Modifications etc. (not altering text)
C1Pt. I modified (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), regs. 1, 2
C2Pt. I applied (with modifications) (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 2
C3Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1
(1)This section applies to an occupational pension scheme which is a money purchase scheme, other than one falling within a prescribed class or description.
[F1(1A)Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section and section 88 as an occupational pension scheme which is a money purchase scheme.]
(2)The trustees or managers of every occupational pension scheme to which this section applies must secure that there is prepared, maintained and from time to time revised a schedule (referred to in this section and section 88 as a “payment schedule”) showing—
(a)the rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme,
(b)such other amounts payable towards the scheme as may be prescribed, and
(c)the dates on or before which payments of such contributions or other amounts are to be made (referred to in those sections as “due dates”).
(3)The payment schedule for a scheme must satisfy prescribed requirements.
(4)The matters shown in the payment schedule for a scheme—
(a)to the extent that the scheme makes provision for their determination, must be so determined, and
(b)otherwise,
(i)must be matters previously agreed between the employer and the trustees or managers of the scheme, or
(ii)if no such agreement has been made as to all matters shown in the schedule (other than those for whose determination the scheme makes provision), must be matters determined by the trustees or managers of the scheme.
(5)Where in the case of a scheme this section is not complied with—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)section 10 applies to any trustee or manager who has failed to take all such steps.
Textual Amendments
F1S. 87(1A) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 9; S.I. 2022/721, regs. 1(2), 3(a)
F2S. 87(5)(a) repealed (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 64, Sch. 13; S.I. 2006/560, art. 2(3), Sch. Pt. 3
Modifications etc. (not altering text)
C4S. 87 excluded (temp.) (6.3.1997) by The Pensions Act 1995 (Commencement No. 10) Order 1997 (S.I. 1997/664), art. 12(1)
C5S. 87 excluded (31.12.2000) by The Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations 2000 (S.I. 2000/3198), regs. 1(1), 2, Sch.
C6S. 87 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 68
Commencement Information
I1S. 87 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V
I2S. 87 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3 (with art. 12)
I3S. 87(1) in force at 6.3.1997 for specified purposes by S.I. 1997/664, art. 2(1)