PART 2RESTRICTIONS ON CHARGES
F1CHAPTER 1DEFAULT ARRANGEMENTS, NON-CONTRIBUTING MEMBERS AND PAYMENTS TO ADVISERS
Member agreement for services9
1
2
The conditions referred to in paragraph (1) are that the agreement must—
a
be in writing; and
b
include a statement that entering into the agreement—
i
is not a condition of becoming or remaining a member of a relevant scheme;
ii
is not a condition of the member's contributions being allocated under a default arrangement; and
iii
will incur charges at a rate or of an amount specified in the agreement and that such charges may be higher than would otherwise be permitted under these Regulations;
c
be entered into before the charges are imposed.
3
This regulation does not apply to F4advice or a service which—
a
the provider is under a statutory obligation to provide; or
b
is a core service.
4
In this regulation “core service” includes (but is not limited to)—
a
designing and implementing an investment strategy;
b
investment of contributions to the scheme;
c
holding investments relating to scheme members;
d
a transfer out of a default arrangement into a different arrangement, fund or scheme;
e
a transfer into a default arrangement.
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