Regulation 9 Member agreement for servicesF1

United Kingdom

(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.

(F51A)

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.

Annotations

Textual amendments

F1: 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
F2: Words 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)
F3: Words 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)
F4: Words 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)
F5: Reg. 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)
F6: Words 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)
F7: Words 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)
F8: Words 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)
F9: Reg. 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)
F10: Words 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)

Notes on Chapter 1

Textual amendments

F2: Words in Pt. 2 Ch. 1 heading 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. 7