PART 2 U.K.RESTRICTIONS ON CHARGES

[F1 CHAPTER 1 U.K.DEFAULT ARRANGEMENTS, [F2 qualifying collective money purchase schemes,] NON-CONTRIBUTING MEMBERS AND PAYMENTS TO ADVISERS

Textual Amendments

F1 Ch. 1: reg. 4-13 renumbered as Ch. 1 (1.10.2017) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017 (S.I. 2017/774), regs. 1, 4

F2 Words in Pt. 2 Ch. 1 heading inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), reg. 1(3), Sch. 7 para. 7

Prohibited charge structures [F3 - default arrangements] U.K.

5.— (1) The description of the charges which are prohibited under regulation 4(1)(b) are charges under a charge structure other than—

(a) a single charge structure; or

(b) a combination charge structure.

(2) In these Regulations, a single charge structure is one under which the charges imposed on the member are calculated solely by reference to the value of the member's rights under the scheme.

(3) In these Regulations, a combination charge structure is one under which charges are calculated by reference to the value of the member's rights under the scheme (‘an existing rights charge’) and either—

(a) calculated as a percentage of the value of contributions (‘a contribution percentage charge’); or

(b) calculated by reference to a period of time and not by reference to contributions or to the value of a member's rights under the scheme (‘a flat fee charge’).

(4) For the purposes of regulation 4(1)(b), neither the charge structure, nor the type of combination charge structure, that applies to a member may be changed during a charges year.]

Textual Amendments

F3 Words in reg. 5 heading inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), reg. 1(3), Sch. 7 para. 9