Article 86 Schedules of payments to money purchase schemes: supplementary

Northern Ireland

F1(1)

Where, in the case of an occupational pension scheme to which Article 85 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 paragraph, be treated as such a debt.

(3)

Where any amounts payable in accordance with the payment schedule by or on behalf of the employerF2 on the employer's own account have not been paid on or before the due date, Article 10 applies to the employer.

(4)

If, in the case of an occupational pension scheme to which Article 85 applies, paragraph (1) is not complied with—

(a)

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

Article 10 applies to any trustee or manager who has failed to take all such steps.

Annotations

Textual amendments

F1: Art. 86(1) substituted (1.7.2005 for certain purposes, otherwise 6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 246(2); S.R. 2005/321, art. 2(15), Sch. Pt. 2
F2: 1999 NI 11
F3: Art. 86(4)(a) and the word "and" immediately after it repealed (6.4.2006) by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 290(1), 291, Sch. 10 para. 59, Sch. 11; S.R. 2006/95, art. 2(c), Sch. Pt. 3

Notes on the whole Order

Textual amendments

F1: functions transf. by SR 1999/481
F2: functions transf. by 2005 NI 1