Pensions Bill

House of Commons

Session 2003 - 04
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Other Bills before Parliament

Pensions Bill

Pensions Bill
Part 2 — The Board of the Pension Protection Fund
Chapter 5 — Gathering information
100

(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
for information—
(a)
which at the time of the disclosure is or has already been made
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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.
(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
maximum;
(b)
on conviction on indictment, to a fine or imprisonment for a term not
exceeding two years, or both.
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(4)
Information which—
(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.
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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
exercise its functions.
(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
authorities
(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
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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—

Pensions Bill
Part 2 — The Board of the Pension Protection Fund
Chapter 5 — Gathering information
101

(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
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(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.
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163
Other permitted disclosures
(1)
Section 159 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
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
criminal proceedings,
(b)
in connection with any other 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
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(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,
30
proceedings under—
(i)
section 7 or 8 of the Company Directors Disqualification Act
1986 (c. 46), or
(ii)
Article 10 or 11 of the Companies (Northern Ireland) Order 1989
(S.I. 1989/2404 (N.I. 18)),
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(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,
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
practitioner,
(f)
with a view to the institution of, or otherwise for the purpose of, any
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disciplinary proceedings relating to the exercise by a public servant of
his functions, or
(g)
in pursuance of a Community obligation.

Pensions Bill
Part 2 — The Board of the Pension Protection Fund
Chapter 5 — Gathering information
102

(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
information to—
(a)
the Director of Public Prosecutions,
5
(b)
the Director of Public Prosecutions for Northern Ireland,
(c)
the Lord Advocate,
(d)
a procurator fiscal, or
(e)
a constable.
(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.
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(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
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(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
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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.
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(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
restricted information.
(4)
Sections 160 to 163 do not apply to tax information, and such information must
not be disclosed except—
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Pensions Bill
Part 2 — The Board of the Pension Protection Fund
Chapter 5 — Gathering information
103

(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
5
Finance Act 1989 (c. 26).
Provision of information to scheme members etc
165
Provision of information   to members of schemes etc
(1)
Regulations may—
(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,
or
(iii)
otherwise relating to the Board’s involvement with any such
scheme,
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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.
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(3)
Section 159 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—
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(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
35
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)—
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.

Pensions Bill
Part 2 — The Board of the Pension Protection Fund
Chapter 6 — Reviews, appeals and maladministration
104

(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
scheme—
(i)
a trustee or manager,
5
(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
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
functions.
Interpretation
166
Sections 152 to 165: interpretation
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(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
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(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
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(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.
Chapter 6
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Reviews, appeals and maladministration
Review etc by the Board
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;

Pensions Bill
Part 2 — The Board of the Pension Protection Fund
Chapter 6 — Reviews, appeals and maladministration
105

(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
pay scheme benefits), or
(ii)
of the amount of any such loan;
(f)
the approval by the Board of a valuation in respect of an eligible scheme
under section 113(2);
(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
reconsideration);
(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
an eligible scheme;
(m)
any determination by the Board—
(i)
whether to make a fraud compensation payment under section
144(1), or
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(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
omission);
(p)
any term or condition imposed by the Board—
(i)
under section 147(2) on the making of a fraud compensation
payment, or
(ii)
under subsection (4) of section 148 (interim payments) on the
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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);
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(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
prescribed.
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