United Kingdom

Communication: IORP II requirements

IORP II specifies minimum requirements for communications by retirement plans to:

  • prospective members (including those to be auto-enrolled)
  • current members
  • members in a pay-out phase
  Prospective members Current members In pay-out phase
Features of the plan including benefits, options, costs, etc When apply/enrolled When join Ahead of pay-out commencing
Changes to plan rules N/A When change When change
Investment considerations & performance including ESG* If bear risk Annual statement Regularly
Accrued and projected benefits, costs, funding levels, etc N/A Annual statement N/A
Impact of changes in technical provisions N/A When significant When significant
Accounts, investment principles, projection assumptions, etc N/A On request On request
Information about benefits due & pay-out options N/A Pre-retirement Periodically

* ESG = Environmental, social and governance

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Read more on the IORP requirements around risk management and governance.