New Clause 48 - The sum specified in a section [Contribution notices where non-compliance with financial support direction] contribution notice

Pensions Bill – in a Public Bill Committee at 2:45 pm on 27th April 2004.

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'(1) The sum specified by the Regulator in a contribution notice under section [Contribution notices where non-compliance with financial support direction] may be either the whole or a specified part of the shortfall sum in relation to the scheme.

(2) The shortfall sum in relation to a scheme is—

(a) in a case where, at the time of non-compliance, a debt was due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (c. 26) (''the 1995 Act'') (deficiencies in the scheme assets), the amount which the Regulator estimates to be the amount of that debt at that time, and

(b) in a case where, at the time of non-compliance, no such debt was due, the amount which the Regulator estimates to be the amount of the debt under section 75 of the 1995 Act which would become due if—

(i) subsection (2) of that section applied, and

(ii) the time designated by the trustees or managers of the scheme for the purposes of that subsection were the time of non-compliance.

(3) For the purposes of this section ''the time of non-compliance'' means—

(a) in the case of non-compliance with paragraph (a) of subsection (3) of section [Financial support directions] (financial support directions), the time immediately after the expiry of the period specified in the financial support direction for putting in place the financial support,

(b) in the case of non-compliance with paragraph (b) of that subsection, the time when financial support for the scheme ceased to be in place,

(c) in the case of non-compliance with paragraph (c) of that subsection, the time when the prescribed event occurred in relation to which there was the failure to notify the Regulator, or

(d) where more than one of paragraphs (a) to (c) above apply, whichever of the times specified in the applicable paragraphs the Regulator determines.'.—[Malcolm Wicks.]

Brought up, read the First and Second time, and added to the Bill.

New Clause 49 Content and effect of a section [Contribution notices where non-compliance with financial support direction] contribution notice