For section 3 of the Pensions Act 1995 (c. 26) (prohibition orders) substitute—

“3Prohibition orders

(1)

The Authority may by order prohibit a person from being a trustee of—

(a)

a particular trust scheme,

(b)

a particular description of trust schemes, or

(c)

trust schemes in general,

if they are satisfied that he is not a fit and proper person to be a trustee of the scheme or schemes to which the order relates.

(2)

Where a prohibition order is made under subsection (1) against a person in respect of one or more schemes of which he is a trustee, the order has the effect of removing him.

(3)

The Authority may, on the application of any person prohibited under this section, by order revoke the order either generally or in relation to a particular scheme or description of schemes.

(4)

An application under subsection (3) may not be made—

(a)

during the period within which the determination to exercise the power to make the prohibition order may be referred to the Tribunal under section 96(3) or 99(7) of the Pensions Act 2004, and

(b)

if the determination is so referred, until the reference, and any appeal against the Tribunal’s determination, has been finally disposed of.

(5)

A revocation made at any time under this section cannot affect anything done before that time.

(6)

The Authority must prepare and publish a statement of the policies they intend to adopt in relation to the exercise of their powers under this section.

(7)

The Authority may revise any statement published under subsection (6) and must publish any revised statement.

(8)

In this section “the Tribunal” means the Pensions Regulator Tribunal established under section 102 of the Pensions Act 2004.”