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(1) These Regulations may be cited as the Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations (Northern Ireland) 2022 and shall come into operation on 6th April 2022.
(2) The amendments made by these Regulations apply to an occupational pension scheme in relation to the first charges year of that scheme which ends after 6th April 2022.
(3) For the purposes of paragraph (2), “charges year” has the meaning given in regulation 2(1) of the Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 (interpretation).
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(1) The Occupational Pension Schemes (Charges and Governance) Regulations (Northern Ireland) 2015 are amended in accordance with paragraphs (2) to (4).
(2) In regulation 6 (limits on charges)—
(a) at the beginning of paragraph (4)(a) insert “subject to paragraphs (5) to (7),”;
(b) after paragraph (4) add—“
(5) Subject to paragraph (6), the flat fee charge under paragraph (4)(a) may be imposed where the value of the member’s rights under the default arrangement is more than £100.
(6) The flat fee charge under paragraph (4)(a) may only be imposed to the extent that it does not reduce the value of the member’s rights under the default arrangement to less than £100.
(7) The value of the member’s rights under the default arrangement for the purposes of paragraphs (5) and (6) includes the value of any rebate or refund which falls to be applied by virtue of regulation 6ZA.”.
(3) After regulation 6 insert—“
6ZA. 

(1) Paragraph (2) applies where more than one flat fee charge under regulation 6(4)(a) is imposed, under a single default arrangement, on a member in respect of a charges year.
(2) The trustees or managers must, as soon as practicable, restore the value of the member’s rights under the default arrangement to the value it would have been if only one such charge had been imposed.
(3) When restoring the value of the member’s rights under paragraph (2), the trustees or managers must have regard to—
(a) the restrictions on flat fee charges imposed by regulation 5(3)(b), and
(b) the limit specified in regulation 6(4)(a).”.
(4) In regulation 7(5)(b)(ii) (assessment of charges) after “is imposed” insert “or where no such fee is imposed by virtue of the operation of regulation 6(5) and (6)”.
Sealed with the Official Seal of the Department for Communities on 7th March 2022
(L.S.)Anne McCleary
A senior officer of the Department for Communities
