[F1Member agreement for servicesU.K.
9.—(1) Subject to paragraph (3), [F2in the case of a member of a relevant scheme (that is not a collective money purchase scheme),] the restrictions in regulation 4 do not apply in relation to [F3advice or] a service for which the member has entered into an agreement with a person for the provision of that [F4advice or] service, provided the conditions in paragraph (2) are satisfied.
[F5(1A) Subject to paragraph (3), in the case of the members of a relevant scheme (that is a qualifying collective money purchase scheme), the restrictions in regulation 4 (with the exception of regulation 4(1A)) do not apply in relation to advice or a service for which a member has entered into an agreement with a person for the provision of that advice or service, provided the conditions in paragraph (2) are satisfied.]
(2) The conditions referred to in [F6paragraphs (1) and (1A)] 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 [F7or under a qualifying collective money purchase scheme, as applicable]; 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 [F8advice 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 arrangementF9...]
[F10;
(f)a transfer out of a qualifying collective money purchase scheme into a different scheme;
(g)a transfer into a qualifying collective money purchase scheme.]
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 (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), reg. 1(3), Sch. 7 para. 17(2)
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)(a)
F4Words 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)
F5Reg. 9(1A) 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. 17(3)
F6Words in reg. 9(2) substituted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), reg. 1(3), Sch. 7 para. 17(4)(a)
F7Words in reg. 9(2)(b)(ii) 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. 17(4)(b)
F8Words 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)
F9Reg. 9(4) full-stop omitted (1.8.2022) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), reg. 1(3), Sch. 7 para. 17(5)
F10Words in reg. 9(4) 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. 17(5)