|
| |
|
(2) | For the purposes of this section and sections 160 to 165, “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 |
| |
| |
(a) | which at the time of the disclosure is or has already been made |
| 5 |
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 |
| |
| |
(3) | Any person who discloses information in contravention of this section is guilty |
| 10 |
of an offence and liable— |
| |
(a) | on summary conviction, to a fine not exceeding the statutory |
| |
| |
(b) | on conviction on indictment, to a fine or imprisonment for a term not |
| |
exceeding two years, or both. |
| 15 |
| |
(a) | is obtained under section 153 by a person other than the Board, but |
| |
(b) | if obtained by the Board, would be restricted information, |
| |
| is treated for the purposes of sections 160 to 165 as restricted information which |
| |
the person has received from the Board. |
| 20 |
160 | Disclosure for facilitating exercise of functions by the Board |
| |
(1) | Section 159 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 |
| |
| |
(2) | Subsection (3) applies where, in order to enable or assist the Board properly to |
| 25 |
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 159 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 |
| 30 |
necessary to ensure that he is properly informed with respect to the matters on |
| |
which his advice is sought. |
| |
161 | Disclosure for facilitating exercise of functions by the Regulator |
| |
Section 159 does not preclude the disclosure of restricted information in any |
| |
case in which disclosure is for the purpose of enabling or assisting the |
| 35 |
Regulator to exercise its functions. |
| |
162 | Disclosure for facilitating exercise of functions by other supervisory |
| |
| |
(1) | Section 159 does not preclude the disclosure by the Board of restricted |
| |
information to any person specified in the first column of Schedule 8 if the |
| 40 |
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 |
| |
| |
(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 |
| |
| 5 |
(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. |
| 10 |
163 | Other permitted disclosures |
| |
(1) | Section 159 does not preclude the disclosure by the Board of restricted |
| |
| |
(a) | the Secretary of State, |
| |
(b) | the Commissioners of Inland Revenue or their officers, or |
| 15 |
(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 159 does not preclude the disclosure of restricted information— |
| |
(a) | with a view to the institution of, or otherwise for the purposes of, any |
| 20 |
| |
(b) | in connection with any other proceedings arising out of— |
| |
| |
(ii) | the Welfare Reform and Pensions Act 1999 (c. 30), |
| |
(iii) | the Pensions Act 1995 (c. 26), or |
| 25 |
(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 |
| |
| |
(c) | with a view to the institution of, or otherwise for the purposes of, |
| 30 |
| |
(i) | section 7 or 8 of the Company Directors Disqualification Act |
| |
| |
(ii) | Article 10 or 11 of the Companies (Northern Ireland) Order 1989 |
| |
(S.I. 1989/2404 (N.I. 18)), |
| 35 |
(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 |
| |
| |
| which the Board has instituted or in which it has a right to be heard, |
| 40 |
(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 |
| |
| |
(f) | with a view to the institution of, or otherwise for the purpose of, any |
| 45 |
disciplinary proceedings relating to the exercise by a public servant of |
| |
| |
(g) | in pursuance of a Community obligation. |
| |
|
| |
|
| |
|
(3) | In subsection (2)(f), “public servant” means an officer or servant of the Crown |
| |
or of any prescribed authority. |
| |
(4) | Section 159 does not preclude the disclosure by the Board of restricted |
| |
| |
(a) | the Director of Public Prosecutions, |
| 5 |
(b) | the Director of Public Prosecutions for Northern Ireland, |
| |
| |
(d) | a procurator fiscal, or |
| |
| |
(5) | Section 159 does not preclude the disclosure of restricted information in any |
| 10 |
case where the disclosure is required by or by virtue of an enactment. |
| |
(6) | Section 159 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. |
| 15 |
(7) | In subsection (6), “Regulator-appointed trustee” means a trustee appointed by |
| |
the Regulator under section 7 of the Pensions Act 1995 (c. 26) or any |
| |
corresponding provision in force in Northern Ireland. |
| |
(8) | Section 159 does not preclude the disclosure by any person mentioned in |
| |
subsection (1) or (4) of restricted information obtained by the person by virtue |
| 20 |
of that subsection, if the disclosure is made with the consent of the Board. |
| |
(9) | Section 159 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 162(1), if the disclosure is made— |
| |
(a) | with the consent of the Board, and |
| 25 |
(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 |
| |
| |
(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 |
| 30 |
made to it, by the person seeking to make the disclosure, as to the desirability |
| |
of the disclosure or the necessity for it. |
| |
164 | Disclosure of information by the Inland Revenue |
| |
(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 |
| 35 |
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. |
| 40 |
(3) | Where tax information is disclosed to the Board by virtue of subsection (2), it |
| |
must, subject to subsection (4), be treated for the purposes of section 159 as |
| |
| |
(4) | Sections 160 to 163 do not apply to tax information, and such information must |
