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The Occupational Pension Schemes (Charges and Governance) Regulations 2015
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[F1Member agreement for servicesU.K.
This section has no associated Explanatory Memorandum
9.—(1) Subject to paragraph (3), the restrictions in regulation 4 do not apply in relation to [F2advice or] a service for which the member has entered into an agreement with a person for the provision of that [F3advice or] service, provided the conditions in paragraph (2) are satisfied.
(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.]
Textual Amendments
F1Ch. 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
F2Words in reg. 9(1) inserted (1.10.2017) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017 (S.I. 2017/774), regs. 1, 7(2)(a)
F3Words in reg. 9(1) inserted (1.10.2017) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017 (S.I. 2017/774), regs. 1, 7(2)(b)
F4Words in reg. 9(3) inserted (1.10.2017) by The Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017 (S.I. 2017/774), regs. 1, 7(3)
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