Regulation 12 Amendment of the Stakeholder Pension Schemes Regulations 2000F1

The Stakeholder Pension Schemes Regulations 2000 M1 are amended as follows.

In regulation 13 M2 (expenses, commission etc - principles), after paragraph (4) insert—

“(5)

This regulation and regulations 14 to 14C M3 do not apply in the circumstances set out in regulation 14D.”.

After regulation 14C (rounding of fractional amounts) insert—

“Disapplication of regulations 13 to 14C in certain circumstances

14D

(1)

The circumstances referred to in regulation 13(5) are as follows.

(2)

In relation to a member of a stakeholder pension scheme that is a personal scheme the circumstances are that—

(a)

the scheme is a qualifying scheme in relation to an employer; and

(b)

the member's workplace contributions are allocated under a default arrangement.

(3)

In relation to a member of a stakeholder pension scheme that is an occupational pension scheme, the circumstances are that Part 2 of the Occupational Pension Schemes (Charges and Governance) Regulations 2015 applies to the scheme.

(4)

In this regulation, “default arrangement” and “workplace pension contributions” have the meanings given in the FCA Handbook M4.”.