| |
| 45 |
|
| |
|
| |
|
(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 |
| |
| |
(5) | In this section “tax functions” has the same meaning as in section 182 of the |
| 5 |
Finance Act 1989 (c. 26). |
| |
Provision of information to scheme members etc |
| |
165 | Provision of information to members of schemes etc |
| |
| |
(a) | require the Board to provide information of prescribed descriptions to |
| 10 |
such persons as may be prescribed at prescribed times, 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, |
| 15 |
(ii) | relating to any notice issued or application or determination |
| |
made under Chapter 2, 3 or 4 which relates to any such scheme, |
| |
| |
(iii) | otherwise relating to the Board’s involvement with any such |
| |
| 20 |
| as may be prescribed to prescribed persons at prescribed times. |
| |
(2) | Section 159 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. |
| 25 |
(3) | Section 159 does not preclude the disclosure of restricted information by the |
| |
| |
(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— |
| 30 |
(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 |
| |
| |
(4) | In subsection (3) “affected person”, in relation to an occupational pension |
| 35 |
| |
(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)— |
| 40 |
(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 159 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 |
| |
| |
(i) | a trustee or manager, |
| 5 |
(ii) | any professional adviser, |
| |
| |
(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 |
| 10 |
(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 |
| |
| |
| |
166 | Sections 152 to 165: interpretation |
| 15 |
(1) | This section applies for the purposes of sections 152 to 165. |
| |
(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 |
| 20 |
(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 |
| 25 |
(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 |
| |
| |
| 30 |
Reviews, appeals and maladministration |
| |
| |
167 | Meaning of “reviewable matters” |
| |
For the purposes of this Chapter, the following are reviewable matters— |
| |
(a) | whether an occupational pension scheme is an eligible scheme; |
| 35 |
(b) | any determination by the Board that it is, or is not, satisfied as to the |
| |
matter mentioned in section 97(1) (Board’s duty where insolvency |
| |
practitioner fails to give a notice under section 96); |
| |
(c) | any direction given under subsection (2) of section 106 (directions |
| |
during an assessment period) or any variation or revocation of such a |
| 40 |
direction under subsection (4) of that section; |
| |
|
| |
|
| |
|
(d) | any determination by the Board under section 108 to validate, or not to |
| |
validate, an action of the trustees or managers of a scheme (power to |
| |
validate contraventions of section 107); |
| |
(e) | any determination by the Board— |
| |
(i) | to make, or not to make, a loan under section 111(2) (loans to |
| 5 |
| |
(ii) | of the amount of any such loan; |
| |
(f) | the approval by the Board of a valuation in respect of an eligible scheme |
| |
| |
(g) | any determination by the Board to refuse to assume responsibility for |
| 10 |
an occupational pension scheme under or by virtue of— |
| |
(i) | section 115 (schemes which become eligible schemes), or |
| |
(ii) | section 116 (new schemes created to replace existing schemes); |
| |
(h) | any direction given under section 119(7) (direction about winding up of |
| |
scheme with sufficient assets to meet protected liabilities) and any |
| 15 |
variation or revocation of such a direction; |
| |
(i) | any determination by the Board that it is, or is not, satisfied as |
| |
mentioned in section 121(2) (duty to assume responsibility following |
| |
| |
(j) | any determination by the Board of a person’s entitlement to |
| 20 |
compensation under the pension compensation provisions; |
| |
(k) | any failure to make a payment required by section 125(3)(b) |
| |
(adjustments to be made where Board assumes responsibility for a |
| |
scheme) within the prescribed period; |
| |
(l) | any determination by the Board under section 143(3)(b) of the amount |
| 25 |
of the initial levy or any pension protection levy payable in respect of |
| |
| |
(m) | any determination by the Board— |
| |
(i) | whether to make a fraud compensation payment under section |
| |
| 30 |
(ii) | of the amount of any such payment; |
| |
(n) | any determination by the Board of a settlement date under section |
| |
146(2) (recovery of value); |
| |
(o) | any determination by the Board under section 146(4) (recovery of |
| |
value: whether amount received in respect of particular act or |
| 35 |
| |
(p) | any term or condition imposed by the Board— |
| |
(i) | under section 147(2) on the making of a fraud compensation |
| |
| |
(ii) | under subsection (4) of section 148 (interim payments) on the |
| 40 |
making of a payment under subsection (1) of that section; |
| |
(q) | any determination by the Board under section 148(3)(b) (interim |
| |
payments) that the amount of a payment was excessive; |
| |
(r) | any determination by the Board of a date under section 149(4) (earliest |
| |
date for making a fraud compensation transfer payment); |
| 45 |
(s) | any determination by the Board under section 149(6) (fraud |
| |
compensation transfer payments: whether payment is received in |
| |
respect of particular act or omission); |
| |
(t) | any other determination, act or omission of the Board which may be |
| |
| 50 |
|
| |
|