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The Occupational Pension Schemes (Administration and Disclosure) (Amendment) Regulations 2018

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Amendment of the Scheme Administration Regulations 1996

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2.—(1) Regulation 23 (annual statement regarding governance)(1) of the Administration Regulations 1996 is amended as follows.

(2) For sub-paragraph (1)(c)(i), substitute—

(i)state the level of charges and transaction costs applicable to each default arrangement during the scheme year;.

(3) For sub-paragraph (1)(c)(ii), substitute—

(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;.

(4) After sub-paragraph (1)(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) of these Regulations, 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;.

(5) After paragraph (1), insert—

(1A) In complying with the requirements imposed by paragraph (1)(c)(i), (ii) and (ca), the trustees or managers must have regard to guidance prepared from time to time by the Secretary of State..

(1)

Regulation 23 was inserted by S.I. 2015/879 and was amended by S.I. 2016/427.

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