Hogan Lovells

Key Dates

Consultation paper and draft regulations issued on 8 September 2021. Consultation closes on 27 October 2021.

The consultation document was updated on 13 October 2021.


Summary

The DWP is consulting on draft regulations to implement various changes to the notifiable events regime (applicable to defined benefit (DB) schemes eligible for the Pension Protection Fund (PPF)).  The changes include adding two new notifiable events, plus the introduction of a requirement to give an additional notice and statement to the Pensions Regulator (tPR) in certain circumstances. 

For more details please see below.

1.   Changes to the existing notifiable events requirements under section 69 Pensions Act 2004

As well as creating new notifiable events, the draft regulations introduce the term “decision in principle”, which will mean a decision before any negotiations or agreements have been entered with another party.

First new notifiable event: intended sale of material proportion of a sponsoring employer’s business or assets

What is a “material proportion” of the employer’s business or assets?

Second new notifiable event: intended grant or extension of a “relevant security” over a sponsoring employer’s assets

What is a “relevant security”?

Relinquishing control: change to notifiable event

Removal of wrongful trading as a notifiable event

2.   New requirements under section 69A

What must a section 69A accompanying statement include?

An accompanying statement must include descriptions of the following:



Date Accessed: 03/12/2021