1.   Member States shall require IORPs to periodically provide beneficiaries with information about the benefits due and the corresponding pay-out options.

2.   IORPs shall inform beneficiaries without delay after a final decision has been taken resulting in any reduction in the level of benefits due, and three months before that decision is implemented.

3.   When a significant level of investment risk is borne by beneficiaries in the pay-out phase, Member States shall ensure that beneficiaries receive appropriate information regularly.