SCHEDULE 9 Contribution Notices and Financial Support Directions Under Pensions Act 2004
Pensions Act 2008 (2008 c 30) | Legislation

SCHEDULE 9 Contribution Notices and Financial Support Directions Under Pensions Act 2004

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Introduction

1

The Pensions Act 2004 (c 35) is amended as follows.

Contribution notices: material detriment test

2

(1)     In section 38(5)(a) (main purpose or one of main purposes of act or failure to prevent recovery of employer debt under section 75 of the Pensions Act 1995 (c 26) etc), after “is of the opinion that†insert “the material detriment test is met in relation to the act or failure (see section 38A) or thatâ€.

(2)     After section 38 insert—

“38A Section 38 contribution notice: meaning of “material detriment testâ€

(1)     For the purposes of section 38 the material detriment test is met in relation to an act or failure if the Regulator is of the opinion that the act or failure has detrimentally affected in a material way the likelihood of accrued scheme benefits being received (whether the benefits are to be received as benefits under the scheme or otherwise).

(2)     In this section any reference to accrued scheme benefits being received is a reference to benefits the rights to which have accrued by the relevant time being received by, or in

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