Pension Schemes Act 2021

Duty to give notices and statements to the Regulator in respect of certain events N.I.

8 (1) After Article 64 insert— N.I.

“Duty to give notices and statements to the Regulator in respect of certain events N.I.

64A (1) Except where the Regulator otherwise directs, the appropriate person must—

(a) give notice to the Regulator of any notifiable event;

(b) give notice to the Regulator of any material change in, or in the expected effects of, a notifiable event;

(c) give notice to the Regulator if a notifiable event is not going to, or does not, take place.

(2) In paragraph (1) “notifiable event” means a prescribed event in respect of the employer in relation to an eligible scheme.

(3) For the purposes of paragraph (1) each of the following is “the appropriate person”—

(a) the employer in relation to the scheme,

(b) a person connected with the employer,

(c) an associate of the employer, and

(d) a person of a prescribed description.

(4) Regulations may make provision about the meaning of a “material change” for the purposes of this Article.

(5) A notice under paragraph (1) must be given to the Regulator—

(a) in the case of a notice under paragraph (1)(a), as soon as reasonably practicable after the person giving it becomes aware of the notifiable event, subject to paragraph (6),

(b) in the case of a notice under paragraph (1)(b), as soon as reasonably practicable after the person giving it becomes aware of the material change, subject to paragraph (6), or

(c) in the case of a notice under paragraph (1)(c), as soon as reasonably practicable after the person giving it becomes aware that the notifiable event is not going to take place or (as the case may be) did not take place.

(6) Regulations may require a notice under paragraph (1)(a) or (b) to be given before the beginning of the prescribed period ending with—

(a) the notifiable event in question, or

(b) the material change in question.

(7) A notice under paragraph (1)(a) or (b) must be accompanied by a statement (an “accompanying statement”).

(8) An accompanying statement must contain prescribed information.

(9) The information that may be prescribed under paragraph (8) includes, in particular—

(a) a description of the event,

(b) a description of any adverse effects of the event on the eligible scheme,

(c) a description of any steps taken to mitigate those adverse effects, and

(d) a description of any communication with the trustees or managers of the eligible scheme about the event.

(10) Where a person gives the Regulator a notice under paragraph (1), the person must give a copy of the notice and any accompanying statement to the trustees or managers of the eligible scheme at the same time.

(11) A notice or accompanying statement under this Article must be in writing.

(12) No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice or accompanying statement under this Article.

This is subject to Article 283 (protected items).

(13) Article 83A (financial penalties) applies to a person who, without reasonable excuse, fails to comply with an obligation imposed on the person by this Article.

(14) For the purposes of this Article—

(a) Article 4 of the Insolvency Order (associated persons) applies as it applies for the purposes of that Order, and

(b) Article 7 of the Insolvency Order (connected persons) applies as it applies for the purposes of any provision of Parts 2 to 7 of that Order.

(15) In this Article—

• “eligible scheme” has the meaning given by Article 110;

• “event” includes a failure to act.”

(2) In Article 75 (offences of providing false or misleading information to the Regulator), after paragraph (1)(a)(iia) (inserted by paragraph 7(2)) insert—

“(iib) Article 64A (duty to give notices and statements to the Regulator in respect of certain events),”.

Commencement Information

I1 Sch. 8 para. 8(1) in force at 1.9.2021 for specified purposes by S.R. 2021/240, art. 2(1)(d)