Part 9Pension income

Chapter 7Former approved superannuation funds

Unauthorised payments

593Unauthorised payments: application of section 583

(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.