593Unauthorised payments: application of section 583U.K.
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(1)Section 583 applies to a payment if—
(a)the payment is made out of funds which are held for the purposes of a former approved superannuation fund (“the paying fund”), but
(b)it is not expressly authorised—
(i)by the rules of the paying fund, or
(ii)by virtue of paragraph 33 of Schedule 6 to FA 1989, and
(c)conditions B and C in section 583(4) and (5) are met.
(2)But section 583 does not apply to a payment to which section 623 applies.
(3)In this section “payment” includes—
(a)a transfer of assets, and
(b)any other transfer of money’s worth.
(4)If section 583 applies to a payment by virtue of this section, sections 584, 585 and 588 apply accordingly.