The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022 No. 191

SCHEDULE 7 Collective money purchase benefits: amendments to subordinate legislation

Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations

17.  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.”.