- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
3.—(1) Where regulation 2 would apply but for the fact that the transfer of the members of the initial scheme is not determined by the Regulator to amount to an act or failure to act falling within section 38(5), the sum specified by the Regulator in the contribution notice may be either the whole or a specified part of the amount of the shortfall sum in the initial scheme at the relevant time which, in the Regulator’s opinion, is attributable to the members transferred.
(2) In this regulation “shortfall sum” is to be construed, subject to paragraph (3), in accordance with section 39.
(3) In estimating the amounts described in section 39(2) (a) or (b) for the purposes of this regulation, the Regulator is to disregard any reduction of the liabilities of the initial scheme brought about by the transfer.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: