s.35Purchase of pension
35
Section 35Part 6 — Benefits

Purchase of pension

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Subject to section 34 and any limitations on transfer of funds from pension plans, an administrator who is required by a pension plan to provide a pension or benefit, may purchase the pension or benefit from an approved provider.
Where a purchase under subsection (1) does not comply with limitations prescribed in respect of transfer of funds from pension funds, the administrator may not complete the purchase without the prior approval of the Director.
The Director may approve a purchase under this section subject to such terms and conditions as the Director considers fit in the circumstances.
Where —
a purchase that does not comply with limitations prescribed in relation to transfer of funds from pension funds is made without the approval of the Director; or
there is a failure to comply with a term or condition attached to the Director's approval under subsection (3),
the Director may, by order, require any person, to whom payment under this section has been made, to repay an amount not greater than the amount of the payment together with interest thereon at the rate to be prescribed in the regulations.
Subject to section 72, an order for payment under subsection (4) may be enforced in the same manner as a judgment of the Grand Court for the payment of money.

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