Section 123 — Pensions Act 2004: Approval of notices issued under section 122

Approval of notices issued under section 122 123 1 This section applies where the Board receives a notice under section 122(6) (“the section 122 notice”).

2 The Board must determine whether to approve the section 122 notice.

3 The Board must approve the section 122 notice if, and only if, it is satisfied—

a that the insolvency practitioner or former insolvency practitioner who issued the notice was required to issue it under that section, and b that the notice complies with any requirements imposed by virtue of subsection (8) of that section.

4 Where the Board makes a determination for the purposes of subsection (2), it must issue a determination notice and give a copy of that notice to—

a the Regulator, b the trustees or managers of the scheme, c the insolvency practitioner or the former insolvency practitioner who issued the section 122 notice, d any insolvency practitioner in relation to the employer (who does not fall within paragraph (c)),

and e if there is no insolvency practitioner in relation to the employer, the employer.

5 In subsection (4) “ determination notice ” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed.