regular communications trustees or providers give to members on investment performance and the value of their pension benefits. The term is descriptive; the underlying disclosure duties are set by legislation and regulation. Across England & Wales, Scotland and Northern Ireland, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and, for contract‑based/personal pensions, FCA rules require at least an annual benefit statement. For money purchase (DC) benefits, this must include an annual Statutory Money Purchase Illustration (SMPI) projecting benefits to retirement in today’s terms, calculated in line with FRC Actuarial Standard TM1....

Professional indemnity insurance notifications for law firms: what to report to insurers, when and how—claims, mergers, staffing, overseas work and compliance (England and Wales)

Published by a LexisNexis Practice Compliance expert

Practice notes

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The terms in your PII policy may place continuing duties to report specific facts, matters or changes affecting your practice. It is also considered good practice to advise on other issues to help sustain a positive relationship with your insurer. Policy provisions differ, but this Practice Note sets out the essentials and core points. The matters covered here are not exhaustive, and you may prefer to speak with your broker or insurer about particular circumstances or facts. It is crucial to make sure your insurer has a clear understanding of the risk they are underwriting. You should foster a healthy working relationship with your insurer to help them build this picture.

Claims or circumstances

Your insurance requires you to disclose any claims or potential claims (circumstances) at the earliest opportunity (as soon as possible). Failure to do so may prejudice your cover. Notifying circumstances on a precautionary basis can be viewed as sound risk management by insurers, who would expect most firms to notify at least some circumstances in each and every policy year. Only those claims with reserves (i.e. a sum of money set aside by insurers to fund their potential involvement in...

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Web page updated on 21/05/2026

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