The following Pensions practice note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Brexit and IP completion day—the implications for pensions.
Among the various powers provided to the Pensions Regulator under the moral hazard legislation of the Pensions Act 2004 (PeA 2004) are the powers to issue contribution notices (CNs) and financial support directions (FSDs). Those powers are potentially wide-ranging and draconian.
In broad terms, under the PeA 2004, s 38, a CN can be imposed on an employer participating in a registered occupational pension scheme that is subject to the moral hazard legislation and/or any person (corporate or individual) associated or connected with such a scheme employer (with ‘associated’ and ‘connected’ being determined in accordance with the provisions of ss 249 and 435 of the Insolvency Act 1986). A CN can be imposed when:
there has been a deliberate attempt to evade responsibility for any liability arising under the Pensions Act 1995, s 75, or
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