C1Part 1The Pensions Regulator
New powers in respect of occupational and personal pension schemes
19Pension liberation: court’s power to order restitution
I21
This section applies where money has been liberated from a pension scheme.
I22
In this section “recoverable property” means (subject to subsection (3))—
a
the money or any of it, or
b
property (of any kind and wherever situated) that, directly or indirectly, represents any of the money.
I23
Where a person acquires the beneficial interest in recoverable property in good faith, for value and without notice that the property is, or (as the case may be) represents, money liberated from a pension scheme—
a
the property ceases to be recoverable property, and
b
no property that subsequently represents it is recoverable property.
I24
The court, on the application of the Regulator, may make such order as the court thinks just and convenient for the purpose of securing that recoverable property, or money representing its value or proceeds of its sale, is transferred—
a
towards a pension scheme,
b
towards an annuity or insurance policy, or
c
to the liberated member.
I25
An order under subsection (4) may (in particular) direct a person who holds recoverable property, or has any degree of control over recoverable property, to take steps for the purpose mentioned in that subsection.
I26
Where the court makes an order under paragraph (a) of subsection (4), it may by order direct the trustees or managers of the scheme referred to in that paragraph—
a
to take steps for the purpose mentioned in that subsection;
b
to apply the property or money transferred, in such manner as the court may direct, for the purpose of providing benefits under that scheme to or in respect of the liberated member.
I17
Regulations may modify any of the provisions of the Pension Schemes Act 1993 (c. 48) as it applies in relation to cases where an order is made under subsection (6).
I28
The jurisdiction conferred by this section is exercisable by the High Court or the Court of Session.
I29
The generality of the jurisdiction conferred by section 16 is not to be taken to be prejudiced by this section.
I210
The generality of the jurisdiction conferred by this section is not to be taken to be prejudiced by section 21.
Pt. 1 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 Pt. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)