(1)This section applies to any unauthorised personal pension payment.
(2)In this section “personal pension payment” means a payment which—
(a)is made out of funds which are or have been held for the purposes of a personal pension scheme (“the paying scheme”), and
(b)is made to or for the benefit of an individual who has made personal pension arrangements in accordance with the paying scheme (“the individual’s arrangements”).
(3)For the purposes of this section a personal pension payment is unauthorised if any of conditions A, B and C are met.
(4)Condition A is that—
(a)the paying scheme and the individual’s arrangements are both approved at the time the payment is made, but
(b)the payment is not expressly authorised by the rules of the paying scheme.
(5)Condition B is that—
(a)the paying scheme is not approved at the time the payment is made, and
(b)at the time the scheme was last approved, the payment would not have been expressly authorised under the scheme’s rules.
(6)Condition C is that—
(a)the individual’s arrangements are not approved at the time the payment is made, and
(b)at the time the arrangements were last approved, the payment would not have been expressly authorised under the arrangements.
(7)In this section “payment” includes—
(a)a transfer of assets, and
(b)any other transfer of money’s worth.