C1 Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties

Annotations:
Modifications etc. (not altering text)
C1

Pt. 3: power to modify conferred (1.6.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 146(1); S.R. 1996/91, art. 2(f); S.R. 1997/192, art. 2

Pt. 3: power to transfer functions conferred (1.4.1999) by 1999 c. 2, s. 23(1)(2)(6); S.I. 1999/527, art. 2(b), Sch. 2

Chapter I Certification

Requirements for certification of occupational and personal money purchase schemes

27 Investment and resources of schemes.

F11

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2

F5A 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 F2and payments under section 38A(3) and any payments made by the F3Inland Revenue under Article 9 of the M1Social 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.

F45

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.