507. Repatriation orders.

The following provisions1 apply where: (1) a restraining order2 has effect; and (2) the Pensions Regulator3 is satisfied that the restrained account4 contains an amount of money liberated from a pension scheme5. The Regulator may by order:

  1.  

    (a)     direct the deposit-taker concerned to pay from the account a sum not exceeding that amount: (i) towards a pension scheme; (ii) towards an annuity or insurance policy; or (iii) to the liberated member; and

  2.  

    (b)     where it makes an order under head (a)(i), direct the trustees or managers of the scheme to apply the sum, in such manner as the Regulator