Changing Pension Arrangements - Consultation With Employees
- Employers with more than 50 employees are required to consult with 'affected members' if they propose making certain types of changes to pension schemes. These changes are known as 'listed changes';
- The minimum consultation period is 60 days;
- Affected members include active members and employees who have an entitlement to join the pension scheme (i.e. prospective members);
- Affected members must be provided with information. The requirements for what needs to be in this information are set out in legislation. In addition, TPR has provided guidance on what it expects to see in consultation information.