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The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015

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Amendment of the Stakeholder Pension Schemes Regulations

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12.—(1) The Stakeholder Pension Schemes Regulations (Northern Ireland) 2000(1) are amended in accordance with paragraphs (2) and (3).

(2) In regulation 13(2) (expenses, commission etc. – principles) after paragraph (4) add—

(5) This regulation and regulations 14 to 14C(3) do not apply in the circumstances set out in regulation 14D..

(3) After regulation 14C (rounding of fractional amounts) insert—

Disapplication of regulations 13 to 14C in certain circumstances

14D.(1) The circumstances referred to in regulation 13(5) are as follows.

(2) In relation to a member of a stakeholder pension scheme that is a personal pension scheme, the circumstances are that—

(a)the scheme is a qualifying scheme in relation to an employer, and

(b)the member’s workplace pension contributions are allocated under a default arrangement.

(3) In relation to a member of a stakeholder pension scheme that is an occupational pension scheme, the circumstances are that Part 2 of the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 (restrictions on charges) applies to the scheme.

(4) In this regulation “default arrangement” and “workplace pension contributions” have the meanings given by the FCA Handbook(4)..

(2)

Regulation 13 was amended by regulation 9 of S.R. 2001 No. 119, regulation 2(8) of S.R. 2005 No. 110 and Article 21(3) of S.R. 2012 No. 124

(3)

Regulations 14 to 14C were substituted for regulation 14 by regulation 2(9) of S.R. 2005 No. 110. Regulation 14 was amended by regulation 9 of S.R. 2007 No. 185 and regulations 8(3) and 10(a) of S.R. 2013 No. 72

(4)

The definition of “the FCA Handbook” was substituted for the definition of “the FSA Handbook” by paragraph 30(a)(ii) of Schedule 2 to S.I. 2013/472

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