FORTHCOMING DEVELOPMENT: On 8 September 2021 the Department for Work and Pensions (DWP) published a consultation on draft regulations which (i) make proposed changes to the notifiable events under the primary notifiable events regime (under section 69 of the Pensions Act 2004 (PA 2004)), and (ii) detail the type of events that will be subject to the secondary notifiable events regime (under PA 2004, 69A).

More specifically, in respect of the primary notifiable events regime, the draft regulations propose two additional notifiable events: (i) the intended sale by the employer of a material proportion of its business or assets, in respect of which a decision in principle has been reached; and (ii) the intended granting or extending of a relevant security by the employer over its assets (a decision in principle by the employer to grant or extend a relevant security over its assets, such that, should the employer become insolvent, the secured creditor would be ranked above the scheme in the order of priority for debt recovery). The draft regulations also set out the removal of