# The Occupational Pension Schemes (Scheme Administration) Regulations 1996, Paragraph 3: Meaning of “FM provider”, “in-scope FM provider”, “continuing in-scope FM provider”, “out-of-scope FM provider”, “manageable assets” and related expressions


(1) This paragraph defines “FM provider”, “in-scope FM provider”, “continuing in-scope FM provider”, “out-of-scope FM provider”, “manageable assets” and related expressions for the purposes of this Schedule.
(2) “FM provider”, in relation to a relevant trust scheme, means a person who provides fiduciary management services to the trustees of the scheme.
(3) A person (“P”) provides fiduciary management services to the trustees of a relevant trust scheme if the conditions in sub-paragraphs (4) and (8) are met.
(4) The condition in this sub-paragraph is that P is appointed to manage any of the manageable assets of the scheme.
(5) The manageable assets of a relevant trust scheme are the assets of the scheme which could be managed by a person who has a relevant delegated authority (irrespective of whether they are in fact so managed).
(6) A person manages manageable assets of a relevant trust scheme if—
(a) they have a relevant delegated authority in relation to the scheme, and
(b) that authority was not given to them solely for the purpose of restructuring a portfolio of investments to facilitate the removal or replacement of any person (including the person themselves) who has a delegated authority.
(7) A person has a relevant delegated authority in relation to a relevant trust scheme if they—
(a) are a fund manager to whom a discretion has been delegated under section 34 of the 1995 Act, or
(b) are not such a fund manager but can make decisions about investments (including decisions about, or in connection with, the appointment of a fund manager) in exercise of any discretion of the trustees which has been delegated to them by, or on behalf of, the trustees.
(8) The condition in this sub-paragraph is that—
(a) P, or a person who is, or was, connected to P—
(i) is, on the date on which P is appointed as mentioned in sub-paragraph (4) (“the appointment date”), providing relevant services to the trustees of the scheme,
(ii) has provided such services at any time within the period of 12 months ending immediately before the appointment date, or
(iii) provides such services at any time during P’s appointment as mentioned in sub-paragraph (4), or
(b) P is, or was, a party to a joint venture with any person which—
(i) is, on the appointment date, providing relevant services to the trustees of the scheme,
(ii) has provided such services at any time within the period of 12 months ending immediately before the appointment date, or
(iii) provides such services at any time during P’s appointment as mentioned in sub-paragraph (4).
(9) For the purposes of this paragraph, a person provides relevant services to the trustees of a relevant trust scheme if they—
(a) give advice to the trustees of the scheme on, or in connection with—
(i) the merits of any of the following—
(aa) the exercise of any of the trustee’s powers of investment in any particular case (including, but not limited to, the making or retaining of any investment or the selection of a fund);
(bb) the appointment of a particular fund manager;
(cc) the delegation of authority under section 34 of the 1995 Act to a fund manager;
(dd) asset allocation, or
(ii) investment strategy, and
(b) give that advice otherwise than in their capacity as a legal adviser appointed by the trustees.
(10) Where P is an actuary, any high-level commentary given by P in, or in relation to, an actuarial valuation on the link between the statutory funding objective and the investment strategy, is not to be treated as advice for the purposes of this paragraph.
(11) An FM provider (“F”) is an in-scope FM provider in relation to a relevant trust scheme if—
(a) F is not an excepted person, and
(b) where F is an FM provider because F is or was connected to a person (“C”) who, or F is or was party to a joint venture which, provides or has provided relevant services to the trustees of the scheme—
(i) C is not an excepted person, or
(ii) one or more of the other persons who are, or were, also parties to the joint venture are not excepted persons.
(12) “Continuing in-scope FM provider”, in relation to a relevant trust scheme, means an in-scope FM provider who—
(a) was appointed by the trustees of the scheme before the commencement date, and
(b) continues to provide fiduciary management services to those trustees on and after that date in accordance with the terms of that appointment.
(13) “Out-of-scope FM provider” means an FM provider who is not an in-scope FM provider.
(14) References in this Schedule to fiduciary management services are to be read in accordance with this paragraph.

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Source: https://www.legislation.gov.uk/uksi/1996/1715/schedule/paragraph/3 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-scheme-administration-regulations-1996/schedule/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.