# The Occupational Pension Schemes (Master Trusts) Regulations 2018, Regulation 25: Administration charges

Extent: E+W+S

(1) The administration charges that apply in relation to members of a Master Trust scheme must not include—
(a) costs incurred as a result of buying, selling, lending or borrowing investments;
(b) where a court order provides for the recovery by the trustees of costs incurred in complying with the order, the amount of those costs;
(c) charges permitted by regulations made under section 24 or 41 of the Welfare Reform and Pensions Act 1999 (charges by pension arrangements in relation to earmarking orders and charges in respect of pension sharing costs);
(d) costs solely associated with the provision of death benefits;
(e) costs solely attributable to holding physical assets.
(2) For the purposes of this regulation, the costs solely attributable to holding a physical asset include—
(a) the costs of managing and maintaining the asset;
(b) fees for valuing the asset;
(c) the cost of insuring the asset;
(d) ground rent, charges, rates, taxes and utilities bills incurred in relation to the asset.
(3) In this regulation—
(a) “commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products and energy such as electricity, but not including cash or financial instruments (within the meaning of article 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001);
(b) “physical asset” means an asset whose value depends on its physical form, including—
(i) land,
(ii) buildings and other structures on land or sea,
(iii) vehicles, ships, aircraft or rolling stock, and
(iv) commodities.

---
Source: https://www.legislation.gov.uk/uksi/2018/1030/regulation/25 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-2018/regulation-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.