Commentary on Sections Summary Insolvency events Sections 120: Duty to notify insolvency events in respect of employers
381.This section applies where an insolvency event (see section 121) occurs in relation to the employer in relation to an occupational pension schemes. The insolvency practitioner appointed to act in relation to the employer must notify the Board and the Regulator and the trustees or managers of the pension scheme of the occurrence of the event within a specified period.
382.Subsection (3) defines the “notification period” in which the notification must be provided. This will be the period set out in regulations beginning with the insolvency date (see section 121) or, if later, the date on which the insolvency practitioner becomes aware that a scheme exists in relation to the insolvent employer. Subsection (4) allows regulations under this section to prescribe the form and content of the notice.