0.75% Pension Fee Cap Explaination

Can someone please explain how the 0.75% Pension Fee Cap works?

I have a tiny pot of ~GBP150. My pension provide is charging GBP24/year plus 0.3% on AUM.

Is it correct to say that this is allowed under the "equivalent combination charge" even though the sum of the two exceeds 0.75%?

The sum is ~16.3% calculated as 24/150 plus 0.3%.

Or is it not allowed and therefore the "equivalent combination charge" must be under 0.75% in total combining the 24 quid fee and the 0.3% fee?