Valid from 06/04/1996
(1)Without prejudice to the generality of subsection (2) of section 36A of this Act, an order under that section may include provision—
(a)requiring the trustees or managers of the scheme to pay an amount to the permanent trustee;
(b)reducing the amount of any benefit to which the debtor (or his spouse, widow, widower or dependant) is entitled, or to which he has an accrued right, under the scheme;
(c)reducing the amount of any benefit to which, by virtue of any assignation, commutation or surrender of the debtor’s entitlement (or that of his spouse, widow, widower or dependant) or accrued right under the scheme, another person is entitled or has an accrued right;
(d)otherwise adjusting the liabilities of the scheme in respect of any such person as is mentioned in paragraph (b) or (c) above.
(2)The maximum amount by which an order under section 36A of this Act may require the assets of an occupational pension scheme to be reduced is the lesser of—
(a)the amount of the excessive contributions; and
(b)the value (determined in the prescribed manner) of the assets of the scheme which represent contributions made by or on behalf of the debtor.
(3)Subject to subsections (4) and (5) below, an order under section 36A of this Act must reduce the amount of the liabilities of the scheme by an amount equal to the amount of the reduction made in the value of the assets of the scheme.
(4)Subsection (3) above does not apply where the debtor’s entitlement or accrued right to benefits under the scheme which he acquired by virtue of the excessive contributions (his “excessive entitlement”) has been forfeited.
(5)Where part of the debtor’s excessive entitlement has been forfeited, the amount of the reduction in the liabilities of the scheme required by subsection (3) above is the value of the remaining part of his excessive entitlement.
(6)An order under section 36A of this Act in respect of an occupational pension scheme shall be binding on the trustees or managers of the scheme.
(7)The court may, on the application of any person having an interest, review, rescind or vary an order under section 36A of this Act.]
Textual Amendments
F1S. 36B inserted (6.4.1996 for specified purposes and otherwiseprosp.) by 1995 c. 26, s. 95(2); S.I. 1996/778, art. 2(5)(c), Sch. Pt. V