Pensions Act 1995

88 Schedules of payments to money purchase schemes: supplementary. E+W+S

[F1 (1) Where, in the case of an occupational pension scheme to which section 87 applies—

(a) there is a failure to pay on or before the due date any amounts payable in accordance with the payment schedule, and

(b) the trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Authority of any of their functions,

they must, except in prescribed circumstances, give notice of the failure to the Authority and to the members of the scheme within a reasonable period after the due date.]

(2) Any such amounts which for the time being remain unpaid after that date (whether payable by the employer or not) shall, if not a debt due from the employer to the trustees or managers apart from this subsection, be treated as such a debt.

(3) Where any amounts payable in accordance with the payment schedule by or on behalf of the employer [F2 on the employer’s own account] have not been paid on or before the due date, section 10 applies to the employer.

(4) If, in the case of an occupational pension scheme to which section 87 applies, subsection (1) is not complied with—

F3 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) section 10 applies to any trustee or manager who has failed to take all such steps.

Textual Amendments

F1 S. 88(1) substituted (1.7.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 269(2), 322(1) (with s. 313); S.I. 2005/1720, art. 2(15)(a)(b), Sch. Pt. 2

F2 Words in s. 88(3) inserted (11.11.1999 for specified purposes, 3.4.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 10(2), 89(5)(a); S.I. 2000/629, art. 2

F3 S. 88(4)(a) repealed (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 65, Sch. 13; S.I. 2006/560, art. 2(3), Sch. Pt. 3

Modifications etc. (not altering text)

C1 S. 88 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 68

Commencement Information

I1 S. 88 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V

I2 S. 88 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3