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The Pensions (Northern Ireland) Order 2005
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The Pensions (Northern Ireland) Order 2005, Section 42 is up to date with all changes known to be in force on or before 19 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to the whole Order associated Parts and Chapters:
Whole provisions yet to be inserted into this Order (including any effects on those provisions):
- Sch. 6 para. 21(2)(c)-(cc) substituted for (b)(c) by 2008 c. 13 (N.I.) Sch. 6 para. 11
- art. 2(4)(b)(viii)-(x) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 21(3)(b)
- art. 19(1A) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 24(3)
- art. 19(10A) inserted by 2016 c. 1 (N.I.) Sch. 2 para. 24(5)
- art. 34(1)-(1B) substituted for art. 34(1) by 2016 c. 1 (N.I.) Sch. 2 para. 25
- art. 34(7)(da) inserted by 2021 c. 1 Sch. 8 para. 3(2)
- art. 39(1)-(1B) substituted for art. 39(1) by 2016 c. 1 (N.I.) Sch. 2 para. 26(2)
- art. 48(1)-(1B) substituted for art. 48(1) by 2016 c. 1 (N.I.) Sch. 2 para. 27
- art. 75(1)(a)(iib) inserted by 2021 c. 1 Sch. 8 para. 8(2)
- art. 110(1)-(1B) substituted for art. 110(1) by 2016 c. 1 (N.I.) Sch. 2 para. 29
- art. 191(5) added by 2008 c. 13 (N.I.) Sch. 9 para. 6
- art. 267(4)(f) and word inserted by 2021 c. 1 Sch. 6 para. 20(b)
Financial support directions: clearance statementsN.I.
This section has no associated Explanatory Memorandum
42 .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 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 Article 39,
(b)the employer in relation to the scheme would not be insufficiently resourced for the purposes of that Article, 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 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 financial support direction under Article 39 in relation to the scheme 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.
F1mod. by SR 2005/378
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