Pension Schemes Act 2021
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Change 1
127 Administration charges
(1) In section 1 of the Welfare Reform and Pensions Act 1999 (meaning of “stakeholder pension scheme”), in subsection (5) (fourth condition: charge cap)— (a) for “result in” substitute “ constitute ”; (b) after “members” insert “ or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits under different pension schemes ”. (2) In Schedule 18 to the Pensions Act 2014 (power to restrict charges or impose requirements in relation to schemes), in paragraph 1(5), in the definition of “administration charge”— (a) for “result in” substitute “ constitute ”; (b) after “members” insert “ or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits under different pension schemes ”. (3) In section 113 of the Pension Schemes Act 1993 (disclosure of information about schemes to members etc)— (a) in subsection (6)(b), after “the” insert “ other ”; (b) in subsection (7), after “or” insert “ other ”. (4) In section 137FA of the Financial Services and Markets Act 2000 (FCA general rules: disclosure of information about pension scheme transaction costs etc)— (a) in subsection (3)(b), after “the” insert “ other ”; (b) in subsection (4), after “or” insert “ other ”; (c) in subsection (7), after “costs or” insert “ other ”.
127 Administration charges
(1) In section 1 of the Welfare Reform and Pensions Act 1999 (meaning of “stakeholder pension scheme”), in subsection (5) (fourth condition: charge cap)— (a) for “result in” substitute “ constitute ”; (b) after “members” insert “ or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits under different pension schemes ”. (2) In Schedule 18 to the Pensions Act 2014 (power to restrict charges or impose requirements in relation to schemes), in paragraph 1(5), in the definition of “administration charge”— (a) for “result in” substitute “ constitute ”; (b) after “members” insert “ or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits under different pension schemes ”. (3) In section 113 of the Pension Schemes Act 1993 (disclosure of information about schemes to members etc)— (a) in subsection (6)(b), after “the” insert “ other ”; (b) in subsection (7), after “or” insert “ other ”. (4) In section 137FA of the Financial Services and Markets Act 2000 (FCA general rules: disclosure of information about pension scheme transaction costs etc)— (a) in subsection (3)(b), after “the” insert “ other ”; (b) in subsection (4), after “or” insert “ other ”; (c) in subsection (7), after “costs or” insert “ other ”.
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