Commentary on Sections Transactions at an undervalue Section 56: Content and effect of a section 55 contribution notice
210.Subsection (2) sets out that a contribution notice must contain a statement of the matters which constitute the failure to comply with the restoration order and specify the sum which the person is under a liability to pay. Subsection (3) provides that where the liability set out in a contribution notice is a liability to pay the trustees or managers of the scheme, the sum is a debt due from the person specified in the notice to the trustees or managers. Subsection (4) provides that the Regulator can enforce the debt on behalf of the trustees or managers of the scheme. 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 of the debt. Subsection (6) provides that, where any amount is paid to the Board in respect of a debt due under a contribution notice during an assessment period, the Board must pay that amount to the trustees or managers of the scheme. Subsection (7) provides that, where the contribution notice states that the liability is to pay the Board, the sum is treated as a debt due to the Board.