The following Pensions practice note provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES
When exercising its functions the Determinations Panel of the Pensions Regulator undertakes two distinct sets of procedural stages that must be followed. These two sets of stages are called:
the Standard Procedure
the Special Procedure
As a ‘reserved regulatory function’ of the Pensions Regulator, the power to issue a contribution notice or a financial support direction can only be exercised by the Determinations Panel of the Pensions Regulator using the Standard Procedure. However, the Special Procedure is used where there may be a need to exercise the Regulator’s powers immediately to protect the members’ interests or scheme assets. This procedure does not apply to contribution notices and financial support directions. For more information on the Special Procedure, see The Pensions Regulator’s Determinations Panel—The Regulator’s procedures for exercising its functions.
The Standard Procedure has certain key stages which are set out in the Pensions Act 2004, s 96 (PeA 2004). The first of these stages is carried out by the Regulator’s Case Team (a team within the Regulator responsible for handling a case), while the later stages are carried out by the Panel.
The Regulator has published the following procedures which describe those stages in more detail:
Case Team procedure
Determinations Panel procedure
Flowcharts summarising the Standard and Special Procedures
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