Charges mean all administration charges except: court orders, charges for earmarking or pension sharing, winding up costs and payment of death benefits.
Examples of administration charges are annual management charges, switching fees, allocation rates, premium related fees, set up fees, policy fees, exit charges and deferred member charges (Paid Up Pension charges). Charges for advice are not considered to be administration charges.
The primary responsibility lies with trustees and managers to be compliant with the legislation. As a scheme provider, Prudential has a key role to play in supporting trustees to be able to fulfil their obligations.