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The Pensions (Northern Ireland) Order 2005
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The Pensions (Northern Ireland) Order 2005, Section 51 is up to date with all changes known to be in force on or before 08 November 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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Contribution notice where failure to comply with a restoration orderN.I.
This
adran has no associated
Memorandwm Esboniadol
51 .F1—(1) This Article applies where—
(a)a restoration order is made under Article 48 in respect of a transaction involving assets of a scheme ( “the transaction”), and
(b)a person fails to comply with an obligation imposed on him by the order which is not an obligation to transfer or pay a sum of money.
(2) The Regulator may issue a notice to the person stating that the person is under a liability to pay the sum specified in the notice (a “contribution notice”)—
(a)to the trustees or managers of the scheme, or
(b)where the Board has assumed responsibility for the scheme in accordance with Chapter 3 of Part III (pension protection), to the Board.
(3) The sum specified by the Regulator in a contribution notice may be either the whole or a specified part of the shortfall sum in relation to the scheme.
(4) The shortfall sum in relation to the scheme is the amount which the Regulator estimates to be the amount of the decrease in the value of the assets of the scheme as a result of the transaction having been entered into.
F1mod. by SR 2005/378
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