s 266 Transfers to insured schemes
(1) This section applies where sums held for the purposes of, or representing accrued rights under, a registered pension scheme (“ the transferor scheme ”) are transferred so as to become held for the purposes of, or to represent rights under, a registered pension scheme that is an insured scheme (“ the transferee scheme ”). (2) The scheme administrator of the transferor scheme is liable to a penalty not exceeding £3,000 unless the sums are transferred either to the scheme administrator of the transferee scheme or to a relevant insurance company. (3) In this section— “ insured scheme ” means a pension scheme all the income and other assets of which are invested in policies of insurance, and “ relevant insurance company ” means an insurance company that issued any of the policies of insurance.