[38F Section 38 contribution notice issued by reference to employer resources test: defence]
Pensions Act 2004 (2004 c 35) | Legislation

[38F  Section 38 contribution notice issued by reference to employer resources 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 employer resources 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 reduce the value of the resources of the employer relative to the estimated section 75 debt in relation to the scheme.

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

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