Section 160 — Pensions Act 2004: Transfer notice

Transfer notice 160 1 This section applies where the Board is required to assume responsibility for a scheme under section 127, 128, 152 or 158.

2 The Board must give the trustees or managers a notice (a “transfer notice”).

3 In a case to which section 127 or 128 applies, a transfer notice may not be given until the determination made or valuation obtained under section 143(2) is binding.

4 In a case to which section 158 applies, a transfer notice may not be given until the determination made or valuation obtained under subsection (3) of that section is binding.

5 A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of section 146 or 147 (refusal to assume responsibility) is reviewable (see section 149(6)(b)).

6 The Board must give a copy of any notice given under subsection (2) to—

a the Regulator, and b any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

7 This section is subject to section 172(2) (no transfer notice ... when fraud compensation application is pending).