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Regulation 24 Requirements for processing financial transactionsF1

(1)

The trustees or managers of a relevant scheme must secure that core financial transactions are processed promptly and accurately.

(2)

A “core financial transaction” includes (but is not limited to)—

(a)

investment of contributions to the scheme;

(b)

transfers of assets relating to members into and out of the scheme;

(c)

transfers of assets relating to members between different investments within the scheme;

(d)

payments from the scheme to, or in respect of, members.

(3)

In relation to a scheme which is not a money purchase scheme, this regulation applies only in relation to the provision of money purchase benefits.

Annotations

Textual amendments

F1

Reg. 24 inserted (6.4.2015) by The Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879), regs. 1(2), 18

Notes on Part V

Textual amendments

F1

Pt. V inserted (6.4.2015) by The Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879), regs. 1(2), 16(1)(b)

Notes on Chapter 1

Textual amendments

F1

Pt. V inserted (6.4.2015) by The Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879), regs. 1(2), 16(1)(b)