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The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

Changes over time for: Section 27

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Point in time view as at 26/01/2024.

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There are currently no known outstanding effects for the The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024, Section 27. Help about Changes to Legislation

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Implementation strategy: chargesN.I.

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27.—(1) The information to be included in the implementation strategy about the levels of administration charges in relation to members of the scheme—

(a)must relate to the levels of administration charges for the scheme years specified in paragraph (2), and

(b)with the exception of those administration charges mentioned in regulation 34(1) (administration charges during a triggering event period), must be set out in accordance with paragraphs (3) and (4).

(2) The specified scheme years are—

(a)the scheme year in which the triggering event occurred, and

(b)the scheme year preceding the one in which the triggering event occurred.

(3) The trustees must set out for each charge structure all levels of administration charges including—

(a)for any additional charges, and the reason for imposing them;

(b)for any third-party charges, and the reason for imposing them;

(c)for any other type of administration charge in the scheme, including the reason for imposing it.

(4) The levels in paragraph (3) must be set out on an annualised basis.

(5) For the purposes of section 96(3)(b) of the 2021 Act (prohibition on increasing charges etc during triggering event period), during a triggering event period for a collective money purchase scheme, the trustees must not impose administration charges on or in respect of members at levels above the fixed charge level.

(6) For the purposes of paragraph (5) the fixed charge level is calculated as follows—

(a)the trustees must compare each level from the levels set out in the implementation strategy for the scheme year in paragraph (2)(a) with the corresponding level from the levels set out for the scheme year in paragraph (2)(b), and take the lower of the two levels as the fixed charge level, and

(b)where the triggering event period is more or less than a full year, the levels in sub-paragraph (a) must be applied on a pro rata basis.

Commencement Information

I1Reg. 27 in operation at 26.1.2024, see reg. 1

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