SCHEDULES
SCHEDULE 9Contribution notices and financial support directions under Pensions Act 2004
Financial support directions: meaning of “insufficiently resourced”
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1
In section 44(3) (meaning of “insufficiently resourced”), for paragraph (b) substitute—
b
condition A or B is met.
2
After subsection (3) insert—
3A
Condition A is met if—
a
there is at that time a person who falls within section 43(6)(b) or (c), and
b
the value at that time of that person's resources is not less than the relevant deficit, that is to say the amount which is the difference between—
i
the value of the resources of the employer, and
ii
the amount which is the prescribed percentage of the estimated section 75 debt.
3B
Condition B is met if—
a
there are at that time two or more persons who—
i
fall within section 43(6)(b) or (c), and
ii
are connected with, or associates of, each other, and
b
the aggregate value at that time of the resources of the persons who fall within paragraph (a) (or any of them) is not less than the relevant deficit.
3
In subsection (4), for “subsection (3)” substitute “
subsections (3) to (3B)
”
.