[38B Section 38 contribution notice issued by reference to material detriment test: defence]
Pensions Act 2004 (2004 c 35) | Legislation

[38B  Section 38 contribution notice issued by reference to material detriment test: defence]

[(1)     This section applies where—

(a)     a warning notice is given to any person (“P”) in respect of a contribution notice under section 38, and

(b)     the contribution notice under consideration would be issued wholly or partly by reference to the Regulator's opinion that the material detriment test is met in relation to an act or deliberate failure to act to which P was a party.

(2)     If the Regulator is satisfied that P has shown that—

(a)     conditions A and C are met, and

(b)     where applicable, condition B is met,

the Regulator must not issue the contribution notice by reference to its being of the opinion mentioned in subsection (1)(b).

(3)     Condition A is that, before becoming a party to the act or failure, P gave due consideration to the extent to which the act or failure might detrimentally affect in a material way the likelihood of accrued scheme benefits being received.

(4)     Condition B is that, in any case where as a result of that consideration P considered that the act or failure might have such an

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