278. Duty of Secretary of State to pay unpaid contributions to schemes.

If, on an application made to him in writing by the persons competent to act in respect of an occupational pension scheme1 or a personal pension scheme2, the Secretary of State3 is satisfied:

  1.  

    (1)     that an employer4 has become insolvent5; and

  2.  

    (2)     that at the time he did so there remained unpaid relevant contributions6 falling to be paid by him to the scheme,

then, subject to the following provisions, the Secretary of State must pay into the resources7 of the scheme the sum which in his opinion is payable in respect of the unpaid relevant contributions8.

The sum payable in respect