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The Occupational Pension Schemes (Charges and Governance) Regulations 2015

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[F1Member agreement for servicesU.K.

This adran has no associated Memorandwm Esboniadol

9.—(1) Subject to paragraph (3), [F2in the case of a member of a relevant scheme (that is not a collective money purchase scheme),] the restrictions in regulation 4 do not apply in relation to [F3advice or] a service for which the member has entered into an agreement with a person for the provision of that [F4advice or] service, provided the conditions in paragraph (2) are satisfied.

[F5(1A) Subject to paragraph (3), in the case of the members of a relevant scheme (that is a qualifying collective money purchase scheme), the restrictions in regulation 4 (with the exception of regulation 4(1A)) do not apply in relation to advice or a service for which a member has entered into an agreement with a person for the provision of that advice or service, provided the conditions in paragraph (2) are satisfied.]

(2) The conditions referred to in [F6paragraphs (1) and (1A)] are that the agreement must—

(a)be in writing; and

(b)include a statement that entering into the agreement—

(i)is not a condition of becoming or remaining a member of a relevant scheme;

(ii)is not a condition of the member's contributions being allocated under a default arrangement [F7or under a qualifying collective money purchase scheme, as applicable]; and

(iii)will incur charges at a rate or of an amount specified in the agreement and that such charges may be higher than would otherwise be permitted under these Regulations;

(c)be entered into before the charges are imposed.

(3) This regulation does not apply to [F8advice or] a service which—

(a)the provider is under a statutory obligation to provide; or

(b)is a core service.

(4) In this regulation “core service” includes (but is not limited to)—

(a)designing and implementing an investment strategy;

(b)investment of contributions to the scheme;

(c)holding investments relating to scheme members;

(d)a transfer out of a default arrangement into a different arrangement, fund or scheme;

(e)a transfer into a default arrangementF9...]

[F10;

(f)a transfer out of a qualifying collective money purchase scheme into a different scheme;

(g)a transfer into a qualifying collective money purchase scheme.]

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