PART VIExempt Communications: Certain Controlled Activities

F1Pension product offers communicated to employees by third parties72A

1

If the requirements of paragraph (2) are met, the financial promotion restriction does not apply to any communication which is made to an employee by or on behalf of a person (“A”) in relation to a group personal pension scheme or a stakeholder pension scheme.

2

The requirements of this paragraph are that—

a

the employer and A have entered into a written contract specifying the terms on which the communication may be made;

b

in the case of a communication made by a person (“B”) on behalf of A, A and B have also entered into a written contract specifying the terms on which the communication may be made;

c

the employer has not received, and will not receive, any direct financial benefit as a result of the communication being made;

d

the employer will make a contribution to the scheme in the event of the employee becoming a member of the scheme and the communication contains a statement informing the employee of this;

e

in the case of a non-real time communication, the communication contains, or is accompanied by, a statement informing the employee of their right to seek advice from an authorised person or an appointed representative; and

f

the employer or A notifies the employee in writing prior to the employee becoming a member of the scheme of—

i

the amount of the contribution that the employer will make to the scheme in respect of that employee, or the basis on which the contribution will be calculated; and

ii

any remuneration A or B has received, or will receive, as a consequence of the employee becoming a member of the scheme, or the basis on which any such remuneration will be calculated.

3

In this article “group personal pension scheme” and “stakeholder pension scheme” have the meaning given by article 72(4).