Administrative expenses in relation to money purchase benefits E+W+S

6.—(1) This regulation applies in relation to money purchase benefits that are revalued in accordance with [F1 paragraph 5 of Schedule 3 to the Act].

(2) The trustees or managers of the scheme may deduct from any pension or other retirement benefit that is revalued in accordance with [F1 paragraph 5 of Schedule 3 to the Act] an amount in respect of the administrative expenses incurred by them in carrying that paragraph into effect. The amount deducted must not exceed an amount equal to the smaller of—

(a) the administrative expenses incurred, and

(b) the administrative expenses that would have been incurred in providing the corresponding benefit if the member’s pensionable service had not terminated before normal pension age.

Textual Amendments

F1 Words in reg. 6 substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 31(6)