The Pensions Regulator

The code sets out the following:

• The rights given to those leaving occupational pension schemes after three months and with less than two years' pensionable service and without vested rights to benefit under the scheme rules.
• The duties placed upon trustees by the legislation.
• The Regulator's view as to what constitutes the reasonable time periods set out in the legislation for:
  1. notifying a member of their rights and telling them how they can exercise those rights;
  2. a member's response to trustees;
  3. trustees to give effect to a member's chosen option; and
  4. the default process where a member fails to respond to their notification.

Note If a scheme is contracted out of the State Second Pension and a refund of contributions is to be paid, trustees will need to take account of the time constraints for the payments of a contributions equivalent premium (see paragraphs 10 ,14 and 31 of the code) when considering the reasonable time periods set out in the code.

In this code of practice, references to the law that applies in Great Britain should be taken to include corresponding legislation in Northern Ireland; an annex lists the corresponding references.