Employers must consult members on pension changes

Introduced under the Pensions Act 2004, the Occupational and Personal Pension Schemes (consultation by employers and miscellaneous amendment) regulations require employers to consult with current and prospective members, or their representatives, on significant changes to their occupational or personal pension scheme for a period of at least 60 days before the changes can be introduced. Changes regarded as significant by the regulations in occupational pension schemes, include: closing the scheme to new members; changing the accrual rate in a defined benefit (DB) scheme; changing a ...