C1C3C5Part I Occupational pensions
Pt. I applied (with modifications) (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 2
Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1
Money purchase schemes
I1C2I5C487 Schedules of payments to money purchase schemes.
I41
This section applies to an occupational pension scheme which is a money purchase scheme, other than one falling within a prescribed class or description.
2
The trustees or managers of every occupational pension scheme to which this section applies must secure that there is prepared, maintained and from time to time revised a schedule (referred to in this section and section 88 as a “payment schedule”) showing—
a
the rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme,
b
such other amounts payable towards the scheme as may be prescribed, and
c
the dates on or before which payments of such contributions or other amounts are to be made (referred to in those sections as “due dates”).
3
The payment schedule for a scheme must satisfy prescribed requirements.
4
The matters shown in the payment schedule for a scheme—
a
to the extent that the scheme makes provision for their determination, must be so determined, and
b
otherwise,
i
must be matters previously agreed between the employer and the trustees or managers of the scheme, or
ii
if no such agreement has been made as to all matters shown in the schedule (other than those for whose determination the scheme makes provision), must be matters determined by the trustees or managers of the scheme.
5
Where in the case of a scheme this section is not complied with—
F6a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
section 10 applies to any trustee or manager who has failed to take all such steps.
I2I688 Schedules of payments to money purchase schemes: supplementary.
F51
Where, in the case of an occupational pension scheme to which section 87 applies—
a
there is a failure to pay on or before the due date any amounts payable in accordance with the payment schedule, and
b
the trustees or managers have reasonable cause to believe that the failure is likely to be of material significance in the exercise by the Authority of any of their functions,
they must, except in prescribed circumstances, give notice of the failure to the Authority and to the members of the scheme within a reasonable period after the due date.
2
Any such amounts which for the time being remain unpaid after that date (whether payable by the employer or not) shall, if not a debt due from the employer to the trustees or managers apart from this subsection, be treated as such a debt.
3
Where any amounts payable in accordance with the payment schedule by or on behalf of the employer F1on the employer’s own account have not been paid on or before the due date, section 10 applies to the employer.
4
If, in the case of an occupational pension scheme to which section 87 applies, subsection (1) is not complied with—
F7a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
section 10 applies to any trustee or manager who has failed to take all such steps.
I3I789 Application of further provisions to money purchase schemes.
1
In the case of money purchase schemes falling within a prescribed class or description, regulations may—
a
b
provide for any of the provisions of sections 87 and 88 to apply with prescribed modifications or not to apply,
to such extent as may be prescribed.
2
Regulations may provide for any of the provisions of section 75 to apply, or apply with prescribed modifications, to money purchase schemes to such extent as may be prescribed (in spite of anything in that section), and the power conferred by this subsection includes power to apply section 75 in circumstances other than those in which the scheme is being wound up or a relevant F4... event occurs (within the meaning of that section).
90 Unpaid contributions in cases of insolvency.
In section 124 of the M1Pension Schemes Act 1993 (duty of Secretary of State to pay unpaid contributions to schemes), after subsection (3) there is inserted—
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
Pt. I modified (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), regs. 1, 2