Section 272B — Finance Act 2014: Liabilities of scheme administrator appointed by independent trustee etc

Liabilities of scheme administrator appointed by independent trustee etc 272B 1 This section applies in relation to a person (“Q”) who is, or is one of the persons who are, the scheme administrator of a registered pension scheme where Q's appointment as such takes effect at a time when the pension scheme has one or more independent trustees.

2 Q does not assume any liability falling within section 272A(7) which Q would otherwise assume.

3 In relation to any liability falling within section 272A(7), in section 272(4) references to persons who control the management of the pension scheme do not include Q.

4 Subsections (2) and (3) do not apply if Q is, or is one of the persons who are, the scheme administrator at any time before the relevant day.

5 In this section, and in section 272A as it applies for the purposes of this section, “ the relevant day ” means the first day on which the pension scheme has an independent trustee (whether or not there are days between that day and the day on which Q's appointment takes effect on which the pension scheme has no independent trustees).