Commentary on Sections Financial support directions Section 49: Content and effect of a section 47 contribution notice
189.Subsection (2) provides that the contribution notice must contain a statement of the matters which constitute the non-compliance with the direction and specify the sum which the person identified in the notice is under a liability to pay. Subsection (3) provides that the sum specified in the contribution notice is to be treated as a debt due to the trustees or managers of the scheme.
190.Subsection (4) allows for the Regulator to enforce the payment of any sum due under a contribution notice on behalf of the trustees or managers. Subsection (5) deals with the situation where the Board of the Pension Protection Fund has become involved with the scheme during an assessment period, in which case it will take over enforcement from the trustees or managers or the Regulator, and – as provided for in subsection (6) – any debt paid to the Board in respect of a debt due by virtue of a contribution notice during this time must be passed on by the Board to the trustees or managers of the scheme.
191.Subsection (7) provides that the contribution notice must identify any other person to whom contribution notices have been issued in respect of the same non-compliance and the sums specified in each of those notices. Subsection (8) provides that a contribution notice may state that the person issued with the contribution notice is jointly and severally liable for the debt with any other person specified in the notice as a person to whom a “corresponding contribution notice” is issued. Subsection (9) sets out the meaning of a “corresponding contribution notice” Subsection (10) states that a debt due under a contribution notice should not be taken into account when calculating the assets and liabilities of the scheme in relation to section 75(2) and (4) of the Pensions Act 1995 (deficiencies in the assets).