Pensions (Amendment) Act, 1996

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Applications to High Court.

39.—The Principal Act is hereby amended by the insertion after section 85 (inserted by section 38 of this Act) of the following Part:

“PART IX

Miscellaneous Applications to the High Court

Definition.

86.—In this Part ‘the Court’ means the High Court.

Court may order employer to pay arrears of contributions.

87.—(1) Subject to subsection (2), the Court may, on application to it by the Board, make an order directing an employer to pay arrears of contributions to a scheme.

(2) The Court may make an order under subsection (1) if it is satisfied—

(a) that any contributions payable to the scheme by that employer on his own account have become due and remain unpaid, or

(b) that any contributions payable to the scheme by a member of the scheme have been deducted by that employer from the pay of the member but have not been paid to the scheme.

Court may order restoration of resources of scheme.

88.—If, on application to it by the Board, the Court is satisfied that any of the resources of a scheme have been wrongfully paid or transferred to any person, and that such payment or transfer is likely to jeopardise the rights and interests of the members under the scheme, the Court may order such person, and any other person who the Court is satisfied was knowingly concerned in the wrongful payment or transfer, to take such steps as the Court may direct for restoring the resources of the scheme to the level at which they would have been if such wrongful payment or transfer had not been made.

Court may order disposal of investment.

89.—(1) Subject to this section, the Court may, on application to it by the Board, make an order directing the trustees of a scheme to dispose of any investment held for the purposes of the scheme.

(2) The Court may make an order under subsection (1) when it is satisfied that the retention of the investment is likely to jeopardise the rights and interests under the scheme of the members of the scheme.

(3) Subject to subsection (4), where the Court makes an order under subsection (1) it may by that order, or by a further order, direct the trustees, and any other person who the Court is satisfied was knowingly concerned in the investment, to take such steps as the Court may direct for restoring the resources of the scheme to the level at which they would have been if the investment had not been made.

(4) An order under subsection (3) shall not be made unless the Court is satisfied that the investment was not made bona fide in the interests of the members of the scheme and that the person against whom the order is to be made was aware of this or ought reasonably to have been aware of this.

Injunctions.

90.—(1) If, on application to it by the Board, the Court is satisfied that there is a reasonable likelihood that a particular person will do any act which constitutes a misuse or misappropriation of any of the resources of a scheme and that such misuse or misappropriation is likely to jeopardise the rights and interests under the scheme, of the members of the scheme, the Court may grant an injunction restraining him from doing so.

(2) If, on application to it by the Board, the Court is satisfied that there is a reasonable likelihood that any of the resources of the scheme will be invested in a manner which is likely to jeopardise the rights and interests under the scheme, of the members of the scheme, the Court may grant an injunction prohibiting such investment.

(3) If, on application to it by the Board, the Court is satisfied that the state and conduct of a scheme are being investigated by or on behalf of the Board and that the order hereinafter mentioned is desirable to ensure that the rights and interests under the scheme, of the members of the scheme, are not jeopardised pending the outcome of such investigation, the Court may grant an injunction prohibiting any person from disposing of, selling, pledging, charging or otherwise dealing with any of the resources of the scheme.”.