120.— (1) If the court is of the view that one of the reasons set out in subsection (2) exists, the court, on application to it F46[in that behalf by either of the civil partners or by a person on behalf of a dependent child of the civil partners], during the lifetime of either of the civil partners, may make, on granting a decree of dissolution or at any time after granting it, one or more of the following orders:

F46[(a) an order, on the application of either of the civil partners, requiring the other civil partner to effect a policy of life insurance for the benefit of the applicant civil partner or a dependent child of the civil partners;]

F47[(aa) an order, on the application of a person on behalf of a dependent child of the civil partners, requiring either of the civil partners to effect such a policy of life insurance for the benefit of the dependent child;]

F46[(b) an order, on the application of one civil partner, requiring the other civil partner to assign to the applicant civil partner, or to such person as may be specified in the order for the benefit of a dependent child of the civil partners, the whole or a specified part of the interest in a policy of life insurance that the other civil partner has effected or that both of the civil partners have effected;]

F47[(ba) an order, on the application of a person on behalf of a dependent child of the civil partners, requiring either civil partner or both civil partners to assign to a person specified in the order for the benefit of the dependent child of the civil partners the whole or a specified part of the interest in a policy of life insurance that either civil partner has effected or that both of the civil partners have effected; and]

F46[(c) an order—

(i) on the application of a civil partner, requiring the other civil partner, or

(ii) on the application of a person on behalf of a dependent child of the civil partners, requiring either or both of the civil partners,

to make or to continue to make to the person by whom a policy of life insurance is or was issued the payments which he or she or both of the civil partners is or are required to make under the terms of the policy.]

(2) The reasons referred to in subsection (1) are:

(a) the financial security of the F48[applicant civil partner or the dependent child of the civil partners] can be provided for if the order is made; and

(b) the forfeiture by the F48[applicant civil partner or the dependent child of the civil partners, as the case may be,] of the opportunity of acquiring a benefit (for example a benefit under a pension scheme) by reason of the decree of dissolution can be compensated wholly or partly by making the order.

(3) The court may make an order under subsection (1) in addition to or in substitution in whole or in part for orders under sections 117 , 118 , 119 or 121 and, in deciding whether or not to make the order, the court shall have regard to whether proper provision, having regard to the circumstances, exists, or can be made, F48[for the civil partner concerned or any dependent child of the civil partners concerned] by orders under those sections.

(4) An order made under subsection (1) ceases to have effect on the entry into a new civil partnership, marriage or F48[death of the applicant civil partner in whose favour the order was made in so far as it relates to him or her].

(5) The court shall not make an order under this section in favour of a civil partner who has entered into a new civil partnership or has married.

(6) An order under section 131 in relation to an order made under subsection (1) (a) or (b) may make the provision that the court considers appropriate in relation to the disposal of—

(a) an amount representing any accumulated value of the insurance policy effected pursuant to the order under subsection (1) (a), or

(b) the interest or part of the interest to which the order under subsection (1) (b) relates.