The sum specified in an Article 34 contribution noticeN.I.
F135 .—(1) The sum specified by the Regulator in a contribution notice under Article 34 may be either the whole or a specified part of the shortfall sum in relation to the scheme.
(2) Subject to paragraph (3), the shortfall sum in relation to a scheme is—
(a)in a case where, at the relevant time, a debt was due from the employer to the trustees or managers of the scheme under Article 75 of the 1995 Order (deficiencies in the scheme assets), the amount which the Regulator estimates to be the amount of that debt at that time, and
(b)in a case where, at the relevant time, no such debt was due, the amount which the Regulator estimates to be the amount of the debt under Article 75 of the 1995 Order which would become due if—
(i)paragraph (2) of that Article applied, and
(ii)the time designated by the trustees or managers of the scheme for the purposes of that paragraph were the relevant time.
(3) Where the Regulator is satisfied that the act or failure to act falling within Article 34(5) resulted—
(a)in a case falling within sub-paragraph (a) of paragraph (2), in the amount of the debt which became due under Article 75 of the 1995 Order being less than it would otherwise have been, or
(b)in a case falling within sub-paragraph (b) of paragraph (2), in the amount of any such debt calculated for the purposes of that sub-paragraph being less than it would otherwise have been,
the Regulator may increase the amounts calculated under paragraph (2)(a) or (b) by such amount as the Regulator considers appropriate.
[F2(4) For the purposes of this Article “the relevant time” means the end of the scheme year which ended most recently before the day on which the Regulator gives a determination notice under Article 91(2)(d) in respect of an intended contribution notice under Article 34.]
F3(4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) For the purposes of this Article—
(a)references to a debt due under Article 75 of the 1995 Order include a contingent debt under that Article, and
(b)references to the amount of such a debt include the amount of such a contingent debt.
F1mod. by SR 2005/378
F2Art. 35(4) substituted (1.10.2021) by Pension Schemes Act 2021 (c. 1), s. 131(2)(b), Sch. 8 para. 4(2); S.R. 2021/271, art. 2(3)(b) (with art. 3(1)(2))
F3Art. 35(4A) omitted (1.10.2021) by virtue of Pension Schemes Act 2021 (c. 1), s. 131(2)(b), Sch. 8 para. 4(3); S.R. 2021/271, art. 2(3)(b) (with art. 3(1)(2))