Part 1The Pensions Regulator
Financial support directions
46Financial support directions: clearance statements
1
An application may be made to the Regulator under this section for the issue of a clearance statement within paragraph (a), (b) or (c) of subsection (2) in relation to circumstances described in the application and relating to an occupational pension scheme.
2
A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application—
a
the employer in relation to the scheme would not be a service company for the purposes of section 43,
b
the employer in relation to the scheme would not be insufficiently resourced for the purposes of that section, or
c
it would not be reasonable to impose the requirements of a financial support direction, in relation to the scheme, on the applicant.
3
Where an application is made under this section, the Regulator—
a
may request further information from the applicant;
b
may invite the applicant to amend the application to modify the circumstances described.
4
Where an application is made under this section, the Regulator must as soon as reasonably practicable—
a
determine whether to issue the clearance statement, and
b
where it determines to do so, issue the statement.
5
A clearance statement issued under this section binds the Regulator in relation to the exercise of the power to issue a financial support direction under section 43 in relation to the scheme to the applicant unless—
a
the circumstances in relation to which the exercise of the power under that section arises are not the same as the circumstances described in the application, and
b
the difference in those circumstances is material to the exercise of the power.