(1) If, in any proceedings brought against a trustee of a scheme for breach of trust, it appears to the court hearing the case that the trustee is or may be liable in respect of the breach of trust but that he or she acted honestly and reasonably and that having regard to all of the circumstances of the case he or she ought fairly to be excused for the breach of trust, the court may relieve him or her in whole or in part from his or her liability on such terms as the court deems appropriate.

(2) This section shall not operate to limit any relief from liability of a trustee of a scheme in respect of breach of trust conferred by the rules of the scheme.