Section 20 Quality requirement: UK money purchase schemesC2I1I2
Northern Ireland
A money purchase scheme that has its main administration in the United Kingdom satisfies the quality requirement in relation to a jobholder if under the scheme—
the jobholder's employer must pay contributions in respect of the jobholder;
the employer's contribution, however calculated, must be equal to or more than 3% of the amount of the jobholder's qualifying earnings in the relevant pay reference period;
the total amount of contributions paid by the jobholder and the employer, however calculated, must be equal to or more than 8% of the amount of the jobholder's qualifying earnings in the relevant pay reference period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A scheme does not fail to satisfy the quality requirement under this section merely because the trustees or managers of the scheme may on any occasion refuse to accept a contribution below an amount prescribed for the purposes of this section on the grounds that it is below that amount.
Annotations
Textual amendments
- F1
S. 20(2) omitted (6.4.2012) by virtue of The Pensions (2008 Act) (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Provisions) Regulations (Northern Ireland) 2012 (S.R. 2012/120), regs. 1(a), 3(2)
Modifications
- C1
S. 20(1) modified (1.7.2012) by The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 (S.R. 2010/122), regs. 1(1), 45(2) (as amended (1.7.2012) by S.R. 2012/237, regs. 1(1)(b), 2(2))
- C2
Pt. 1 applied (with modifications) (1.7.2012) by The Automatic Enrolment (Offshore Employment) Order 2012 (S.I. 2012/1388), arts. 1(1), 2 (with art. 5)
Commencement
- I1
S. 20 partly in force; s. 20 in force for certain purposes at Royal Assent see s. 118(2)
- I2
S. 20 in operation at 30.6.2012 in so far as not already in operation by S.R. 2012/266, art. 2, Sch. Pt. 1