PART IITHE PENSIONS REGULATOR
Financial support directions
Financial support directions: clearance statements42 F1
1
An application may be made to the Regulator under this Article for the issue of a clearance statement within sub-paragraph (a), (b) or (c) of paragraph (2) in relation to circumstances described in the application and relating to an occupational pension scheme.
2
A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application—
a
the employer in relation to the scheme would not be a service company for the purposes of Article 39,
b
the employer in relation to the scheme would not be insufficiently resourced for the purposes of that Article, or
c
it would not be reasonable to impose the requirements of a financial support direction, in relation to the scheme, on the applicant.
3
Where an application is made under this Article, the Regulator—
a
may request further information from the applicant;
b
may invite the applicant to amend the application to modify the circumstances described.
4
Where an application is made under this Article, the Regulator must as soon as reasonably practicable—
a
determine whether to issue the clearance statement, and
b
where it determines to do so, issue the statement.
5
A clearance statement issued under this Article binds the Regulator in relation to the exercise of the power to issue a financial support direction under Article 39 in relation to the scheme to the applicant unless—
a
the circumstances in relation to which the exercise of the power under that Article arises are not the same as the circumstances described in the application, and
b
the difference in those circumstances is material to the exercise of the power.