# Social Security Act 1986, Paragraph 5

Extent: E+W+S

(1) Subject to sub-paragraph (2) below, all minimum contributions which are paid to a scheme in respect of one of its members must be applied so as to provide money purchase benefits for or in respect of that member, except so far as they are used—
(a) to defray the administrative expenses of the scheme; or
(b) to pay commission.
(2) If regulations are made under paragraph 4 above, minimum contributions may be used in any way which the regulations permit, but not in any way not so permitted except to provide money purchase benefits for or in respect of the member.

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Source: https://www.legislation.gov.uk/ukpga/1986/50/schedule/1/paragraph/5 (the official version)
Page: https://openlegislation.uk/social-security-act-1986/schedule-1/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.