Part 1 Amendments of the Pensions (Northern Ireland) Order 2005
Pension Schemes Act 2021 (2021 c 1) | Legislation

SCHEDULE 8 The Pensions Regulator: Northern Ireland

Section 117

Part 1 Amendments of the Pensions (Northern Ireland) Order 2005

Introductory

1

The Pensions (Northern Ireland) Order 2005 (SI 2005/255 (NI 1)) is amended as follows.

Grounds for issuing an Article 34 contribution notice

2

(1)     In Article 34 (contribution notices where avoidance of employer debt)—

(a)     in paragraph (5)(a)—

(i)     after “test†insert “, the employer insolvency test or the employer resources testâ€;

(ii)     for “Article 34A)†substitute “Articles 34A, 34C and 34E)â€;

(b)     in paragraph (12)(c), after “test†insert “, the employer insolvency test or the employer resources testâ€.

(2)     After Article 34B insert—

“34C Article 34 contribution notice: meaning of “employer insolvency testâ€

(1)     For the purposes of Article 34 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 Article 75(4) of the 1995 Order (deficiencies in scheme assets: employer insolvency etc) had fallen due from the employer

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