Regulation 15 Employer to make payments of benefits into a separate accountI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 15(2)(b) and word omitted by Occupational and Personal Pension Schemes (EU Exit) 2019 reg. 11(4)
reg. 15 coming into force by Occupational Pension Schemes (Scheme Administration) 1997 reg. 1(1)
reg. 15 words substituted by Social Security and Pensions (Financial Services and Markets Act 2000) 2003 reg. 11(6)(b)
reg. 15(1) reg. 15 words renumbered as reg. 15(1) by Social Security and Pensions (Financial Services and Markets Act 2000) 2003 reg. 11(6)(a)
reg. 15(2)(3) added by Social Security and Pensions (Financial Services and Markets Act 2000) 2003 reg. 11(6)(c)

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 an institution authorised under the Banking Act 1987, any payment of benefit which has not been made to a member within 2 business days after the date of receipt by the employer.

Annotations

Commencement

I1: Reg. 15 in operation at 6.4.1997, see reg. 1(1)