Requirements for certification of occupational and personal money purchase schemesN.I.
22 Persons who may establish scheme.N.I.
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23 Identification and valuation of protected rights.N.I.
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24 Ways of giving effect to protected rights.N.I.
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24A Requirements for interim arrangements.N.I.
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24B Information about interim arrangements.N.I.
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25 The pension and annuity requirements.N.I.
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26 Securing of liability for protected rights.N.I.
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27 Investment and resources of schemes.N.I.
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(2)[A scheme which was an appropriate scheme or a money purchase contracted-out scheme immediately before the abolition date] 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 [and payments under section 38A(3)] and any payments made by the [Inland Revenue] under Article 9 of the Social Security (Northern Ireland) Order 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.
[(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
Marginal Citations
28 Suspension or forfeiture.N.I.
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28A Discharge of protected rights on winding up: insurance policies.N.I.
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29 Tax requirements to prevail over [requirements of section 27].N.I.
Nothing in [section 27] shall be taken to prejudice any requirements with which [a registered pension scheme must comply under Part 4 of the Finance Act 2004].
29A Appropriate schemes: “Blowing the whistle”.N.I.
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