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administration charge

    124any charge made which:

      1. (a) relates to the money purchase benefits accruing to a member of a qualifying scheme whose workplace pension contributions are invested by way of a default arrangement; and
      1. (b) is levied on:
        1. (i) any of that member's workplace pension contributions; or
        1. (ii) any income or capital gain arising from the investment of such workplace pension contributions; or
        1. (iii) the value of the member's rights, insofar as those rights involve money purchase benefits, under the scheme; and
      1. (c) is levied to meet the administrative expenses of the scheme, to pay commission or to be deployed in any other way that does not result in the provision of pension benefits for or in respect of such a member;

    but an administration charge does not include any charge made for costs:

      1. (d) incurred directly as a result of buying, selling, lending or borrowing investments;
      1. (e) incurred solely in providing benefits in respect of the death of such a member of a qualifying scheme;
      1. (f) in complying with a court order, where that order has provided that the operator may recover those costs;
      1. (g) arising from earmarking orders or pension sharing arrangements pursuant to regulations made under section 24 or 41 of the Welfare Reform and Pensions Act 1999.