Contribution notice definition

What does Contribution notice mean?

The Pensions Regulator can issue a contribution notice (under sections 3842, Pensions Act 2004) to an employer or a third party where it is of the opinion that the person was a party to an act or deliberate failure to act where the main purpose or one of the main purposes of the act or failure to act was:

1) to prevent the recovery of the whole or any part of a s 75 debt;

2) otherwise than in good faith, to prevent such a debt becoming due, to compromise or otherwise settle such a debt, or to reduce the amount of the debt that would otherwise become due.

3) that an act or failure to act is ‘materially detrimental’ to the likelihood of a person receiving their accrued scheme benefits.

A contribution notice can also be issued in the event of non-compliance with a financial support direction or a restoration order in respect of transactions at an undervalue.

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