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Status:
Point in time view as at 18/11/2024.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Section 266B.

Changes to Legislation
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[266BScheme's liabilityU.K.
(1)This section applies where—
(a)the scheme administrator of a registered pension scheme has become liable to the scheme sanction charge in respect of an unauthorised member payment, and
(b)property or money is transferred, or a sum paid, towards a registered pension scheme pursuant to [a relevant order] as a result of the unauthorised member payment.
(2)The scheme administrator may, within the period of one year beginning with the day on which the property or money is transferred, or the sum paid, claim relief from the relevant proportion of the scheme sanction charge.
(3)The relevant proportion of the scheme sanction charge is—
where—
ASO is the amount subject to the [relevant] order, that is the aggregate of the market value of any property and the amount of any money transferred, or the amount of the sum paid, towards a registered pension scheme pursuant to the [relevant order] in respect of the unauthorised member payment, and
UMP is the amount of the unauthorised member payment.
(4)But if ASO is greater than UMP, the relevant proportion of the scheme sanction charge is the whole of it.
[(5)In this section “relevant order” means an order under any of the following—
(a)section 16(1), 19(4) or 21(2)(a) of the Pensions Act 2004 (orders for money etc to be restored to pension schemes), or
(b)Article 12(1), 15(4) or 17(2)(a) of the Pensions (Northern Ireland) Order 2005 (corresponding provision for Northern Ireland).]]
Textual Amendments
Modifications etc. (not altering text)
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