Section 122 — Pensions Act 2004: Insolvency practitioner’s duty to issue notices confirming status of scheme

Insolvency practitioner’s duty to issue notices confirming status of scheme 122 1 This section applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.

2 An insolvency practitioner in relation to the employer must—

a if he is able to confirm that a scheme rescue is not possible, issue a notice to that effect (a “scheme failure notice”), or b if he is able to confirm that a scheme rescue has occurred, issue a notice to that effect (a “withdrawal notice”).

3 Subsection (4) applies where—

a in prescribed circumstances, insolvency proceedings in relation to the employer are stayed or come to an end, or b a prescribed event occurs.

4 If a person who was acting as an insolvency practitioner in relation to the employer immediately before this subsection applies has not been able to confirm in relation to the scheme—

a that a scheme rescue is not possible, or b that a scheme rescue has occurred, he must issue a notice to that effect.

5 For the purposes of this section—

a a person is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph, and b a person is able to confirm that a scheme rescue is not possible, in relation to such a scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this paragraph.

6 Where an insolvency practitioner or former insolvency practitioner in relation to the employer issues a notice under this section, he must give a copy of that notice to—

a the Board, b the Regulator, and c the trustees or managers of the scheme.

7 A person must comply with an obligation imposed on him by subsection (2), (4) or (6) as soon as reasonably practicable.

8 Regulations may require notices issued under this section—

a to be in a prescribed form;

b to contain prescribed information.