2. In regulation 23(1) of the Administration Regulations (annual statement regarding governance)—
(a)in paragraph (1)—
(i)in sub-paragraph (c) for heads (i) and (ii) substitute—
“(i)state the level of charges and transaction costs applicable to each default arrangement during the scheme year;
(ii)state the levels of charges and transaction costs applicable to each fund which members are able to select and in which assets relating to members are invested during the scheme year;”;
(ii)after sub-paragraph (c) insert—
“(ca)include, in relation to the charges and transaction costs which trustees or managers are required to calculate in accordance with regulation 25(1)(a)(2), an illustrative example of the cumulative effect over time of the application of those charges and costs on the value of a member’s accrued rights to money purchase benefits;”;
(b)after paragraph (1) insert—
“(1A) In complying with the requirements imposed by paragraph (1)(c)(i) and (ii) and (ca), the trustees or managers must have regard to guidance prepared from time to time by the Department.”.
Regulation 23 was added by regulation 17(1) of S.R. 2015 No. 309 and amended by regulation 5 of S.R. 2016 No. 192
Regulation 25 was added by regulation 19 of S.R. 2015 No. 309