41 Section 38 contribution notice: relationship with employer debt
Pensions Act 2004 (2004 c 35) | Legislation

41  Section 38 contribution notice: relationship with employer debt

(1)     This section applies where a contribution notice is issued to a person (“P”) under section 38 and condition A or B is met.

(2)     Condition A is met if, at the time at which the contribution notice is issued, there is a debt due under section 75 of the Pensions Act 1995 (“the 1995 Act”) (deficiencies in the scheme assets) from the employer—

(a)     to the trustees or managers of the scheme, or

(b)     where the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection), to the Board.

(3)     Condition B is met if, after the contribution notice is issued but before the whole of the debt due by virtue of the notice is recovered, a debt becomes due from the employer to the trustees or managers of the scheme under section 75 of the 1995 Act.

(4)     The Regulator may issue a direction to the trustees or managers of the scheme not to take any or any further steps to recover the debt due to them under section 75 of the 1995 Act pending the recovery

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