Pension Schemes Act 1993

53 Supervision: former contracted-out schemes

(1) The Board shall be under a duty to satisfy themselves as to—

(a) the matters in respect of which they are required to be satisfied for contracting-out purposes under sections 23(1) and 24(1) or, as the case may be, under section 30(1); and

(b) the soundness and adequacy of any investments held for the purposes of the scheme (so far as relevant to the considerations of section 24(1)).

(2) Where the scheme was contracted-out subject to such conditions as are referred to in section 25(1) and (2) those conditions shall continue to be binding, notwithstanding that there is no contracting-out certificate in force.

(3) Subsection (1) does not apply in the case of any scheme as to which the Board have issued a certificate under subsection (2) of section 50 which has not been cancelled under subsection (3) of that section.

(4) If it appears to the Board that there has been, or is likely to be, a breach of any rule of the scheme relating to the matters dealt with in sections 9(2) and 13 to 25 or, as the case may be, sections 9(3) and 26 to 32, the Board may take such steps as they think expedient with a view to remedying or preventing the breach.

(5) For that purpose they may themselves take any proceedings for enforcement of the rules which would be open to a person—

(a) as an actual or prospective beneficiary under the scheme, or

(b) as one of its trustees or managers, or

(c) as being otherwise concerned with the scheme or its benefits,

and may assume the conduct of proceedings for enforcement brought by any such person.