Commentary on Sections Financial support directions Section 46: Financial support directions: clearance statements
179.An application may be made to the Regulator for the issue of a clearance statement within subsection (2) in relation to circumstances described in the application and relating to an occupational pension scheme. Subsection (2) specifies that a clearance statement is a statement made by the Regulator, that in its opinion, in the circumstances described in the application the employer would not be a service company for the purposes of section 43; the employer in relation to the scheme would not be insufficiently resourced for the purposes of section 43; it would not be reasonable to impose the requirements of a financial support direction, in relation to the scheme, on the applicant.
180.Subsection (3) states the Regulator may request further information from the applicant and may invite the applicant to amend the application to modify the circumstances described.
181.Subsection (4) requires the Regulator, as soon as reasonably practicable, to determine whether to issue the clearance statement, and, if it so determines, to issue the statement.
182.Subsection (5) specifies that a clearance statement issued by the Regulator is binding in relation to the power to issue a financial support direction in relation to the scheme to the applicant unless the circumstances in relation to which the exercise of the power arises are not the same as the circumstances described in the application, and the difference in those circumstances is material to the exercise of the power.