Section 186 — Pensions Act 2004: Interim payments

Interim payments 186 1 The Board may, on an application under section 182, make a payment or payments to the trustees or managers of an occupational pension scheme if—

a it is of the opinion that—

i the case is one to which subsection (1) of that section applies or may apply, and ii the trustees or managers would not otherwise be able to meet liabilities of a prescribed description, but b it has not determined the settlement date under section 184.

2 Amounts payable under this section must not exceed the amounts determined in accordance with regulations.

3 The Board may, except in prescribed circumstances, recover so much of any payment made under subsection (1) as it considers appropriate if, after the payment is made, it determines—

a that the case is not one to which section 182(1) applies, or b that the amount of the payment was excessive.

4 Subject to that, a payment under subsection (1) may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.