Completing the annual Value for Members assessment and Reporting of Net Investment Returns
Guidance for trustees of relevant occupational defined contribution pension schemes. This guidance is effective from 1 October 2021.
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This guidance is effective from 1 October 2021.
This guidance is for trustees of ‘relevant’ occupational pension schemes regardless of size, who must comply with the requirements to report past investment performance (net returns) in regulation 23(1)(aa) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (‘the Administration Regulations).
This guidance is also for trustees of ‘specified schemes’ who are required to carry out the more detailed value for members assessment set out in regulation 25(1A) of the Administration Regulations.
Trustees must have regard to this guidance when complying with their obligations to:
(i) disclose net investment returns under regulation 23(1)(aa) of The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Administration Regulations);
(ii) carry out the value for members assessment for a specified scheme required by virtue of regulation 25(1A) of the Administration Regulations; and,
(iii) publish information about net investment returns and the results of the value for members assessment, required by regulation 29A of The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (Disclosure Regulations); and the amendments made to them by The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021.
We published the consultation response to the following consultations on 21 June 2021: