(1) Regulations may make provision for the purpose of enabling the Board to recover prescribed charges in respect of complying with a relevant order or provision.
(2) In subsection (1) “a relevant order or provision” means any of the following—
(a) an order under section 23 of the Matrimonial Causes Act 1973 (financial provision in connection with divorce etc: England and Wales) so far as the order—
(i) includes provision made by virtue of section 25B or 25C of that Act (powers to include provision about pensions), and
(ii) applies in relation to the Board by virtue of section 25E of that Act;
(b) an order under section 23 of that Act so far as the order includes provision made by virtue of section 25F of that Act (attachment of pension compensation on divorce etc: England and Wales);
(c) an order under Part 1 of Schedule 5 to the Civil Partnership Act 2004 (financial provision orders in connection with dissolution of civil partnerships etc: England and Wales) so far as the order—
(i) includes provision made by virtue of Part 6 of that Schedule (powers to include provision about pensions), and
(ii) applies in relation to the Board by virtue of Part 7 of that Schedule;
(d) an order under Part 1 of that Schedule so far as the order includes provision made by virtue of paragraph 34A of that Schedule (attachment of pension compensation on dissolution of civil partnership etc: England and Wales);
(e) an order made under any provision corresponding to a provision mentioned in paragraphs (a) to (d) in force in Northern Ireland;
(f) an order under section 8(1)(baa) to (bb) of the Family Law (Scotland) Act 1985 (orders for financial provision) so far as the order applies in relation to the Board;
(g) any provision corresponding to provision which may be made by such an order and which is contained in a qualifying agreement (to which section 28(3) of the Welfare Reform and Pensions Act 1999, or section 110(1) of the Pensions Act 2008 relates) so far as the agreement applies in relation to the Board;
(h) an order or provision of a kind mentioned in section 28(1) of the Welfare Reform and Pensions Act 1999 (pension sharing) so far as the order or provision applies in relation to the Board by virtue of section 220 of this Act.
(3) Regulations under subsection (1) may include provision enabling the Board to set off against any PPF compensation payable to a person any charges owed to it by that person under the regulations.
(4) In this section “PPF compensation” means compensation payable—
(a) under or by virtue of this Chapter, or
(b) under or by virtue of Chapter 1 of Part 3 of the Pensions Act 2008 (pension compensation on divorce etc).
169 Discharge of liabilities in respect of compensation
(1) This section applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.
(2) The Board may provide for the discharge of any liability imposed by this Chapter to provide compensation—
(a) by the taking out of a policy of insurance or a number of such policies;
(b) by the entry into an annuity contract or a number of such contracts;
(c) by the transfer of the benefit of such a policy or policies or such a contract or contracts;
(d) in prescribed circumstances, by the payment of a cash sum calculated in the prescribed manner.
170 Discharge of liabilities in respect of money purchase benefits
(1) This subsection applies where—
(a) the Board assumes responsibility for an eligible scheme in accordance with this Chapter, and
(b) one or more members are entitled, or have accrued rights, under the scheme rules to money purchase benefits.
(2) Regulations must make provision in respect of cases to which subsection (1) applies requiring the Board to secure that liabilities in respect of such benefits transferred to the Board under section 161 are discharged by it in the prescribed manner.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) In this section—
“accrued rights”, under the scheme rules of a scheme, include pension credit rights within the meaning of section 124(1) of the Pensions Act 1995 (c. 26);
...
(1) Subsection (2) applies where—
(a) a woman has been employed on like work with a man in the same employment,
(b) a woman has been employed on work rated as equivalent with that of a man in the same employment, or
(c) a woman has been employed on work which, not being work in relation to which paragraph (a) or (b) applies, was, in terms of the demands made on her (for instance under such headings as effort, skill and decision), of equal value to that of a man in the same employment,
and service in that employment was pensionable service under an occupational pension scheme.
(2) If, apart from this subsection, any of the payment functions so far as it relates (directly or indirectly) to that pensionable service—
(a) is or becomes less favourable to the woman than it is to the man, or
(b) is or becomes less favourable to the man than it is to the woman,
that function has effect with such modifications as are necessary to ensure that the provision is not less favourable.
(3) Subsection (2) does not operate in relation to any difference as between a woman and a man in the operation of any of the payment functions if the Board proves that the difference is genuinely due to a material factor which—
(a) is not the difference of sex, but
(b) is a material difference between the woman’s case and the man’s case.
(4) Subsection (2) does not apply in such circumstances as may be prescribed.
(4A) Subsection (4B) applies where a person has been in pensionable service under an occupational pension scheme (regardless of whether subsection (2) also applies in that person’s case).
(4B) If, apart from this subsection, any of the payment functions so far as it relates (directly or indirectly) to that pensionable service is or becomes, by virtue of the application of the guaranteed minimum pension provisions, less favourable to that person than it would be if that person were of the opposite sex, that function has effect with such modifications as are necessary to ensure that the provision is not less favourable.
(5) This section has effect in relation to the exercise of any payment function in so far as it relates (directly or indirectly) to any pensionable service on or after 17th May 1990.
(6) In this section—
“guaranteed minimum pension provisions” means so much of the Pension Schemes Act 1993 and of any other enactment as relates to guaranteed minimum pensions (within the meaning of that Act);
“payment function” means any function conferred on the Board by or by virtue of this Chapter which relates to a person’s entitlement to or the payment of any amount under or by virtue of—
the pension compensation provisions,
section 166 (duty to pay scheme benefits unpaid at assessment date etc),
section 169 (discharge of liabilities in respect of compensation), or
section 170 (discharge of liabilities in respect of money purchase benefits);
“pensionable service” has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26).
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) Where an application has been made under section 182 (application for fraud compensation payment), no transfer notice may be given until—
(a) the Board has determined the application,
(b) the period within which the Board’s determination may be reviewed by virtue of Chapter 6 has expired, and
(c) if the determination is so reviewed—
(i) the review and any reconsideration,
(ii) any reference to the PPF Ombudsman in respect of the determination, and
(iii) any appeal against his determination or directions,
has been finally disposed of.
(3) Subsection (4) applies where during an assessment period in relation to a scheme the Board determines to make one or more fraud compensation payments (“the fraud compensation”) to the trustees or managers of the scheme under Chapter 4 of this Part.
(4) For the purposes of determining whether the condition in section 127(2)(a), 128(2)(a), 152(2) or (2B) or 158(1) is satisfied, any fraud compensation payment which becomes payable after the relevant time is, to the extent that it relates to a loss incurred by the scheme before that time, to be regarded as an asset of the scheme at that time.
(5) For the purposes of subsection (4) “the relevant time”—
(a) in the case of section 127(2)(a), has the same meaning as in that provision,
(b) in the case of section 128(2)(a), has the same meaning as in that provision,
(c) in the case of section 152(2) or (2B) means the reconsideration time (within the meaning of section 151), and
(d) in the case of section 158(1), has the same meaning as in that provision.
(6) Subsection (4) does not apply to the extent that the fraud compensation is payable in respect of a reduction in the value of money purchase assets of the scheme.
For this purpose “money purchase assets” means assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
(1) The Pension Protection Fund shall consist of—
(a) property and rights transferred to the Board under section 161(2)(a),
(b) contributions levied under section 174 or 175 (initial and pension protection levies),
(ba) interest paid by virtue of section 181A (interest for late payment of pension protection levy),
(c) money borrowed by the Board under section 115 for the purposes of this Chapter,
(d) any income or capital gain credited under subsection (2),
(e) any amount paid to the Board by virtue of section 139 (repayment of loans to trustees or managers and payment of interest),
(f) amounts recovered under section 163(4)(a) or by virtue of section 168(2)(e) (overpayments),
(g) any amount paid to the Board in respect of a debt due to the Board under section 40(7) by virtue of a contribution notice under section 38,
(h) any property transferred or amounts paid to the Board as required by a restoration order under section 52,
(i) any amount paid to the Board in respect of a debt due to the Board under section 56(7) by virtue of a contribution notice under section 55,
(j) amounts transferred from the Fraud Compensation Fund under section 187 (fraud compensation transfer payments), and
(k) amounts of a prescribed description (other than amounts paid, directly or indirectly, to the Board by the Crown).
(2) The Board must credit to the Pension Protection Fund any income or capital gain arising from the assets in the Fund.
(3) The following are to be paid or transferred out of the Pension Protection Fund—
(za) any sums required to meet expenditure of the Board that is attributable to the operation or administration of the Pension Protection Fund,
(a) any sums required to meet liabilities transferred to the Board under section 161(2)(a),
(b) any sums required to make payments in accordance with the pension compensation provisions or Chapter 1 of Part 3 of the Pensions Act 2008,
(c) any sums required for the repayment of, and the payment of interest on, money within subsection (1)(c),
(d) any sums required to make loans under section 139 (loans to trustees or managers),
(e) any sums required to make payments under section 163(4)(b) (underpayments during the assessment period),
(f) any sums required to make payments under section 166 (payment of unpaid scheme benefits etc),
(g) any sums required to discharge liabilities under section 169 or 170 (discharge of liabilities in respect of compensation or money purchase benefits),
(h) any sums required to meet any liabilities arising from obligations imposed on the Board by a restoration order under section 52,
(i) any property (other than sums) required to meet any liabilities—
(i) transferred to the Board as mentioned in paragraph (a) and arising from obligations imposed by a restoration order under section 52, or
(ii) arising from obligations imposed on the Board by such an order,
(j) any sums required to meet expenditure incurred by virtue of section 161(5) and paragraph 7 of Schedule 6 (expenditure associated with transfer of property, rights and liabilities to the Board), and
(k) sums required for prescribed purposes.
(4) No other amounts are to be paid or transferred out of the Pension Protection Fund.
(5) In subsection (1) (other than paragraph (d)) and subsection (3) (other than paragraph (c)) any reference to a provision ... is to be read as including a reference to any provision in force in Northern Ireland corresponding to that provision.
(1) For each financial year, the Board—
(a) may impose a risk-based pension protection levy in respect of a description of eligible scheme (or in respect of all eligible schemes), and
(b) if it does so, may also impose a scheme-based pension protection levy in respect of the same or a different description of eligible scheme (or in respect of all eligible schemes).
In this Chapter “pension protection levy” means a levy imposed in accordance with this section.
(2) For the purposes of this section—
(a) a risk-based pension protection levy is a levy assessed by reference to—
(i) the difference between the value of a scheme’s assets (disregarding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules) and the amount of its protected liabilities,
(ii) except in relation to any prescribed scheme or scheme of a prescribed description, the likelihood of an insolvency event occurring in relation to the employer in relation to a scheme, and
(iii) if the Board considers it appropriate, one or more other risk factors mentioned in subsection (3), and
(b) a scheme-based pension protection levy is a levy assessed by reference to—
(i) the amount of a scheme’s liabilities to or in respect of members (other than liabilities in respect of money purchase benefits), and
(ii) if the Board considers it appropriate, one or more other scheme factors mentioned in subsection (4).
(3) The other risk factors referred to in subsection (2)(a)(iii) are factors which the Board considers indicate one or more of the following—
(a) the risks associated with the nature of a scheme’s investments when compared with the nature of its liabilities;
(aa) the risks associated with a description of scheme which the Board considers is not supported by a substantive employer covenant;
(b) such other matters as may be prescribed.
(4) The other scheme factors referred to in subsection (2)(b)(ii) are—
(a) the number of persons who are members, or fall within any description of member, of a scheme;
(b) the total annual amount of pensionable earnings of active members of a scheme;
(c) such other factors as may be prescribed.
(5) The Board must, before the beginning of each financial year for which it decides to impose the pension protection levies (or one of them), determine in respect of that year—
(a) the factors by reference to which the pension protection levies are to be assessed,
(b) the time or times by reference to which those factors are to be assessed,
(c) the rate of the levies, and
(d) the time or times during the year when the levies, or any instalment of levy, becomes payable.
(6) Different risk factors, scheme factors or rates may be determined in respect of different descriptions of scheme.
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7A) For the purposes of subsection (3)(aa), a scheme is “not supported by a substantive employer covenant” if, based on the financial position of the employer, there is no realistic prospect of the employer being able to provide the trustees or managers with material financial support for the purpose of satisfying liabilities of the scheme.
For that purpose the employer’s “financial position” means its financial position ignoring—
(a) any capital buffer (within the meaning of Part 3 of the Pension Schemes Act 2026), and
(b) any financial support which it may obtain from another person but to which it is not entitled.
(8) In this section—
...
“pensionable earnings”, in relation to an active member under a scheme, means the earnings by reference to which a member’s entitlement to benefits would be calculated under the scheme rules if he ceased to be an active member at the time by reference to which the factor within subsection (4)(b) is to be assessed.
(9) In this section and sections 176 to 181 “financial year” means a period of 12 months ending with 31st March.
(10) The Board’s power to impose pension protection levies in respect of any financial year is subject to—
(a) section 177 (amounts to be raised by the pension protection levies), ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
176 Supplementary provisions about pension protection levies
(1) The Board must consult such persons as it considers appropriate in the prescribed manner before making a determination under section 175(5) in respect of a financial year if—
(a) no pension protection levies were imposed in the previous financial year, or
(b) any of the proposed levy factors or levy rates is different, or applies to a different description of scheme, from the levy factors and levy rates in respect of any pension protection levies imposed in the previous financial year, ...
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) The Board must publish in the prescribed manner details of—
(a) any decision to impose, or not to impose, the levies for a financial year in respect of a description of scheme;
(b) any determination under section 175(5).
177 Amounts to be raised by the pension protection levies
(A1) Subsections (1) to (5) apply where the Board decides to impose one or both of the pension protection levies for a financial year.
(1) Before determining the pension protection levies to be imposed for the financial year, the Board must estimate the amount which will be raised by the levies it proposes to impose.
(2) The Board must impose levies for the financial year in a form which it estimates will raise an amount not exceeding the levy ceiling for the financial year.
(3) The pension protection levies imposed for the financial year must be in a form which the Board estimates will result in at least 80% of the amount raised by the levies for that year being raised by the risk-based pension protection levy.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) The Board must impose pension protection levies for the financial year in a form which it estimates will raise an amount which does not exceed the sum of—
(a) the amount estimated under subsection (1) in respect of any pension protection levies imposed for the previous financial year, and
(b) 25% of the levy ceiling for the previous financial year.
(6) The Secretary of State may by order substitute a different percentage for the percentage for the time being specified in subsection (5).
(7) Before making an order under subsection (6), the Secretary of State must consult such persons as he considers appropriate.
(8) An order under subsection (6) may be made only with the approval of the Treasury.
(9) In this section—
(a) “risk-based pension protection levy” and “scheme-based pension protection levy” are to be construed in accordance with section 175, ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) The Secretary of State must, before the beginning of each financial year ..., specify by order the amount which is to be the levy ceiling for that year for the purposes of section 177.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Subject to subsection (8), the amount specified under subsection (1) for a financial year (“the current year”) ... must be—
(a) where it appears to the Secretary of State that the level of earnings in the review period has increased, the amount specified under subsection (1) for the previous financial year increased by the earnings percentage for that review period specified under subsection (6), and
(b) in any other case, the amount specified under subsection (1) for the previous financial year.
(4) In subsection (3)—
“level of earnings” means the general level of earnings obtaining in Great Britain;
“review period” in relation to the current year means the period of 12 months ending with the prescribed date in the previous financial year.
(5) For the purposes of subsection (3), the Secretary of State must, in respect of each review period, review the general level of earnings obtaining in Great Britain and any changes in that level; and for the purposes of such a review the Secretary of State may estimate the general level of earnings in such manner as he thinks appropriate.
(6) Where it appears to the Secretary of State that the general level of earnings has increased during the review period, he must by order specify the percentage by which that level has so increased (“the earnings percentage”).
(7) The Secretary of State must discharge the duties imposed by subsections (5) and (6) in respect of a review period before the beginning of the prescribed period which ends at the time the first financial year after the review period begins.
(8) The Secretary of State may, on the recommendation of the Board and with the approval of the Treasury, make an order under subsection (1) in respect of a financial year which specifies an amount exceeding the amount required to be specified under subsection (3).
(9) Before making a recommendation for the purposes of subsection (8), the Board must consult such persons as it considers appropriate in the prescribed manner.
(1) For the purposes of enabling risk-based pension protection levies (within the meaning of section 175) to be calculated in respect of eligible schemes, regulations may make provision requiring the trustees or managers of each such scheme to provide the Board or the Regulator on the Board’s behalf—
(a) with an actuarial valuation of the scheme at such intervals as may be prescribed, and
(b) with such other information as the Board may require in respect of the assets and protected liabilities of the scheme at such times as may be prescribed.
(2) For the purposes of this section, in relation to a scheme—
“an actuarial valuation” means a written valuation of the scheme’s assets and protected liabilities prepared and signed by the actuary;
“the actuary” means—
the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (c. 26) (professional advisers) in relation to the scheme, or
if no such actuary has been appointed—
a person with prescribed qualifications or experience, or
a person approved by the Secretary of State.
(3) Regulations under this section may prescribe how—
(a) the assets and the protected liabilities of schemes, and
(b) their amount or value,
are to be determined, calculated and verified.
(4) Subject to any provision made under subsection (3), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.
(5) In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this section, a provision of the scheme rules which limits the amount of the scheme’s liabilities by reference to the value of its assets is to be disregarded.
(6) In this section references to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
181 Calculation, collection and recovery of levies
(1) This section applies in relation to—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) any pension protection levy imposed under section 175 in respect of a scheme.
(2) The levy is payable to the Board by or on behalf of—
(a) the trustees or managers of the scheme, or
(b) any other prescribed person.
(3) The Board must in respect of the levy—
(a) determine the schemes in respect of which it is imposed,
(b) calculate the amount of the levy in respect of each of those schemes, and
(c) notify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.
(4) The Board may require the Regulator to discharge, on the Board’s behalf, its functions under subsection (3) in respect of the levy.
(5) Where a scheme is an eligible scheme for only part of the period for which the levy is imposed, except in prescribed circumstances, the amount of the levy payable in respect of the scheme for that period is such proportion of the full amount as that part bears to that period.
(6) An amount payable by a person on account of the levy is a debt due from him to the Board.
(7) An amount so payable may be recovered—
(a) by the Board, or
(b) if the Board so determines, by the Regulator on its behalf.
(8) Regulations may make provision relating to—
(a) the collection and recovery of amounts payable by way of any levy in relation to which this section applies;
(b) the circumstances in which any such amount may be waived.
181A Pension protection levy: interest for late payment
(1) Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy.
(2) Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.
(3) Interest payable by a person by virtue of this section is a debt due from the person to the Board.
(4) Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.
(5) Without prejudice to the generality of subsection (1), regulations under this section may include provision relating to—
(a) the collection and recovery of interest;
(b) the circumstances in which interest may be waived.
182 Cases where fraud compensation payments can be made
(1) The Board shall, in accordance with this section, make one or more payments (in this Part referred to as “fraud compensation payments”) in respect of an occupational pension scheme if—
(a) the scheme is not a prescribed scheme or a scheme of a prescribed description,
(b) the value of the assets of the scheme has been reduced since the relevant date and the Board considers that there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting a prescribed offence,
(c) subsection (2), (3) or (4) applies,
(d) an application is made which meets the requirements of subsection (5), and
(e) the application is made within the authorised period.
(2) This subsection applies where—
(a) a qualifying insolvency event has occurred in relation to the employer in relation to the scheme,
(b) after that event, a scheme failure notice has been issued under section 122(2)(a) in relation to the scheme and that notice has become binding, and
(c) a cessation event has not occurred in relation to the scheme in respect of a cessation notice which has been issued during the period—
(i) beginning with the occurrence of the insolvency event, and
(ii) ending immediately before the issuing of the scheme failure notice under section 122(2)(a),
and the occurrence of such a cessation event in respect of a cessation notice issued during that period is not a possibility.
(3) This subsection applies where—
(a) in relation to the scheme, an application has been made under subsection (1), or a notification has been given under subsection (5)(a), of section 129, and
(b) in response to that application, or the notice given by the Regulator under subsection (4) of that section, the Board has issued a scheme failure notice under section 130(2) in relation to the scheme and that notice has become binding.
(4) This subsection applies where—
(a) the scheme is not an eligible scheme,
(b) the employer in relation to the scheme is unlikely to continue as a going concern,
(c) the prescribed requirements are met in relation to the employer,
(d) the application under this section states that the case is one in relation to which paragraphs (b) and (c) apply, and
(e) in response to that application the Board has issued a notice under section 183(2) confirming that a scheme rescue is not possible in relation to the scheme and that notice has become binding.
(5) An application meets the requirements of this subsection if—
(a) it is made by a prescribed person, and
(b) it is made in the prescribed manner and contains the prescribed information.
(6) Subject to subsection (7), an application is made within the authorised period if it is made within the period of 12 months beginning with the later of—
(a) the time of the relevant event, or
(b) the time when the auditor or actuary of the scheme, or the trustees or managers, knew or ought reasonably to have known that a reduction of value falling within subsection (1)(b) had occurred,
or within such longer period as the Board may determine in any case.
(7) No application for fraud compensation may be made under this section in respect of a scheme once a transfer notice is given in relation to the scheme under section 160.
(8) For the purposes of this section, an insolvency event (“the current event”) in relation to the employer is a qualifying insolvency event if—
(a) it occurs on or after the day appointed under section 126(2), and
(b) either—
(i) it is the first insolvency event to occur in relation to the employer on or after that day, or
(ii) a cessation event has occurred in relation to the scheme in respect of a cessation notice issued during the period—
(a) beginning with the occurrence of the last insolvency event which occurred before the current event, and
(b) ending with the occurrence of the current event.
(9) For the purposes of this section—
(a) a cessation event in relation to a scheme occurs when a cessation notice in relation to the scheme becomes binding,
(b) a “cessation notice” means—
(i) a withdrawal notice issued in relation to the scheme under section 122(2)(b) (scheme rescue has occurred),
(ii) a withdrawal notice issued in relation to the scheme under section 130(3) (scheme rescue has occurred),
(iii) a withdrawal notice issued in relation to the scheme under section 148 (no insolvency event has occurred or is likely to occur),
(iv) a notice issued in relation to the scheme under section 183(2)(b) (scheme rescue has occurred), or
(v) a notice issued under section 122(4) (inability to confirm status of scheme) in a case where the notice has become binding and section 148 does not apply,
(c) the occurrence of a cessation event in relation to a scheme in respect of a cessation notice issued during a particular period (“the specified period”) is a possibility until each of the following are no longer reviewable—
(i) any cessation notice which has been issued in relation to the scheme during the specified period,
(ii) any failure to issue such a cessation notice during the specified period,
(iii) any notice which has been issued by the Board under Chapter 2 or 3 which is relevant to the issue of a cessation notice in relation to the scheme during the specified period or to such a cessation notice which has been issued during that period becoming binding,
(iv) any failure to issue such a notice as is mentioned in sub-paragraph (iii), and
(d) the issue of, or failure to issue, a notice is to be regarded as reviewable—
(i) during the period within which it may be reviewed by virtue of Chapter 6, and
(ii) if the matter is so reviewed, until—
(a) the review and any reconsideration,
(b) any reference to the PPF Ombudsman in respect of the matter, and
(c) any appeal against his determination or directions,
has been finally disposed of.
(10) In this section—
“auditor” and “actuary”, in relation to an occupational pension scheme, have the meaning given by section 47 of the Pensions Act 1995 (c. 26);
“the relevant event” means—
in a case where subsection (2) applies in relation to an eligible scheme, the event within paragraph (a) of that subsection,
in any other case where subsection (2) applies, the issue of the scheme failure notice under section 122(2)(a) mentioned in paragraph (b) of that subsection,
in a case where subsection (3) applies, the event within paragraph (a) of that subsection, and
in a case where subsection (4) applies, the trustees or managers becoming aware that paragraphs (b) and (c) of that subsection apply in relation to the scheme;
“the relevant date” means—
in the case of an occupational pension scheme established under a trust, 6th April 1997, and
in any other case, the day appointed by the Secretary of State by order for the purposes of this section.
(11) This section is subject to section 184(2) (no fraud compensation payments to be made until settlement date determined).
183 Board’s duties in respect of certain applications under section 182
(1) This section applies where, in a case to which paragraphs (a) to (c) of subsection (4) of section 182 apply (employer not likely to continue as going concern etc), the Board receives an application within paragraph (d) of that subsection.
(2) If the Board is able to confirm—
(a) that a scheme rescue is not possible, or
(b) that a scheme rescue has occurred,
it must, as soon as reasonably practicable, issue a notice to that effect.
(3) Where the Board issues a notice under subsection (2), it must, as soon as reasonably practicable, give a copy of the notice to—
(a) the Regulator,
(b) the trustees or managers of the scheme,
(c) if the trustees or managers did not make the application mentioned in subsection (1), the person who made that application, and
(d) any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.
(4) For the purposes of this Chapter a notice issued under subsection (2) is not binding until—
(a) the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and
(b) if the issue of the notice is so reviewed—
(i) the review and any reconsideration,
(ii) any reference to the PPF Ombudsman in respect of the issue of the notice, and
(iii) any appeal against his determination or directions,
has been finally disposed of and the notice has not been revoked, varied or substituted.
(5) Where a notice issued under subsection (2) becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to the persons to whom it is required to give a copy notice under subsection (3).
(6) A notice under subsection (5) must be in the prescribed form and contain such information as may be prescribed.
(7) Section 130(5) (circumstances in which scheme rescue can or cannot be confirmed) applies for the purposes of this section.
(1) Where an application for a fraud compensation payment is made, the trustees or managers must obtain any recoveries of value, to the extent that they may do so without disproportionate cost and within a reasonable time.
(2) No fraud compensation payment may be made until the date (“the settlement date”) determined by the Board, after consulting the trustees or managers of the scheme in question, as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost or within a reasonable time.
(3) In this section “recovery of value” means any increase in the value of the assets of the scheme, being an increase attributable to any payment received (otherwise than from the Board) by the trustees or managers of the scheme in respect of any act or omission—
(a) which there are reasonable grounds for believing constituted an offence prescribed for the purposes of paragraph (b) of section 182(1), and
(b) to which any reduction in value falling within that paragraph was attributable.
(4) It is for the Board to determine whether anything received by the trustees or managers of the scheme is to be treated as a payment received in respect of any such act or omission.
For this purpose “payment” includes any money or money’s worth.
(1) Where the Board determines to make one or more fraud compensation payments, it must make the payment or payments to the trustees or managers of the scheme in accordance with this section.
(2) A fraud compensation payment may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.
(3) The amount of the payment (or, if there is more than one, the aggregate) must not exceed the difference between—
(a) the amount of the reduction (or, if more than one, the aggregate amount of the reductions) within section 182(1)(b), and
(b) the amount of any recoveries of value obtained before the settlement date (within the meaning of section 184(2)).
(4) Subject to subsection (3), the Board—
(a) must determine the amount of any fraud compensation payment in accordance with regulations made for the purposes of this subsection, and
(b) must take account of any interim payment already made under section 186.
(5) The Board must give written notice of its determination under subsection (4) to—
(a) the Regulator,
(b) the trustees or managers of the scheme,
(c) if the trustees or managers did not make the application under section 182 (fraud compensation payments), the person who made that application, and
(d) any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.
(1) The Board may, on an application under section 182, make a payment or payments to the trustees or managers of an occupational pension scheme if—
(a) it is of the opinion that—
(i) the case is one to which subsection (1) of that section applies or may apply, and
(ii) the trustees or managers would not otherwise be able to meet liabilities of a prescribed description, but
(b) it has not determined the settlement date under section 184.
(2) Amounts payable under this section must not exceed the amounts determined in accordance with regulations.
(3) The Board may, except in prescribed circumstances, recover so much of any payment made under subsection (1) as it considers appropriate if, after the payment is made, it determines—
(a) that the case is not one to which section 182(1) applies, or
(b) that the amount of the payment was excessive.
(4) Subject to that, a payment under subsection (1) may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.
187 Board’s powers to make fraud compensation transfer payments
(1) This section applies where—
(a) the Board assumes responsibility for a scheme in accordance with Chapter 3,
(b) the value of the assets of the scheme was reduced after the relevant date but before the transfer notice (within the meaning of section 160) was received by the trustees or managers of the scheme and there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting an offence prescribed for the purposes of section 182(1)(b), and
(c) no application was made under section 182 in respect of that reduction (or any such application was withdrawn before it was determined).
(2) The Board may transfer an amount from the Fraud Compensation Fund to the Pension Protection Fund (“fraud compensation transfer payment”) in respect of the reduction in value, subject to the provisions of this section.
(3) The Board must obtain any recoveries of value, to the extent that it may do so without disproportionate cost and within a reasonable time.
(4) No fraud compensation transfer payment may be made until the date determined by the Board as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost and within a reasonable time.
(5) In this section “recovery of value” means any increase in the value of the Pension Protection Fund, being an increase attributable to any payment received (otherwise than under this section) by the Board in respect of any act or omission—
(a) which there are reasonable grounds for believing constituted an offence prescribed for the purposes of section 182(1)(b), and
(b) to which any reduction in value falling within subsection (1)(b) above was attributable.
(6) It is for the Board to determine whether anything received by it is to be treated as a payment received in respect of any such act or omission.
For this purpose “payment” includes any money or money’s worth.
(7) The amount of any fraud compensation transfer payment (or, if there is more than one, the aggregate) must not exceed the difference between—
(a) the amount of the reduction (or, if more than one, the aggregate amount of the reductions) within subsection (1)(b), and
(b) the amount of any recoveries of value obtained by the Board before the date determined by the Board under subsection (4).
(8) Subject to subsection (7), the Board must determine the amount of any fraud compensation transfer payment in accordance with regulations made for the purposes of this subsection.
(9) In this section “the relevant date” has the meaning given by section 182(10).
(1) The Fraud Compensation Fund shall consist of—
(a) any property and rights transferred under section 302 (dissolution of the Pensions Compensation Board) which the Board designates as assets of the Fund,
(b) contributions levied under section 189 (fraud compensation levy),
(c) money borrowed by the Board under section 115 for the purposes of this Chapter,
(ca) money borrowed by the Board under section 115A for the purposes of this Chapter,
(d) amounts recovered under section 186 (recovery of interim payments), and
(e) any income or capital gain credited under subsection (2).
(2) The Board must credit to the Fraud Compensation Fund any income or capital gain arising from the assets in the Fund.
(3) The following are payable out of the Fraud Compensation Fund—
(za) any sums required to meet expenditure of the Board that is attributable to the operation or administration of the Fraud Compensation Fund,
(a) sums required to meet liabilities transferred to the Board under section 302 (dissolution of the Pensions Compensation Board), which the Board designates as liabilities of the Fund,
(b) payments under section 185 (fraud compensation payments),
(c) payments under section 186(1) (interim payments),
(d) amounts required to be transferred to the Pension Protection Fund under section 187 (fraud compensation transfer payments),
(e) money required for the repayment of, and the payment of interest on, money within subsection (1)(c) or (ca).
(4) No other amounts are payable out of the Fraud Compensation Fund.
(5) In subsection (1) (other than paragraphs (a) and (e)) and subsection (3) (other than paragraphs (a) and (e)) any reference to a provision of this Act is to be read as including a reference to any provision in force in Northern Ireland corresponding to that provision.
(1) For the purposes of meeting expenditure payable out of the Fraud Compensation Fund, regulations may provide for the imposition of a levy (“fraud compensation levy”) in respect of occupational pension schemes.
(2) Subsection (1) does not apply in relation to any scheme which is prescribed or of a description prescribed under section 182(1)(a) (schemes not eligible for fraud compensation).
(3) A fraud compensation levy imposed in respect of a scheme is payable to the Board by or on behalf of—
(a) the trustees or managers of the scheme, or
(b) any other prescribed person.
(4) A fraud compensation levy is so payable at prescribed times and at a rate, not exceeding the prescribed rate, determined by the Board.
(5) In determining the amount of expenditure in respect of which a fraud compensation levy is to be imposed, the Board may take one year with another (and, in doing so, must have regard to expenditure estimated to be incurred in current or future periods and to actual expenditure incurred in previous periods).
(6) Notice of the rates determined by the Board under subsection (4) must be given to prescribed persons in the prescribed manner.
(7) The Board must in respect of any fraud compensation levy imposed under this section—
(a) determine the schemes in respect of which it is imposed,
(b) calculate the amount of the levy in respect of each of those schemes, and
(c) notify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.
(8) The Board may require the Regulator to discharge, on the Board’s behalf, its functions under subsection (7) in respect of the levy.
(9) An amount payable by a person on account of a fraud compensation levy is a debt due from him to the Board.
(10) An amount so payable may be recovered—
(a) by the Board, or
(b) if the Board so determines, by the Regulator on its behalf.
(11) Without prejudice to the generality of subsection (1), (9) or (10), regulations under this section may include provision relating to—
(a) the collection and recovery of amounts payable by way of levy under this section;
(b) the circumstances in which any such amount may be waived.
(1) Regulations may require such persons as may be prescribed to provide—
(a) to the Board, or
(b) to a person—
(i) with whom the Board has made arrangements under paragraph 18 of Schedule 5, and
(ii) who is authorised by the Board for the purposes of the regulations,
information of a prescribed description at such times, or in such circumstances, as may be prescribed.
(2) Regulations under subsection (1) may in particular make provision for requiring such persons as may be prescribed to provide any information or evidence needed for a determination of entitlement to compensation under Chapter 3 of this Part.
(3) Regulations made by virtue of paragraph (b) of that subsection must make provision regarding the manner in which the persons required to provide information are to be notified of the identity of the person authorised as mentioned in sub-paragraph (ii) of that paragraph.
(1) Any person to whom subsection (3) applies may be required by a notice in writing to produce any document, or provide any other information, which is—
(a) of a description specified in the notice, and
(b) relevant to the exercise of the Board’s functions in relation to an occupational pension scheme.
(2) A notice under subsection (1) may be given by—
(a) the Board, or
(b) a person authorised by the Board for the purposes of this section in relation to the scheme.
(3) This subsection applies to—
(a) a trustee or manager of the scheme,
(b) a professional adviser in relation to the scheme,
(c) the employer in relation to the scheme,
(d) an insolvency practitioner in relation to the employer, and
(e) any other person appearing to the Board, or person giving the notice, to be a person who holds, or is likely to hold, information relevant to the discharge of the Board’s functions in relation to the scheme.
(4) Where the production of a document, or the provision of information, is required by a notice given under subsection (1), the document must be produced, or information must be provided, in such a manner, at such a place and within such a period as may be specified in the notice.
(1) An appointed person may, for the purpose of enabling or facilitating the performance of any function of the Board in relation to an occupational pension scheme, at any reasonable time enter scheme premises and, while there—
(a) may make such examination and inquiry as may be necessary for such purpose,
(b) may require any person on the premises to produce, or secure the production of, any document relevant to that purpose for inspection by the appointed person,
(c) may take copies of any such document,
(d) may take possession of any document appearing to be such a document or take in relation to any such document any other steps which appear necessary for preserving it or preventing interference with it,
(e) may, in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, require the information to be produced in a form—
(i) in which it can be taken away, and
(ii) in which it is legible or from which it can readily be produced in a legible form, and
(f) may, as to any matter relevant to the exercise of the Board’s functions in relation to the scheme, examine, or require to be examined, either alone or in the presence of another person, any person on the premises whom he has reasonable cause to believe to be able to give information relevant to that matter.
(2) Premises are scheme premises for the purposes of subsection (1) if the appointed person has reasonable grounds to believe that—
(a) they are being used for the business of the employer,
(b) an insolvency practitioner in relation to the employer is acting there in that capacity,
(c) documents relevant to—
(i) the administration of the scheme, or
(ii) the employer,
are being kept there, or
(d) the administration of the scheme, or work connected with the administration of the scheme, is being carried out there,
unless the premises are a private dwelling-house not used by, or by permission of, the occupier for the purposes of a trade or business.
(3) An appointed person applying for admission to any premises for the purposes of this section must, if so required, produce his certificate of appointment.
(4) When exercising a power under this section an appointed person may be accompanied by such persons as he considers appropriate.
(5) Any document of which possession is taken under this section may be retained until the end of the period comprising—
(a) the period of 12 months beginning with the date on which possession was taken of the document, and
(b) any extension of that period under subsection (6).
(6) The Board may before the end of the period mentioned in subsection (5) (including any extension of it under this subsection) extend it by such period not exceeding 12 months as the Board considers appropriate.
(7) In this section “appointed person” means a person appointed by the Board for the purposes of this section in relation to the scheme.
(1) A person who, without reasonable excuse, neglects or refuses to provide information or produce a document when required to do so under section 191 is guilty of an offence.
(2) A person who without reasonable excuse—
(a) intentionally delays or obstructs an appointed person exercising any power under section 192,
(b) neglects or refuses to produce, or secure the production of, any document when required to do so under that section, or
(c) neglects or refuses to answer a question or to provide information when so required,
is guilty of an offence.
(3) In subsection (2)(a) “appointed person” has the same meaning as it has in section 192.
(4) A person guilty of an offence under subsection (1) or (2) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(5) An offence under subsection (1) or (2)(b) or (c) may be charged by reference to any day or longer period of time; and a person may be convicted of a second or subsequent offence by reference to any period of time following the preceding conviction of the offence.
(6) Any person who intentionally and without reasonable excuse alters, suppresses, conceals or destroys any document which he is or is liable to be required to produce under section 191 or 192 is guilty of an offence.
(7) Any person guilty of an offence under subsection (6) is liable—
(a) on summary conviction, to a fine not exceeding the statutory maximum;
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.
(1) A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Board that there are reasonable grounds for believing—
(a) that there is on, or accessible from, any premises any document—
(i) whose production has been required under section 191 or 192, or any corresponding provision in force in Northern Ireland, and
(ii) which has not been produced in compliance with that requirement,
(b) that there is on, or accessible from, any premises any document relevant to the exercise of the Board’s functions in relation to an occupational pension scheme whose production could be so required and, if its production were so required, the document—
(i) would not be produced, but
(ii) would be removed, or made inaccessible, from the premises, hidden, tampered with or destroyed, or
(c) that a person will do any act which constitutes a misuse or misappropriation of the assets of an occupational pension scheme and that there is on, or accessible from, any premises any document—
(i) which relates to whether the act will be done, and
(ii) whose production could be required under section 191 or 192, or any corresponding provision in force in Northern Ireland.
(2) A warrant under this section shall authorise an inspector—
(a) to enter the premises specified in the information, using such force as is reasonably necessary for the purpose,
(b) to search the premises and—
(i) take possession of any document appearing to be such a document as is mentioned in subsection (1), or
(ii) take in relation to such a document any other steps which appear necessary for preserving it or preventing interference with it,
(c) to take copies of any such document,
(d) to require any person named in the warrant to provide an explanation of any such document or to state where it may be found or how access to it may be obtained, and
(e) in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, to require the information to be produced in a form—
(i) in which it can be taken away, and
(ii) in which it is legible or from which it can readily be produced in a legible form.
(3) When executing a warrant under this section, an inspector may be accompanied by such persons as he considers appropriate.
(4) A warrant under this section continues in force until the end of the period of one month beginning with the day on which it is issued.
(5) Any document of which possession is taken under this section may be retained until the end of the period comprising—
(a) the period of 12 months beginning with the date on which possession was taken of the document, and
(b) any extension of that period under subsection (6).
(6) The Board may before the end of the period mentioned in subsection (5) (including any extension of it under this subsection) extend it by such period not exceeding 12 months as the Board considers appropriate.
(7) In this section “inspector” means a person appointed by the Board as an inspector.
(8) In the application of this section in Scotland—
(a) the reference to a justice of the peace is to be read as a reference to the sheriff, and
(b) the references in subsections (1) and (2)(a) to information are to be read as references to evidence.
195 Offence of providing false or misleading information to the Board
(1) Any person who knowingly or recklessly provides information which is false or misleading in a material particular is guilty of an offence if the information—
(a) is provided in purported compliance with a requirement under—
(i) section 190 (information to be provided to the Board etc),
(ii) section 191 (notices requiring provision of information), or
(iii) section 192 (entry of premises), or
(b) is provided otherwise than as mentioned in paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Board for the purposes of exercising its functions under this Act.
(2) Any person guilty of an offence under subsection (1) is liable—
(a) on summary conviction, to a fine not exceeding the statutory maximum;
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.
Information held by the Board in the exercise of any of its functions may be used by the Board for the purposes of, or for any purpose connected with or incidental to, the exercise of its functions.
(1) Restricted information must not be disclosed—
(a) by the Board, or
(b) by any person who receives the information directly or indirectly from the Board.
(2) Subsection (1) is subject to—
(a) subsection (3), and
(b) sections 198 to 203 and 235.
(3) Subject to section 202(4), restricted information may be disclosed with the consent of the person to whom it relates and (if different) the person from whom the Board obtained it.
(4) For the purposes of this section and sections 198 to 203, “restricted information” means any information obtained by the Board in the exercise of its functions which relates to the business or other affairs of any person, except for information—
(a) which at the time of the disclosure is or has already been made available to the public from other sources, or
(b) which is in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.
(5) Any person who discloses information in contravention of this section is guilty of an offence and liable—
(a) on summary conviction, to a fine not exceeding the statutory maximum;
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.
(6) Information which—
(a) is obtained under section 191 by a person authorised under subsection (2)(b) of that section, but
(b) if obtained by the Board, would be restricted information,
is treated for the purposes of subsections (1) and (3) and sections 198 to 203 as restricted information which the person has received from the Board.
198 Disclosure for facilitating exercise of functions by the Board
(1) Section 197 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Board to exercise its functions.
(2) Subsection (3) applies where, in order to enable or assist the Board properly to exercise any of its functions, the Board considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill.
(3) Section 197 does not preclude the disclosure by the Board to a person qualified to provide that advice of such information as appears to the Board to be necessary to ensure that he is properly informed with respect to the matters on which his advice is sought.
199 Disclosure for facilitating exercise of functions by the Regulator
Section 197 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Regulator to exercise its functions.
200 Disclosure for facilitating exercise of functions by other supervisory authorities
(1) Section 197 does not preclude the disclosure by the Board of restricted information to any person specified in the first column of Schedule 8 if the Board considers that the disclosure would enable or assist that person to exercise the functions specified in relation to him in the second column of that Schedule.
(2) The Secretary of State may after consultation with the Board—
(a) by order amend Schedule 8 by—
(i) adding any person exercising regulatory functions and specifying functions in relation to that person,
(ii) removing any person for the time being specified in the Schedule, or
(iii) altering the functions for the time being specified in the Schedule in relation to any person, or
(b) by order restrict the circumstances in which, or impose conditions subject to which, disclosure may be made to any person for the time being specified in the Schedule.
(1) Section 197 does not preclude the disclosure by the Board of restricted information to—
(a) the Secretary of State,
(b) the Commissioners of Inland Revenue or their officers, or
(c) the Department for Social Development in Northern Ireland,
if the disclosure appears to the Board to be desirable or expedient in the interests of members of occupational pension schemes or in the public interest.
(2) Section 197 does not preclude the disclosure of restricted information—
(a) by or on behalf of—
(i) the Board, or
(ii) any public authority (within the meaning of section 6 of the Human Rights Act 1998 (c. 42)) which receives the information directly or indirectly from the Board,
for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations),
(b) in connection with any proceedings arising out of—
(i) this Act,
(ii) the Welfare Reform and Pensions Act 1999 (c. 30),
(iii) the Pensions Act 1995 (c. 26), or
(iv) the Pension Schemes Act 1993 (c. 48),
or any corresponding enactment in force in Northern Ireland, or any proceedings for breach of trust in relation to an occupational pension scheme,
(c) with a view to the institution of, or otherwise for the purposes of, proceedings under—
(i) section 7 or 8 of the Company Directors Disqualification Act 1986 (c. 46), or
(ii) Article 10 or 11 ... of the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),
(d) in connection with any proceedings under—
(i) the Insolvency Act 1986 (c. 45), or
(ii) the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)),
which the Board has instituted or in which it has a right to be heard,
(e) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise of his professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner,
(f) with a view to the institution of, or otherwise for the purpose of, any disciplinary proceedings relating to the exercise by a public servant of his functions, or
(g) in pursuance of assimilated law.
(3) In subsection (2)(f), “public servant” means an officer or servant of the Crown or of any prescribed authority.
(4) Section 197 does not preclude the disclosure by the Board of restricted information to—
(a) the Director of Public Prosecutions,
(b) the Director of Public Prosecutions for Northern Ireland,
(c) the Lord Advocate,
(d) a procurator fiscal, or
(e) a constable.
(5) Section 197 does not preclude the disclosure of restricted information in any case where the disclosure is required by or by virtue of an enactment.
(6) Section 197 does not preclude the disclosure of restricted information in any case where the disclosure is to a Regulator-appointed trustee of an occupational pension scheme for the purpose of enabling or assisting him to exercise his functions in relation to the scheme.
(7) In subsection (6), “Regulator-appointed trustee” means a trustee appointed by the Regulator under section 7 or 23(1) of the Pensions Act 1995 (c. 26) or any corresponding provision in force in Northern Ireland.
(8) Section 197 does not preclude the disclosure by any person mentioned in subsection (1) or (4) of restricted information obtained by the person by virtue of that subsection, if the disclosure is made with the consent of the Board.
(9) Section 197 does not preclude the disclosure by any person specified in the first column of Schedule 8 of restricted information obtained by the person by virtue of section 200(1), if the disclosure is made—
(a) with the consent of the Board, and
(b) for the purpose of enabling or assisting the person to exercise any functions specified in relation to him in the second column of the Schedule.
(10) Before deciding whether to give its consent to such a disclosure as is mentioned in subsection (8) or (9), the Board must take account of any representations made to it, by the person seeking to make the disclosure, as to the desirability of the disclosure or the necessity for it.
(11) Section 18 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by subsection (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.
(1) This section applies to information held by any person in the exercise of tax functions about any matter which is relevant, for the purposes of those functions, to tax or duty in the case of an identifiable person (in this section referred to as “tax information”).
(2) No obligation as to secrecy imposed by section 182 of the Finance Act 1989 (c. 26) or otherwise shall prevent the disclosure of tax information to the Board for the purpose of enabling or assisting the Board to discharge its functions.
(3) Where tax information is disclosed to the Board by virtue of subsection (2) above or section 19 of the Anti-terrorism, Crime and Security Act 2001 (disclosure of information held by revenue departments), it must, subject to subsection (4), be treated for the purposes of section 197 as restricted information.
(4) Sections 197(3), 198 to 201, 203 and 235 do not apply to tax information which is disclosed to the Board as mentioned in subsection (3), and such information may not be disclosed by the Board or any person who receives the information directly or indirectly from the Board except—
(a) to, or in accordance with authority given by, the Commissioners of Inland Revenue or the Commissioners of Customs and Excise, or
(b) with a view to the institution of, or otherwise for the purposes of, any criminal proceedings.
(5) In this section “tax functions” has the same meaning as in section 182 of the Finance Act 1989 (c. 26).
203 Provision of informationto members of schemes etc
(1) Regulations may—
(a) require the Board to provide information of prescribed descriptions to such persons as may be prescribed at prescribed times or in prescribed circumstances, or
(b) require trustees or managers of occupational pension schemes to provide such information—
(i) relating to the exercise of the Board’s functions in relation to any scheme of which they are trustees or managers,
(ii) relating to any notice issued or application or determination made under Chapter 2, 3 or 4 which relates to any such scheme, or
(iii) otherwise relating to the Board’s involvement with any such scheme,
as may be prescribed to prescribed persons at prescribed times or in prescribed circumstances.
(1A) Regulations under subsection (1)(a) may make provision about how information is to be provided, including provision requiring—
(a) the use of electronic communications;
(b) the use of facilities or services specified or of a description specified in the regulations;
(c) information to be provided in such a way that it can subsequently be provided by means of—
(i) a qualifying pensions dashboard service, or
(ii) the pensions dashboard service provided by the Money and Pensions Service.
(1B) In subsection (1A)—
“pensions dashboard service” means a pensions dashboard service within the meaning of section 238A(1);
“qualifying pensions dashboard service” has the meaning given by section 238A(2).
(2) Section 197 does not preclude the disclosure of restricted information by the Board which relates to the entitlement of a particular individual to compensation under Chapter 3 if the disclosure is made to that individual or to a person authorised by him.
(3) Section 197 does not preclude the disclosure of restricted information by the Board if—
(a) the information relates to the exercise of the Board’s functions in relation to an occupational pension scheme,
(b) the disclosure is made to—
(i) all affected persons, or
(ii) all affected persons of a particular description, and
(c) the Board is satisfied that, in all the circumstances, it is reasonable to make the disclosure.
(4) In subsection (3) “affected person”, in relation to an occupational pension scheme, means a person—
(a) who is a member of the scheme, or
(b) who is for the time being nominated by a member of the scheme for the purposes of that subsection.
(5) A nomination by a member of the scheme under subsection (4)(b)—
(a) may be made by notice in writing given by the member,
(b) becomes effective when the notice is received by the Board, and
(c) ceases to be effective when the Board receives a further notice from the member withdrawing the nomination.
(6) In the case of an occupational pension scheme, section 197 does not preclude the disclosure of restricted information by the Board if—
(a) the disclosure is made to any of the following in relation to the scheme—
(i) a trustee or manager,
(ii) any professional adviser,
(iii) the employer,
(iv) the insolvency practitioner in relation to the employer,
(b) the information is relevant to the exercise of that person’s functions in relation to the scheme, and
(c) the Board considers that it is reasonable in all the circumstances to make the disclosure for the purpose of facilitating the exercise of those functions.
(1) This section applies for the purposes of sections 190 to 203.
(2) “Document” includes information recorded in any form, and any reference to production of a document, in relation to information recorded otherwise than in a legible form, is to producing a copy of the information—
(a) in a legible form, or
(b) in a form from which it can readily be produced in a legible form.
(3) Where the Board has assumed responsibility for a scheme—
(a) any reference to the Board’s functions in relation to the scheme includes a reference to the functions which it has by virtue of having assumed responsibility for the scheme, and
(b) any reference to a trustee, manager, professional adviser or employer in relation to the scheme is to be read as a reference to a person who held that position in relation to the scheme before the Board assumed responsibility for it.
(1) The Board may, if it considers it appropriate to do so in any particular case, publish a report of the exercise of, or any matter arising out of or connected with the exercise of, any of its functions in that case.
(2) The publication of a report under subsection (1) may be in such form and manner as the Board considers appropriate.
(3) For the purposes of the law of defamation, the publication of any matter by the Board is privileged unless the publication is shown to be made with malice.
(1) For the purposes of this Chapter, “reviewable matter” means a matter mentioned in Schedule 9.
(2) Regulations may provide, in relation to any reference in that Schedule to a failure by the Board to do any act or make any determination, that—
(a) the reference is to be construed as a reference to a failure by the Board to do the act or make the determination within a prescribed period, and
(b) the reference is to be construed as not including a failure to do the act or make the determination which first occurs after a prescribed time.
(3) Regulations may make provision suspending the effect of any determination, direction or other act of the Board, or any notice given or issued by it, which relates to a reviewable matter until—
(a) the period within which the matter may be reviewed by virtue of this Chapter has expired, and
(b) if the matter is so reviewed—
(i) the review and any reconsideration,
(ii) any reference to the PPF Ombudsman in respect of the matter, and
(iii) any appeal against his determination or directions,
has been finally disposed of.
(4) Regulations may amend Schedule 9 by—
(a) adding to it any other description of determination, act or failure of, or matter determined or for determination by, the Board, or
(b) removing from it any such determination, act, failure or matter for the time being mentioned in it.
(5) Regulations under subsection (4) may also modify any provision of this Part in consequence of provision made by virtue of paragraph (a) or (b) of that subsection.