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The Occupational Pension Schemes (Charges and Governance) Regulations 2015

S.I. 2015/879 · Made 23 March 2015 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 6 April 2023.

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reg. 2(1)words omittedThe Occupational Pension Schemes (Administration, Investment, Charges and Governance) and Pensions Dashboards (Amendment) Regulations 2023 reg. 2(2)(a)(iv)

Pensions

Made 23rd March 2015

Coming into force in accordance with regulation 1

The Secretary of State for Work and Pensions, in exercise of the powers conferred by sections 113(1), 181(1) and 182(2) and (3) of the Pension Schemes Act 1993 M1, sections 35(1), (3) and (4), 36(1), (1A)(a) and (9), 68(2)(e), 124(1) and 174(2) and (3) of the Pensions Act 1995 M2, sections 1(5), 8(1) and 83(4)(a) of the Welfare Reform and Pensions Act 1999 M3, sections 60(2)(h), 259(1), 315 and 318(1) of the Pensions Act 2004 M4 and sections 43 and 54(5) and (6) of, and paragraphs 1(1), (2)(a), (3) and (5), 2(1) to (3) and (5), 6 and 7 of Schedule 18 to, the Pensions Act 2014 M5, makes the following Regulations.

In accordance with section 185(1) of the Pension Schemes Act 1993 M6, section 120(1) of the Pensions Act 1995, section 317(1) of the Pensions Act 2004 and paragraph 8 of Schedule 18 to the Pensions Act 2014, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 54(2)(e) and (f) of the Pensions Act 2014.

Annotations to the whole text

Marginal citations

M1

1993 c. 48. Section 113(1) was amended by the Child Support, Pensions and Social Security Act 2000 (c. 19), section 52(1). Section 181(1) is cited for the meaning it gives to “regulations”.

M2

1995 c. 26 (“the 1995 Act”). Subsections (1) and (1A) of section 36 were substituted by the Pensions Act 2004 (c. 35) (“the 2004 Act”), section 245(2). Section 124(1) is cited for the meaning it gives to “prescribed” and “regulations”.

M3

1999 c. 30. Section 1(5) was amended by the 2004 Act, section 285(3). Section 8(1) is cited for the meaning it gives to “prescribed”.

M4

2004 c. 35. Section 318(1) is cited for the meaning it gives to “prescribed” and “regulations”.

M5

2014 c. 19.

M6

Section 185(1) was amended by the 1995 Act, sections 122, 151 and 177 and Schedule 3, paragraph 46, Schedule 5, paragraph 80(a), (d) and (f) and Schedule 7, Part 1.

Contents

  1. Part 1: INTRODUCTION
  2. 1Citation and commencement
  3. 2Interpretation
  4. 3Default arrangement
  5. 3AQualifying collective money purchase schemes
  6. Part 2: RESTRICTIONS ON CHARGES
  7. Chapter 1: DEFAULT ARRANGEMENTS, qualifying collective money purchase schemes, NON-CONTRIBUTING MEMBERS AND PAYMENTS TO ADVISERS
  8. 4Restrictions on charges
  9. 5Prohibited charge structures - default arrangements
  10. 5AProhibited charge structures – qualifying collective money purchase schemes
  11. 6Limits on charges - default arrangements
  12. 6ALimits on charges – qualifying collective money purchase schemes
  13. 6ZAImposition of more than one flat fee charge
  14. 7Assessment of charges - default arrangements
  15. 7AAssessment of charges – qualifying collective money purchase schemes
  16. 8Alternative assessment of charges - default arrangements
  17. 8AAlternative assessment of charges – qualifying collective money purchase schemes
  18. 9Member agreement for services
  19. 10Charge limits adjustment
  20. 11Non-contributing members
  21. 11APayments to advisers
  22. 11BRelevant information
  23. 11CMember agreement for payments to advisers
  24. 12Amendment of the Stakeholder Pension Schemes Regulations 2000
  25. 13Amendments of other regulations
  26. Chapter 2: RESTRICTIONS ON EARLY EXIT CHARGES
  27. 13AEarly exit charges
  28. 13BProhibition of early exit charges
  29. 13CLimits on early exit charges
  30. 13DConflicting contract terms
  31. 13ERelevant information
  32. Part 3
  33. Chapter 1: GOVERNANCE OF RELEVANT SCHEMES
  34. 14Definition of “relevant scheme”
  35. 15Appointment of service providers
  36. 16Appointment of chair of trustees or managers
  37. 17Annual statement regarding governance
  38. 18Requirements for processing financial transactions
  39. 19Assessment of charges and costs
  40. 20Requirements relating to default arrangement
  41. Chapter 2: ADDITIONAL GOVERNANCE REQUIREMENTS FOR RELEVANT MULTI-EMPLOYER SCHEMES
  42. 21Definition of “relevant multi-employer scheme”
  43. 22Additional requirements for relevant multi-employer schemes
  44. 23Administration Regulations: further amendment
  45. Part 4: COMPLIANCE
  46. 24Amendment of the Register of Occupational and Personal Pension Schemes Regulations 2005
  47. 25Amendment of section 13 of the Pensions Act 2004
  48. 26Compliance notices
  49. 27Third party compliance notices
  50. 28Penalty notices
  51. 29Penalty notices: recovery
  52. 30Penalty notices: recovery from bodies corporate and Scottish partnerships
  53. 31Review of penalty notices
  54. 32References to First-Tier Tribunal or Upper Tribunal
  55. 33Service of notices
  56. Signature
  57. Explanatory note