HC Deb 30 June 2003 vol 408 cc82-3W
Dr. Francis

To ask the Secretary of State for Work and Pension who regulates the statutory monetary purchase illustrations for(a) occupations and (b) private pensions.

Malcolm Wicks

Regulations that came into force in April 2003 require the trustees or managers of money purchase pension arrangements to give members an annual illustration of what their pension in retirement might be.

The illustrations must be produced in accordance with the regulations and the approved actuarial guidance prepared by the actuarial profession.

Complaints or disputes in individual cases can be dealt with through the scheme's internal dispute resolution arrangements, and can be referred to the Pensions Ombudsman if the dispute remains unresolved.

More general complaints of non-compliance in occupational pension schemes, are dealt with by the Occupational Pensions Regulatory Authority.

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