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The Occupational Pension Schemes (Charges and Governance) Regulations 2015
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Point in time view as at 01/08/2022.
Changes to legislation:
There are currently no known outstanding effects for the The Occupational Pension Schemes (Charges and Governance) Regulations 2015, Section 13C.
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[F1Limits on early exit chargesU.K.
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Memorandwm Esboniadol
13C.—(1) This regulation applies to a member of a relevant scheme who joined that scheme before 1st October 2017.
(2) Service providers and trustees and managers of a relevant scheme must not impose, or permit to be imposed, on a member of the scheme to whom this regulation applies an early exit charge that exceeds the lower of—
(a)1% of the value of the member’s benefits being taken, converted or transferred; or
(b)such amount as was provided for under the scheme rules or a relevant contract as at 1st October 2017.
(3) Where no provision for an early exit charge was made under the scheme rules or a relevant contract as at 1st October 2017, service providers and trustees and managers of a relevant scheme must not impose an early exit charge, or permit such a charge to be imposed, on a member of the scheme to whom this regulation applies.
(4) Trustees and managers of a relevant scheme must not—
(a)include provision in a relevant scheme for an early exit charge, where such provision did not exist on 1st October 2017; or
(b)vary provision for an early exit charge in such a scheme to increase or potentially increase the charge.
(5) Nothing in this regulation permits an early exit charge to be imposed—
(a)that is higher than the limits prescribed by regulation 6 (limits on charges) where that regulation applies; or
(b)where section 33 of the Pension Schemes Act 2017 (prohibition on increasing charges etc during triggering event period) applies.
(6) Nothing in regulation 6 permits—
(a)an early exit charge which is lower than 0.75% of the value of the member’s benefits being taken, converted or transferred, to be increased; or
(b)an early exit charge to be imposed where one did not exist.
(7) The value of a member’s benefits in paragraphs (2)(a) and (6)(a)—
(a)means the value calculated at the point when the trustee or manager of the scheme receives confirmation from the member of the instruction to take the action giving rise to the early exit charge; and
(b)is to be calculated in accordance with guidance issued from time to time by the Secretary of State.]
Textual Amendments
F1Ch. 2 inserted (1.10.2017) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017 (S.I. 2017/774), regs. 1, 11
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