The Occupational Pension Schemes (Payments to Employers) Regulations 1996

Circumstances in which the Authority must be satisfied that requirements of section 76 of the 1995 Act are met

8.—(1) For the purposes of section 76(2) of the 1995 Act (which provides that, in prescribed circumstances, the power to distribute assets to the employer on winding up cannot be exercised unless the Authority is of the opinion that the requirements of subsection (3) of that section and any prescribed requirements are satisfied) the prescribed circumstances are —

(a) that, subject to paragraph (2), the Authority receives in relation to any proposal to which that section applies —

(i) written representations from a member to the effect that any of the requirements of section 76(3) of the 1995 Act are not satisfied; or

(ii) information from any source sufficient to raise a doubt as to whether all those requirements are satisfied; and

(b) the Authority notifies the trustees or, as the case may be, the employer in writing that the power should not be exercised until the Authority has confirmed in writing that it is satisfied that those requirements are satisfied.

(2) Where notice has been given to a member in accordance with regulation 7, paragraph (l)(a)(i) will only apply in the case of representations received by the Authority from the member before the date specified in accordance with regulation 7(4)(b) (expiry date of the second notice).