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The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015

S.R. 2015/309 · Made 16 July 2015 · Extends to Northern Ireland

Not fully up to date. 3 changes made by later legislation have not yet been written into this text, which is revised to 30 March 2024.

See the changes not yet applied
ProvisionChangeMade by
reg. 2(1)words omittedOccupational Pension Schemes (Administration, Investment, Charges and Governance) 2023 reg. 5(2)(a)(iv)
reg. 2(1)words omittedOccupational Pension Schemes (Administration, Investment, Charges and Governance) 2023 reg. 5(2)(a)(iv)
reg. 2(1)words omittedOccupational Pension Schemes (Administration, Investment, Charges and Governance) 2024 reg. 5(2)(a)(iv)

Pensions

Made 16th July 2015

Coming into operation in accordance with regulation 1

The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 109(1) and 177(2) to (4) of the Pension Schemes (Northern Ireland) Act 1993 M1, Articles 35(1), (3) and (4), 36(1), (1A)(a) and (9), 47(6)(a), 68(2)(e) and 166(1) to (3) of the Pensions (Northern Ireland) Order 1995 M2, Article 3(5) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 M3, and now vested in it M4, Articles 55(2)(h), 236(1) and 287 of the Pensions (Northern Ireland) Order 2005 M5 and sections 42 and 51(6) of, and paragraphs 1(1), (2)(a), (3) and (5), 2(1) to (3) and (5), 3, 6 and 7 of Schedule 18 to, the Pensions Act (Northern Ireland) 2015 M6.

Annotations to the whole text

Marginal citations

M1

1993 c. 49; section 109(1) was amended by section 48(1) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.))

M2

S.I. 1995/3213 (N.I. 22); Article 35 was substituted by Article 221 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); Article 36(1) and (1A) was substituted for Article 36(1) by Article 222(2) of that Order; Article 36(9) was added by Article 222(6) of that Order

M3

S.I. 1999/3147 (N.I. 11); Article 3(5) was amended by Article 262(3) of the Pensions (Northern Ireland) Order 2005

M4

See Article 8(b) of S.R. 1999 No. 481

M5

S.I. 2005/255 (N.I. 1)

M6

2015 c. 5 (N.I.); see the definition of “relevant scheme” in paragraph 1(5) of Schedule 18

Contents

  1. Part 1: INTRODUCTION
  2. 1Citation and commencement
  3. 2Interpretation
  4. 3Default arrangement
  5. 3AQualifying collective money purchase schemes
  6. Part 2: RESTRICTIONS ON CHARGES
  7. 4Restrictions on charges
  8. 5Prohibited charge structures – default arrangements
  9. 5AProhibited charge structures – qualifying collective money purchase schemes
  10. 6Limits on charges – default arrangements
  11. 6ALimits on charges – qualifying collective money purchase schemes
  12. 7Assessment of charges – default arrangements
  13. 7AAssessment of charges – qualifying collective money purchase schemes
  14. 8Alternative assessment of charges – default arrangements
  15. 8AAlternative assessment of charges – qualifying collective money purchase schemes.
  16. 9Member agreement for services
  17. 10Charge limits adjustment
  18. 11Non-contributing members
  19. 11APayments to advisers
  20. 11BRelevant information
  21. 11CMember agreement for payments to advisers
  22. 12Amendment of the Stakeholder Pension Schemes Regulations
  23. 13Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers) Regulations and the Occupational Pension Schemes (Modification of Schemes) Regulations
  24. Chapter 2: RESTRICTIONS ON EARLY EXIT CHARGES
  25. 13AEarly exit charges
  26. 13BProhibition of early exit charges
  27. 13CLimits on early exit charges
  28. 13DConflicting contract terms
  29. 13ERelevant information
  30. Part 3
  31. Chapter 1: GOVERNANCE OF RELEVANT SCHEMES
  32. 14Definition of “relevant scheme”
  33. 15Appointment of service providers
  34. 16Appointment of chair of trustees or managers
  35. 17Annual statement regarding governance
  36. 18Requirements for processing financial transactions
  37. 19Assessment of charges and costs
  38. 20Requirements relating to default arrangement
  39. Chapter 2: ADDITIONAL GOVERNANCE REQUIREMENTS FOR RELEVANT MULTI-EMPLOYER SCHEMES
  40. 21Definition of “relevant multi-employer scheme”
  41. 22Additional requirements for relevant multi-employer schemes
  42. 23Administration Regulations: further amendment
  43. Part 4: COMPLIANCE
  44. 24Amendment of the Register of Occupational and Personal Pension Schemes Regulations
  45. 25Amendment of Article 9(7) of the 2005 Order
  46. 26Compliance notices
  47. 27Third party compliance notices
  48. 28Penalty notices
  49. 29Penalty notices: recovery
  50. 30Penalty notices: recovery from bodies corporate
  51. 31Review of penalty notices
  52. 32References to First-tier Tribunal or Upper Tribunal
  53. 33Service of notices
  54. Signature
  55. Explanatory note