Commentary on Sections Summary Provision of information to scheme members etc Section 203: Provision of information to members of schemes etc
723.The Board may be required to provide certain information to certain people as set out in regulations. These regulations may require information to be given to scheme trustees or managers, the employer in relation to the scheme, and certain other individuals involved with the scheme. In particular, once the Board has assumed responsibility for a scheme it will be responsible for notifying individuals of their entitlement to compensation and other similar information.
724.The regulations may also require trustees or managers to disclose information to members of the scheme relating to the Board’s involvement with their scheme - for example, details of the valuation sent by the Board to the trustees or managers will be disclosed to members so that they may (if they wish) appeal the calculation of their individual entitlement.
725.Subsection (2) allows the Board to voluntarily disclose restricted information to individuals or their representative, where the disclosure relates to the entitlement of that person to compensation. Similarly, subsection (3) gives the Board the power to voluntarily disclose restricted information to individuals, where the information relates to the Board’s involvement with a scheme, the Board is satisfied that the disclosure is reasonable and the disclosure is made to all “affected persons”. (See section 197 which deals with the disclosure of restricted information.)
726.The term “affected person” is defined under subsection (4) as a member of the scheme or a person nominated to receive information on their behalf, while subsection (5) further clarifies that a nomination may be made in writing by an individual for another person to receive information on their behalf. The nomination becomes effective when the notice is received by the Board, and ceases to be effective when the Board receives a further notice from the member withdrawing the nomination.
727.Subsection (6) also sets out that disclosure of restricted information is permitted in the case of an occupational pension scheme where the disclosure is made to a trustee or manager, any professional adviser, the employer or insolvency practitioner and it is relevant to the exercise of their function. The Board must consider it reasonable to make the disclosure to enable them to carry out their role in relation to the scheme.