Jurisdiction(s):
United Kingdom

Related legal acts

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....

Winding-up occupational pension schemes before 6 April 2014: trustee disclosure duties, Pensions Regulator progress reporting, HMRC notifications, statutory record-keeping and penalties

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE APPLIES ONLY TO OCCUPATIONAL PENSION SCHEMES

When an occupational pension scheme starts winding-up, trustees must establish a winding-up procedure and provide it to the pensions regulator (the Regulator) and others. For further information, see Disclosure of winding-up procedure, below.

Trustees also have a statutory obligation to issue information to scheme members and beneficiaries:

once winding-up has commenced, and
when discharging scheme liabilities for particular individuals

Prior to 6 April 2014, the relevant statutory disclosure provisions were contained in the Occupational Pension Schemes (Disclosure) Regulations 1996, SI 1996/1655, which have since been repealed. These requirements are now contained in the Occupation and Personal Pension Schemes (Disclosure) Regulations 2013, SI 2013/2734.

For details of the disclosure obligations that apply on and from 6 April 2014, see Practice Note: Disclosure requirements applicable to occupational and personal pension schemes on and from 6 April 2014.

Trustees should ensure compliance with the applicable disclosure duties throughout the winding-up period, as members and beneficiaries may face heightened financial uncertainty about the future during this time...

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Web page updated on 22/05/2026

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