PART IITHE PENSIONS REGULATOR

Contribution notices where avoidance of employer debt

Article 34 contribution notice: clearance statements38 F1

1

An application may be made to the Regulator under this Article for the issue of a clearance statement within sub-paragraph (a), (b) or (c) of paragraph (2) in relation to circumstances described in the application.

2

A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application—

a

the applicant would not be, for the purposes of paragraph (3)(a) of Article 34, a party to an act or a deliberate failure to act falling within paragraph (5)(a) of that Article,

b

it would not be reasonable to impose any liability on the applicant under a contribution notice issued under Article 34, or

c

such requirements of that Article as may be prescribed would not be satisfied in relation to the applicant.

3

Where an application is made under this Article, 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 Article, 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 Article binds the Regulator in relation to the exercise of the power to issue a contribution notice under Article 34 to the applicant unless—

a

the circumstances in relation to which the exercise of the power under that Article 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.