Part 9Liabilities and payment
Chapter 4Payment of net liabilities
Payment of amounts owed to a personI167
1
This regulation applies where the scheme manager owes a net liability to a person (“P”).
2
The scheme manager must pay the amount of the net liability to P—
a
as soon as reasonably practicable after the scheme manager determines the amount of the net liability, or
b
where the scheme manager requires P to provide information in accordance with paragraph (3), as soon as reasonably practicable after receipt of that information.
3
Before paying the amount of a net liability owed to P, the scheme manager may, by written notice given as soon as reasonably practicable after the scheme manager determines the amount of the net liability, require P to provide information in relation to the payment of the net liability which is—
a
information within P’s possession, or
b
information which P may reasonably be expected to obtain.