103 Grounds for issuing a section 38 contribution notice
Pension Schemes Act 2021 (2021 c 1) | Legislation

Part 3 The Pensions Regulator

Contribution notices where avoidance of employer debt etc

103  Grounds for issuing a section 38 contribution notice

(1)     The Pensions Act 2004 is amended as follows.

(2)     In section 38 (contribution notices where avoidance of employer debt)—

(a)     in subsection (5)(a)—

(i)     after “test” insert “, the employer insolvency test or the employer resources test”;

(ii)     for “section 38A)” substitute “sections 38A, 38C and 38E)”;

(b)     in subsection (12)(c), after “test” insert “, the employer insolvency test or the employer resources test”.

(3)     After section 38B insert—

“38C Section 38 contribution notice: meaning of “employer insolvency test”

(1)     For the purposes of section 38 the employer insolvency test is met in relation to an act or failure to act if the Regulator is of the opinion that—

(a)     immediately after the relevant time, the value of the assets of the scheme was less than the amount of the liabilities of the scheme, and

(b)     if a debt under section 75(4) of the Pensions Act 1995 (deficiencies in scheme assets: employer insolvency etc) had fallen due from the employer to the scheme immediately after the relevant time, the act or failure would have materially

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