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) ”.