Regulation 15 Employer to make payments of benefits into a separate account

F1(1)

An employer is required, in cases where payments of benefits to members of trust schemes are made by him, to make into a separate account kept by him at a F2deposit taker, any payment of benefit which has not been made to a member within 2 business days from the date of receipt by the employer.

F3(2)

(a)

In this regulation “deposit taker” means—

(i)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; F4...

(ii)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

sub-paragraph (a) must be read with—

(i)

section 22 of the Financial Services and Markets Act 2000,

(ii)

any relevant order under that section, and

(iii)

Schedule 2 to that Act.

Annotations

Textual amendments

F1: Reg. 15(1) : reg. 15 renumbered as reg. 15(1) (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649) , arts. 1 , 531(2) , reg. 1
F2: Words in reg. 15(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649) , arts. 1 , 531(3) , reg. 1
F3: Reg. 15(2) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 531(4), reg. 1
F4: Reg. 15(2)(a)(ii) and word omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 10(4); 2020 c. 1, Sch. 5 para. 1(1)