PART 2RESTRICTIONS ON CHARGES

Amendment of the Stakeholder Pension Schemes Regulations 200012

1

The Stakeholder Pension Schemes Regulations 200016 are amended as follows.

2

In regulation 1317 (expenses, commission etc - principles), after paragraph (4) insert—

5

This regulation and regulations 14 to 14C18 do not apply in the circumstances set out in regulation 14D.

3

After regulation 14C (rounding of fractional amounts) insert—

Disapplication of regulations 13 to 14C in certain circumstances14D

1

The circumstances referred to in regulation 13(5) are as follows.

2

In relation to a member of a stakeholder pension scheme that is a personal scheme the circumstances are that—

a

the scheme is a qualifying scheme in relation to an employer; and

b

the member’s workplace contributions are allocated under a default arrangement.

3

In relation to a member of a stakeholder pension scheme that is an occupational pension scheme, the circumstances are that Part 2 of the Occupational Pension Schemes (Charges and Governance) Regulations 2015 applies to the scheme.

4

In this regulation, “default arrangement” and “workplace pension contributions” have the meanings given in the FCA Handbook19.