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Section 9 Member agreement for services

(1)

Subject to paragraph (3), F1in 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 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.

F4(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 F5paragraphs (1) and (1A) are that the agreement must—

(a)

be in writing;

(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 F6or under a qualifying collective money purchase scheme, as applicable, and

(iii)

shall 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 F7advice 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 F8arrangement;

F9(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

Words in reg. 9(1) inserted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(a), 36

F2

Words in reg. 9(1) inserted (1.10.2021) by The Occupational Pension Schemes (Administration, Investment and Charges and Governance) (Amendment) Regulations (Northern Ireland) 2021 (S.R. 2021/272), regs. 1(1), 6(8)(a)(i)

F3

Words in reg. 9(1) inserted (1.10.2021) by The Occupational Pension Schemes (Administration, Investment and Charges and Governance) (Amendment) Regulations (Northern Ireland) 2021 (S.R. 2021/272), regs. 1(1), 6(8)(a)(ii)

F4

Reg. 9(1A) inserted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(b), 36

F5

Words in reg. 9(2) substituted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(c)(i), 36

F6

Words in reg. 9(2)(b)(ii) inserted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(c)(ii), 36

F7

Words in reg. 9(3) inserted (1.10.2021) by The Occupational Pension Schemes (Administration, Investment and Charges and Governance) (Amendment) Regulations (Northern Ireland) 2021 (S.R. 2021/272), regs. 1(1), 6(8)(b)

F8

Word in reg. 9(4)(e) substituted (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(d)(i), 36

F9

Reg. 9(4)(f)(g) added (26.1.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024 (S.R. 2024/15), reg. 1, Sch. 7 para. 17(d)(ii), 36