The Occupational Pension Schemes (Investment) Regulations 2005
4.—(1) The Occupational Pension Schemes (Investment) Regulations 2005(1) are amended as follows.
(2) In regulation 1(2), in paragraph (c) of the definition of “default arrangement”(2), for “(3) and (4)” substitute “(3), (4), (6)(a), (7) and (8)”.
(3) In regulation 2A (additional requirements in relation to default arrangement)(3)—
(a)in paragraph (3), after “charges” insert “and transaction costs”;
(b)after paragraph (5), insert—
“(6) For the purposes of this regulation, “transaction costs” has the meaning given in regulation 2(1) of the Occupational Pension Schemes (Charges and Governance) Regulations 2015(4).”.
(4) In regulation 8(1)(a) (modification of regulation 2 in respect of wholly-insured schemes), for “(b) and (c)” substitute “(b), (c) and (d)”.
The definition of default arrangement was inserted by S.I. 2015/879, and amended by S.I. 2016/427.
Regulation 2A was inserted by S.I. 2015/879, and amended by S.I. 2018/988.
S.I. 2015/879. There are amendments to regulation 2 which are not relevant to these Regulations.