SCHEDULE 7Collective money purchase benefits: amendments to secondary legislation
Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations 201517
1
Regulation 9 (member agreement for services)77 is amended as follows.
2
In paragraph (1), after “Subject to paragraph (3),” insert “in the case of a member of a relevant scheme (that is not a collective money purchase scheme),”
.
3
After paragraph (1), insert—
1A
Subject to paragraph (3), in the case of the members of a relevant scheme (that is a qualifying collective money purchase scheme), the restrictions in regulation 4 (with the exception of regulation 4(1A)) do not apply in relation to advice or a service for which a member has entered into an agreement with a person for the provision of that advice or service, provided the conditions in paragraph (2) are satisfied.
4
In paragraph (2)—
a
for “paragraph (1)” substitute “paragraphs (1) and (1A)”
;
b
in sub-paragraph (b)(ii), after “default arrangement” insert “or under a qualifying collective money purchase scheme, as applicable”
.
5
In paragraph (4), at the end of sub-paragraph (e), omit the full-stop and insert—
;
f
a transfer out of a qualifying collective money purchase scheme into a different scheme;
g
a transfer into a qualifying collective money purchase scheme.