Trust RACs (Disclosure of Information) (Amendment) Regulations 2021.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2021.
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paragraphs: The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended –
(a) in Regulation 2 by -
(i) by the insertion of the following definition after the definition for “designated benefit”:
“ “Directive of 2016” has the meaning assigned to it in section 2 of the Act;”;
(ii) by the insertion of the following definition after the definition for “reckonable service”:
“ “Regulations of 2021” means the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 );”;
(iii) by the insertion of the following definition after the definition for “relevant person”:
“ “representative” means a person authorised by a member or beneficiary of the trust RAC to represent the member or beneficiary, as the case may be, in so far as the information to be provided to the member or beneficiary in accordance with these Regulations is relevant to the rights of such a member or beneficiary of the trust RAC;”;
(b) in Regulation 3, in sub-article (5)(a), by the substitution of “in the case of a sole trustee which is a body corporate, by two directors of that body corporate” for “if there is only one trustee, by that trustee”;
(c) in Regulation 5 –
(i) in sub-article (5)(a)(iii), by the substitution of “sub-article (3)” for “sub-article (4)”;
(ii) in sub-article (5)(b)(iii), by the substitution of “section 53G” for “section 53F”;
(iii) in sub-article (5)(b)(v), by the substitution of “section 53L” for “section 53H”, and
(iv) in sub-article (5)(b)(vi), by the substitution of “section 53L” for “section 53H”;
(d) in Regulation 6 –
(i) in sub-article (1)(a), by the insertion of “and shall be publicly disclosed” after “to the relevant persons”;
(ii) in sub-article (1)(b), by the substitution of “specified by sub-article (2A)” for “specified by sub-article (3)”;
(iii) in sub-article (2), by the insertion of “, or a representative,” after “to any of the relevant persons”, and
(iv) in sub-article (3) –
(I) in paragraph (a), by the insertion of “, or, except in the case of valuation reports, a representative,” after “any of the relevant persons”, and
(II) by the substitution of the following paragraph for paragraph (b):
“(b) furnished on request, and -
(i) in the case of valuation reports, on payment of a reasonable charge (unless the trustees decide otherwise), and
(ii) in the case of audited accounts or annual reports, free of charge,
to any of the relevant persons, or in the case of the matters referred to in subparagraph (ii), a representative, not later than 4 weeks after the request is made.”;
(e) in Regulation 7 –
(i) in sub-article (1), by substituting “specified in sub-articles (1B), (2), (3) and (3A) below” for “specified in sub-articles (2) and (3) below”;
(ii) by the insertion of the following sub-articles after sub-article (1):
“(1A) The trustees of a trust RAC shall notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the trust RAC rules, not later than 4 weeks from the date of any such changes and shall, with that notification, provide -
(a) the contents of any document which amends or supplements or wholly or partly supersedes the documents referred to in sub-article (1)(a) to (c), and
(b) the notification referred to in Article 8(4)(a), if applicable.
(1B) A copy of the documents specified in paragraphs (a) to (d) of sub-article (1) shall be furnished, free of charge, to every member or beneficiary, within 2 months, as the case may be, of the person becoming a member of the trust RAC or benefits becoming payable to the beneficiary under the trust RAC.”;
(iii) in sub-article (3), by the deletion of “on payment of a reasonable charge”, and
(iv) by the insertion of the following sub-article for sub-article (3):
“(3A) A copy of the documents specified in sub-article (1) shall be furnished, free of charge, to any prospective members who are not automatically enrolled in the trust RAC, before they become a member of the trust RAC.”;
(f) by the insertion of the following Regulation after Regulation 7:
“Disclosure of Information in relation to trust RACs – General requirements
7A. (1) Where the trustees of a trust RAC are required to provide information under these Regulations to members, beneficiaries, a representative or prospective members, the trustees of the trust RAC shall ensure that the information is maintained, presented and provided in the manner set out in sub-article (2).
(2) The information referred to in sub-article (1) shall be:
(i) updated;
(ii) written in a clear manner, using clear, succinct and comprehensible language, avoiding the use of jargon and avoiding technical terms where everyday words can be used instead;
(iii) not misleading, and consistency shall be ensured in the vocabulary and content;
(iv) presented in a way that is easy to read;
(v) available in the English language, and
(vi) made available to members, beneficiaries and prospective members free of charge through electronic means, including on a durable medium or by means of a website, or on paper.”;
(g) in Regulation 8 -
(i) in sub-article (1), by the substitution of “(2), (3) and (3A)” for “(2) and (3)”;
(ii) by the substitution of the following sub-article for sub-article (2):