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Statement of investment policy principles (SIPP) and investment risk

A statement of investment policy principles (SIPP) is a written statement prepared at least every three years by the trustees of occupational pension schemes and trust retirement annuity contracts (RAC) that includes information about the scheme’s investment strategy, including the allocation of assets, the investment risk borne by the scheme, how that risk is measured and how it is managed.

It also includes information on how the investment policy takes into account environmental, social and governance factors.

The SIPP should be written in a clear and comprehensible manner, avoid the use of jargon or technical terms and be presented in a way that is easy to read.

The Pensions Authority may request the trustees of a pension scheme or trust RAC to furnish it with the SIPP for the purposes of prudential supervision.

Information where members bear the investment risk

The trustees of a scheme, in cases where the members bear the investment risk, must provide the following information:

(a) the conditions in relation to the range of investment options available,

(b) the default investment option, where applicable, and

(c) the rules of the scheme which allocate a particular member to an investment option.

The above information must be given to a member within two months of becoming a member, within four weeks of a request by a member and if there is any change to the information above, within four weeks of the date of the making of the change.