Commentary on Sections Part 5: Civil Recovery of the Proceeds etc. of Unlawful Conduct Schedule 7: Powers of trustee for civil recovery Section 275: Pension schemes: supplementary
367.This section defines which types of pension rights are amenable to a recovery order, and defines the terms pension trustee and pension manager.
368.Subsection (1) provides that the Secretary of State, after consultation with the Scottish Ministers (subsection (3)), may make regulations as to the exercise by trustees or managers of pension schemes of their powers under sections 273 and 274. The regulations may include provision for the calculation and verification of the value at any time of pension rights and liabilities.
369.Subsection (2) provides that the powers can be used by reference to guidance produced by a person prescribed in the regulations, for example, the Institute of Actuaries in England and Wales and by the Faculty of Actuaries in Scotland.