Skip to main content

Your browser is out of date, and unable to use many of the features of this website

Please upgrade your browser.

Ignore

This website requires cookies. Your browser currently has cookies disabled.

Statutory financial statements (PSPS)

Important

Early draft of the code of practice

This code is not in force yet. It is an early version for the new code of practice consultation.

To give us feedback on issues such as the design, usability and navigation of this code, email us at webfeedback@tpr.gov.uk.

You can also read more information about the consultation.

Published: 17 March 2021

Scheme managers of public service pension schemes must provide all active members with an annual benefit statement.SPS1 They may also be required to provide a benefit statement to certain types of member on request.SPS2

They must also provide annual benefit statements to deferred members of the scheme where this is required by scheme regulations.

When drafting annual benefit statements, scheme managers should follow the principles set out in General principles for member communications.

Governing bodies can also find further information on communicating with members in our communicating and reporting guide.

Annual benefit statements requirements for scheme managers of public service pension schemes

For active members of DB schemes, scheme managers must:

  • include a description of the benefits earned by a member during their pensionable serviceSPS3
  • issue the annual statement by no later than 31 August of the year following the period to which the statement relates
  • comply with any HM Treasury directions in terms of any other information that must be included and the way it must be provided to members

For active, deferred, or pension credit members of any DB scheme, scheme managers must:

  • provide a benefit statement following a request if the information has not been provided to that member in the previous 12 months
  • issue a benefit statement as soon as possible following a valid request being made, and within two months
  • include the information required by legislationSPS4 in any benefit statement

For members with DC benefits, scheme managers must:

  • provide a benefit statement to every member within 12 months of the end of the scheme year
  • include the information required by legislationSPS5 in any benefit statement. See also Statutory financial statements (DC).

Legal references

SPS1Section 14(1) of the Public Service Pensions Act 2013
[Article 14(1) of the Public Service Pensions Act 2014]

SPS2Regulation 16 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
[Regulation 16 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014]

SPS3Section 14(2)(a) of the Public Service Pensions Act 2013
[Section 14(2)(a) of the Public Service Pensions Act 2014]

SPS4Regulation 16(2) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
[Regulation 16(2) of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014]

SPS5Regulation 17 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
[Regulation 17 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014]

Related content