97 Special procedure: applicable cases
Pensions Act 2004 (2004 c 35) | Legislation

97  Special procedure: applicable cases

(1)     The special procedure in section 98 (and not the standard procedure) applies to—

(a)     a case falling within subsection (2),

(b)     a case falling within subsection (3), and

(c)     a case falling within subsection (4).

(2)     A case falls within this subsection if—

(a)     the Regulator considers that it may be necessary to exercise a regulatory function listed in subsection (5) immediately because there is, or the Regulator considers it likely that if a warning notice were to be given there would be, an immediate risk to—

(i)     the interests of members under an occupational or personal pension scheme, or

(ii)     the assets of such a scheme,

(b)     the Regulator accordingly dispenses with the giving of a warning notice and an opportunity to make representations as described in section 96(2)(a) and (b), and

(c)     the Regulator determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—

(i)     the interests of members under an occupational or personal pension scheme, or

(ii)     the assets

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Costs and the ‘without prejudice’ rule

Costs and the ‘without prejudice’ ruleCosts determination and the ‘without prejudice’ ruleAn issue for practitioners is whether correspondence marked ‘without prejudice’ can be used against a party when the court comes to determine the issue of costs. The Court of Appeal in Walker v Wilsher (1889)

LEXISNEXIS

PRA Rulebook—introduction for the insurance and reinsurance sector

PRA Rulebook—introduction for the insurance and reinsurance sectorOn 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise

LEXISNEXIS

The Financial Assistance Scheme—what are the available benefits?

The Financial Assistance Scheme—what are the available benefits?THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and