The Occupational Pension Schemes (Scheme Administration) Regulations 1996

PART IV MONEY PURCHASE SCHEMES

Exemption from requirement to secure a payment schedule

17.  For the purposes of section 87(1) of the 1995 Act (requirement for occupational pension schemes which are money purchase schemes to secure and maintain a payment schedule unless the scheme falls within a prescribed class or description) the prescribed class or description is a money purchase scheme which falls within the description referred to in regulation 3(1)(c), (d) and (f) to (h).

Amounts to be shown in a payment schedule

18.  For the purposes of section 87(2)(b) of the 1995 Act (payment schedule to show other amounts payable towards the scheme as may be prescribed) the prescribed amounts are amounts payable towards the scheme by the employer in respect of expenses likely to be incurred in the scheme year.

Requirements which a payment schedule must satisfy

19.—(1) For the purposes of section 87(3) of the 1995 Act (payment schedule for a scheme must satisfy prescribed requirements) the prescribed requirements are that—

(a) the payment schedule shows amounts payable in the scheme year;

(b) subject to paragraph (2), the payment schedule contains separate entries for the rates and due dates of contributions (other than voluntary contributions) payable towards the scheme by or on behalf of—

(i) the employer, and in the case of a scheme in relation to which there is more than one employer, each employer;

(ii) the active members of the scheme.

(2) In the case where an insurance premium is payable, the payment schedule need not contain separate entries for identifying the contributions payable by or on behalf of the employer and the active members of the scheme in respect of that premium.

Period within which notice must be given

20.  For the purposes of section 88(1) of the 1995 Act (trustees or managers must give notice, where any amounts payable in accordance with the payment schedule have not been paid, within a prescribed period) the prescribed period is, in the case where—

(a) notice is to be given to the Authority, 30 days from the due date;

(b) notice is to be given to a member, 90 days from the due date.

Circumstances where notice of non-payment of any amount payable to a scheme need not be given

21.—(1) Where an amount, payable in accordance with the payment schedule, has been paid no later than 60 days after the due date, notice of non-payment in respect of that amount on or before the due date need not be given to the members of the scheme.

(2) In the case of a scheme in relation to which there is more than one employer, notice of non-payment in respect of an amount payable in accordance with the payment schedule need not be given to members where their pensionable service is not with the employer who has not paid any amount in accordance with that payment schedule.