- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Section 16 of the 2008 Act (qualifying schemes) is amended as follows.
(2)In subsection (3) for paragraph (a) substitute—
“(a)administration charges due from J while J is an active member exceed a prescribed amount,
(aa)administration charges due from former active members while J is an active member exceed a prescribed amount,
(ab)while J is an active member, the scheme contains provision under which administration charges that will be due from J when J is no longer an active member will exceed a prescribed amount, or will do so in particular circumstances,”.
(3)After that subsection insert—
“(4)For the purposes of subsection (3) administration charges are due from a person to the extent that—
(a)any payments made to the scheme by, or on behalf or in respect of, the person,
(b)any income or capital gain arising from the investment of such payments, or
(c)the value of the person’s rights under the scheme,
may be used to defray the administrative expenses of the scheme, to pay commission or in any other way that does not result in the provision of pension benefits for or in respect of members.
(5)In subsection (3)(aa) “former active member” means a person who at some time after the automatic enrolment date was both a jobholder and an active member but is no longer an active member.”
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Click 'View More' or select 'More Resources' tab for additional information including: