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

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Assessment of charges and costs

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19.  After regulation 24 of the Administration Regulations (requirements for processing financial transactions) add—

Assessment of charges and transaction costs

25.(1) The trustees or managers of a relevant scheme must, at intervals of no more than one year—

(a)calculate—

(i)the charges; and

(ii)in so far as they are able to do so, the transaction costs,

borne by members of the scheme; and

(b)assess the extent to which those charges and transaction costs represent good value for members.

(2) In this regulation (and in regulation 23) “charges” and “transaction costs” have the meanings given in regulation 2(1) of the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015.

(3) In relation to a scheme which is not a money purchase scheme, this regulation applies only in relation to charges and transaction costs which relate to the provision of money purchase benefits..

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