The Occupational Pension Schemes (Charges and Governance) Regulations 2015

[F1[F2Payments to advisersU.K.

This adran has no associated Memorandwm Esboniadol

11A.—(1) This regulation applies

(a)[F3to a member of a specified scheme if the member is, or was, a worker of a qualifying scheme employer who participates, or has participated F4..., in that scheme [F5; or]]

[F6(b)to a member of a specified section, if the member is, or was, a worker of a qualifying section employer who participates or has participated in the section.]

(2) Subject to paragraphs (4) and (6) and regulations 11B(2)[F7, 11B(2B)] and 11C, it is prohibited for the purposes of regulation 4(1A) to impose or permit to be imposed on a member to whom this regulation applies a charge that is used—

(a)directly or indirectly, to pay an adviser; or

(b)to reimburse the service provider for a payment that the service provider has made to an adviser,

for advice or a service referred to in sub-paragraph (a) or (b) of paragraph (3).

(3) An adviser is a person who provides, has provided, or agrees to provide—

(a)advice or a service to the member’s employer or former employer who is participating in the specified scheme [F8or specified section, as applicable]; or

(b)advice or a service to a member of the specified scheme [F8or specified section, as applicable].

(4) [F9The prohibition in paragraph (2)] does not apply to the following services provided by an adviser—

(a)a service relating to the administration of employee remuneration including tax deductions; and

(b)a technological service which permits or enhances the ability of the service provider’s computing system and the computing system provided by or on behalf of the employer to work together.

(5) Where the adviser is also the service provider, they are to be treated as separate persons for the purposes of this regulation.

[F10(6) The prohibition in paragraph (2) does not apply to a charge imposed to reimburse a service provider for any payment made to an adviser for advice or a service referred to in paragraph (3)(a) or (b) where—

(a)the charge is imposed under a relevant contract which—

(i)was entered into before 6th April 2016; and

(ii)has not been varied or renewed on or after that date; and

(b)the payment was made before 1st October 2017.]]

[F11(7) Where the prohibition in paragraph (2) applies it overrides any term of a relevant contract to the extent that the term conflicts with it.]]

Textual Amendments