(1)Where a debtor’s estate has been sequestrated and—
(a)he has during the relevant period made contributions as a member of an occupational pension scheme; or
(b)contributions have during the relevant period been made to such a scheme on his behalf;
the permanent trustee may apply to the court for an order under this section.
(2)If, on an application for an order under this section, the court is satisfied that the making of any of the contributions (“the excessive contributions”) has unfairly prejudiced the debtor’s creditors, the court may make such order as it thinks fit for restoring the position to what it would have been if the excessive contributions had not been made.
(3)The court shall, in determining whether it is satisfied under subsection (2) above, consider in particular—
(a)whether any of the contributions were made by or on behalf of the debtor for the purpose of putting assets beyond the reach of his creditors or any of them;
(b)whether the total amount of contributions made by or on behalf of the debtor (including contributions made to any other occupational pension scheme) during the relevant period was excessive in view of the debtor’s circumstances at the time when they were made; and
(c)whether the level of benefits under the scheme, together with benefits under any other occupational pension scheme, to which the debtor is entitled, or is likely to become entitled, is excessive in all the circumstances of the case.]
Textual Amendments
F1S. 36A and sidenote inserted (6.4.1996 for specified purposes and otherwiseprosp.) by 1995 c. 26, s. 95(2); S.I. 1996/778, art. 2(5)(a), Sch. Pt. V