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Pension Schemes Act 1993, Section 124 is up to date with all changes known to be in force on or before 11 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)If, on an application made to him in writing by the persons competent to act in respect of an occupational pension scheme or a personal pension scheme, the Secretary of State is satisfied—
(a)that an employer has become insolvent; and
(b)that at the time he did so there remained unpaid relevant contributions falling to be paid by him to the scheme,
then, subject to the provisions of this section and section 125, the Secretary of State shall pay into the resources of the scheme the sum which in his opinion is payable in respect of the unpaid relevant contributions.
(2)In this section and section 125 “relevant contributions” means contributions falling to be paid by an employer to an occupational pension scheme or a personal pension scheme, either on his own account or on behalf of an employee; and for the purposes of this section a contribution shall not be treated as falling to be paid on behalf of an employee unless a sum equal to that amount has been deducted from the pay of the employee by way of a contribution from him.
(3)[F1Subject to subsection (3A),] the sum payable under this section in respect of unpaid contributions of an employer on his own account to an occupational pension scheme or a personal pension scheme shall be the least of the following amounts—
(a)the balance of relevant contributions remaining unpaid on the date when he became insolvent and payable by the employer on his own account to the scheme in respect of the 12 months immediately preceding that date;
(b)the amount certified by an actuary to be necessary for the purpose of meeting the liability of the scheme on dissolution to pay the benefits provided by the scheme to or in respect of the employees of the employer;
(c)an amount equal to 10 per cent. of the total amount of remuneration paid or payable to those employees in respect of the 12 months immediately preceding the date on which the employer became insolvent.
[F2(3A)Where the scheme in question is a money purchase scheme, the sum payable under this section by virtue of subsection (3) shall be the lesser of the amounts mentioned in paragraphs (a) and (c) of that subsection]
(4)For the purposes of subsection (3)(c), “remuneration” includes holiday pay, statutory sick pay, statutory maternity pay under Part V of the M1Social Security Act 1986 or Part XII of the M2Social Security Contributions and Benefits Act 1992 [F3and any payment such as is referred to in section 184(2) of the Employment Rights Act 1996].
(5)Any sum payable under this section in respect of unpaid contributions on behalf of an employee shall not exceed the amount deducted from the pay of the employee in respect of the employee’s contributions to the scheme during the 12 months immediately preceding the date on which the employer became insolvent.
Textual Amendments
F1Words in s. 124(3) inserted (2.10.1995) by Pensions Act 1995 (c. 26), ss. 90, 180(1) (with s. 121(5)); S.I. 1995/2548, art. 2
F2S. 124(3A) inserted (2.10.1995) by Pensions Act 1995 (c. 26), ss. 90, 180(1) (with s. 121(5)); S.I. 1995/2548, art. 2
F3Words in s. 124(4) substituted (22.8.1996) by Employment Rights Act 1996 (c. 18), s. 243, Sch. 1 para. 61(3) (with ss. 191-201)
Commencement Information
I1Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2
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