515. Defence where contribution notice is issued by reference to material detriment test.

Where:

  1.  

    (1)     a warning notice1 is given to any person ('P') in respect of a contribution notice2; and

  2.  

    (2)     the contribution notice under consideration would be issued wholly or partly by reference to the Pensions Regulator's opinion3 that the material detriment test4 is met in relation to an act or deliberate failure to act to which P was a party5,

then if the Regulator is satisfied that P has shown that:

  1.  

    (a)     conditions A and C are met; and

  2.  

    (b)     where applicable, condition B is met,

the Regulator must not issue the contribution notice by reference to its being of the