The Occupational Pension Schemes (Charges and Governance) Regulations 2015

[F1Imposition of more than one flat fee chargeU.K.

This section has no associated Explanatory Memorandum

6ZA.—(1) Paragraph (2) applies where more than one flat fee charge under regulation 6(4)(a) is imposed, under a single default arrangement, on a member in respect of a charges year.

(2) The trustees or managers must, as soon as practicable, restore the value of the member’s rights under the default arrangement to the value it would have been if only one such charge had been imposed.

(3) When restoring the value of the member’s rights under paragraph (2), the trustees or managers must have regard to—

(a)the restrictions on flat fee charges imposed by regulation 5(3)(b); and

(b)the limit specified in regulation 6(4)(a).]

Textual Amendments