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Pension Schemes Act 1993

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Status:

Point in time view as at 01/04/1999. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pension Schemes Act 1993, Section 31 is up to date with all changes known to be in force on or before 27 November 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. Help about Changes to Legislation

31 Investment and resources of schemes.E+W+S

(1)[F1The scheme must comply with such requirements as may be prescribed as regards the investment of its resources and with any direction of the Board—

(a)that no part, or no more than a specified proportion, of the scheme’s resources shall be invested in investments of a specified class or description;

(b)that the whole or a specified proportion of investments of a specified class or description forming part of the scheme’s resources when the direction is given shall be realised before the end of a specified period.]

(2)The scheme must comply with such requirements as may be prescribed as regards the part—

(a)of any payment that is made to the scheme by or on behalf of a member of the scheme;

(b)of any income or capital gain arising from the investment of such a payment; or

(c)of the value of rights under the scheme,

that may be used—

(i)to defray the administrative expenses of the scheme;

(ii)to pay commission; or

(iii)in any other way which does not result in the provision of benefits for or in respect of members.

(3)Subject to subsection (4)—

(a)in the case of an occupational pension scheme, all minimum payments [F2and payments under section 42A(3)] and any payments made by the [F3Inland Revenue] under section 7 of the M1Social Security Act 1986, and

(b)in the case of a personal pension scheme, all minimum contributions,

which are paid to a scheme in respect of one of its members must be applied so as to provide money purchase benefits for or in respect of that member, except so far as they are used—

(i)to defray the administrative expenses of the scheme; or

(ii)to pay commission.

(4)If regulations are made under subsection (2), the payments mentioned in paragraph (a) of subsection (3) and the contributions mentioned in paragraph (b) of that subsection may be used in any way which the regulations permit, but not in any way not so permitted except to provide money purchase benefits for or in respect of the member.

[F4(5)Any minimum contributions required by reason of this section to be applied so as to provide money purchase benefits for or in respect of a member of a scheme must be so applied in the prescribed manner and within the prescribed period]

Textual Amendments

F1S. 31(1) repealed (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 36(a), Sch. 7 Pt. III; S.I. 1996/1412, art. 2(2), Sch. Pt. II; S.I. 1997/664, art. 2(3), Sch. Pt. II

F2Words in s. 31(3)(a) inserted (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 36(b); S.I. 1996/1412, art. 2(2), Sch. Pt. 2; S.I. 1997/664, art. 2(3), Sch. Pt. 2

F3Words in s. 31(3)(a) substituted (25.2.1999 for specified purposes, 1.4.1999 in so far as not already in force) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(2)(a), Sch. 1 para. 43; S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

F4S. 31(5) added (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 36(c); S.I. 1996/1412, art. 2(2); S.I. 1997/664, art. 2(3), Sch. Pt. 2

Modifications etc. (not altering text)

C3Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2

Commencement Information

I1Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2

Marginal Citations

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