- Latest available (Revised)
- Point in Time (26/01/2024)
- Original (As made)
Point in time view as at 26/01/2024.
There are currently no known outstanding effects for the The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015, Section 9.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
9.—(1) Subject to paragraph (3), [F1in 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 [F2advice or] a service for which the member has entered into an agreement with a person for the provision of that [F3advice or] service, provided the conditions in paragraph (2) are satisfied.
[F4(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 [F5paragraphs (1) and (1A)] are that the agreement must—
(a)be in writing;
(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 [F6or under a qualifying collective money purchase scheme, as applicable], and
(iii)shall 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 [F7advice 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 [F8arrangement;]
[F9(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.]
Textual Amendments
F1Words in reg. 9(1) inserted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(a), 36
F2Words in reg. 9(1) inserted (1.10.2021) by The Occupational Pension Schemes (Administration, Investment and Charges and Governance) (Amendment) Regulations (Northern Ireland) 2021 (S.R. 2021/272), regs. 1(1), 6(8)(a)(i)
F3Words in reg. 9(1) inserted (1.10.2021) by The Occupational Pension Schemes (Administration, Investment and Charges and Governance) (Amendment) Regulations (Northern Ireland) 2021 (S.R. 2021/272), regs. 1(1), 6(8)(a)(ii)
F4Reg. 9(1A) inserted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(b), 36
F5Words in reg. 9(2) substituted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(c)(i), 36
F6Words in reg. 9(2)(b)(ii) inserted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(c)(ii), 36
F7Words in reg. 9(3) inserted (1.10.2021) by The Occupational Pension Schemes (Administration, Investment and Charges and Governance) (Amendment) Regulations (Northern Ireland) 2021 (S.R. 2021/272), regs. 1(1), 6(8)(b)
F8Word in reg. 9(4)(e) substituted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(d)(i), 36
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: