Article 88 Unpaid contributions in cases of insolvency

In section 120 of the Pension Schemes Act (duty of Department to pay unpaid contributions to schemes), after subsection (3) insert—

“(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.” .

and, accordingly, at the beginning of subsection (3) insert “Subject to subsection (3A),”.