SCHEDULE 7Collective money purchase benefits: amendments to subordinate legislation
Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations17
In regulation 9 (member agreement for services)—
a
in paragraph (1) after “Subject to paragraph (3),” insert “in the case of a member of a relevant scheme (that is not a collective money purchase scheme),”
;
b
after paragraph (1) insert—
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.
c
in paragraph (2)—
i
for “paragraph (1)” substitute “paragraphs (1) and (1A)”
;
ii
in sub-paragraph (b)(ii) after “default arrangement” insert “or under a qualifying collective money purchase scheme, as applicable”
;
d
in paragraph (4)—
i
in sub-paragraph (e) for “arrangement.” substitute “arrangement;”
;
ii
after sub-paragraph (e) add—
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.