Schedule 9 – contribution notices and financial support directions under Pensions Act 2004 Whether reasonable for the Pensions Regulator to issue contribution notice
399.Paragraph 7 further amends section 38 of the PA 2004.
400.Sub-paragraph (2) amends subsection (3) by setting out an additional condition that must be met before the Regulator can consider it reasonable to impose a liability on the person to pay the sum in the contribution notice; that is, the Regulator must have regard to all the circumstances of the case as well as such other matters the Regulator considers relevant (including matters set out in subsection (7)).
401.Sub-paragraph (3) adds to the relevant matters set out in subsection (7); that is, the Regulator must also have regard, where relevant, to the value of any benefits the person (to whom the Regulator is considering imposing a liability to pay a sum specified) receives, or is entitled to receive, directly or indirectly from the employer or under the scheme, and also to the likelihood of any relevant creditors being paid and the extent to which they are likely to be paid.
402.Sub-paragraph (4) defines “relevant creditors”.