Pensions Bill

“(6)     The Secretary of State must by regulations make provision
requiring the publication of information about—

(a)   some or all of the transaction costs of a relevant scheme, and

(b)   some or all of the administration charges imposed on
members of a relevant scheme.

(7)     Regulations under subsection (6) may require other relevant
information to be published along with information about
transaction costs or administration charges in relation to a scheme.

(8)     “Other relevant information” means other information which
would or may assist in making comparisons between those costs or
charges and costs or charges in relation to other schemes.

(9)     Before making regulations by virtue of subsection (5) or (6), the
Secretary of State must consult—

(a)   the Financial Conduct Authority, and

(b)   the Treasury;

(in addition to any other persons consulted in accordance with
section 185(1)).

(10)     In this section—

“administration charge” has the meaning given by paragraph
1(5) of Schedule 18 to the Pensions Act 2014;

“relevant scheme” means a money purchase scheme that is an
occupational pension scheme.””

“137FA           FCA general rules: disclosure of information about pension
scheme transaction costs etc

(1)     The FCA must make general rules requiring information about
some or all of the transaction costs of a relevant scheme to be given
to some or all of the persons mentioned in subsection (2).

(2)     Those persons are—

(a)   members of the scheme,

(b)   spouses or civil partners of members, and

(c)   persons within the application of the scheme and qualifying
or prospectively qualifying for its benefits.

(3)     The FCA must make general rules requiring the publication of
information about—

(a)   some or all of the transaction costs of a relevant scheme, and

(b)   some or all of the administration charges imposed on
members of a relevant scheme.

(4)     Rules made by virtue of subsection (3) may require other relevant
information to be published along with information about
transaction costs or administration charges in relation to a scheme.

(5)     “Other relevant information” means other information which
would or may assist in making comparisons between those costs or
charges and costs or charges in relation to other schemes.

(6)     Before the FCA publishes a draft of any rules to be made by virtue
of this section, it must consult—

(a)   the Secretary of State, and

(b)   the Treasury.

(7)     In determining what provision to include in the rules, the FCA must
have regard to any regulations about the disclosure or publication
of transaction costs or administration charges that are for the time
being in force under section 113 of the Pension Schemes Act 1993.

(8)     In this section—

“administration charge” has the meaning given by
paragraph 1(5) of Schedule 18 to the Pensions Act 2014;

“money purchase scheme” has the meaning given by
section 181(1) of the Pension Schemes Act 1993;

“personal pension scheme” has the meaning given by
section 1 of the Pension Schemes Act 1993;

“relevant scheme” means a money purchase scheme that is—

(a)   a personal pension scheme where direct payment
arrangements (within the meaning of section 111A
of the Pension Schemes Act 1993) exist in respect of
one or more members of the scheme who are
workers, or

(b)   a personal pension scheme which is or has been
registered under section 2 of the Welfare Reform and
Pensions Act 1999 (stakeholder pension schemes);

“worker” means a person—

(a)   who is a worker for the purposes of Part 1 of the
Pensions Act 2008, or

(b)   to whom a provision of Part 1 of that Act applies as
if the person were a worker because of a provision of
Chapter 8 of that Part;

but for the purposes of paragraph (b), ignore section 92 of that Act.””