Examples of Financial Support Directions in a sentence
The Pensions Regulator (Financial Support Directions) etc Regulations 2005 provide that the same schemes are exempt from financial support directions as contribution notices.
The Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any Loan Party or Restricted Subsidiary unless the aggregate liability of the Loan Parties under all Financial Support Directions and Contribution Notices is less than $10,000,000.
We propose to strengthen and improve the way Financial Support Directions work by:• Creating a single-stage process, under which the Financial Support Direction would create a specific and enforceable obligation on the target (rather than this occurring at some later stage as in the current regime).
The UK Pensions Regulator issues a Financial Support Direction or a Contribution Notice is issued to Borrower, any UK Guarantor or any Subsidiary which is a company organized under the laws of England and Wales, unless the aggregate liability of Borrower, any UK Guarantor and such Subsidiaries under all Financial Support Directions and Contributions Notices is less than Five Hundred Thousand Dollars ($500,000.00).
This would make the process simpler and quicker, and would provide greater clarity for everyone involved.• Tightening up the forms of financial support the target is required to make to the scheme, so that Financial Support Directions will either require a cash payment or impose a form of statutory guarantee in relation to some or all of the sponsoring employer’s liabilities to the scheme.
Currently, the IR Test is measured against a threshold of 50% of the employer’s debt as set out in section 75 of the Pensions Act 1995 (prescribed by regulation 6 of the Pensions Regulator (Financial Support Directions, etc.) Regulations 2005) and respondents felt this to be arbitrary and potentially open to abuse.Other proposals ranged from taking a more holistic approach to the value of the sponsoring employer to replacing the IR Test completely with something more scheme-focussed.
The UK Pensions Regulator issues a Financial Support Direction or a Contribution Notice is issued to any Loan Party or any of their Subsidiaries, unless the aggregate liability of the UK Loan Parties and their Subsidiaries under all Financial Support Directions and Contributions Notices is less than Five Hundred Thousand Dollars ($500,000).
Companies can seek confirmation from the Pensions Regulator that, in the circumstances set out in a clearance application, the Regulator does not consider it would be reasonable to use their powers to issue Financial Support Directions or Contribution Notices.
The UK Pensions Regulator issues a Financial Support Direction or a Contribution Notice is issued to Apollo UK or any Subsidiary which is a company organized under the laws of England and Wales, unless the aggregate liability of Apollo UK and such Subsidiaries under all Financial Support Directions and Contributions Notices is less than Five Hundred Thousand Dollars ($500,000).
The UK Pensions Regulator issues a Financial Support Direction or a Contribution Notice is issued to Axovant England or any Subsidiary which is a company organized under the laws of England and Wales, unless the aggregate liability of Axovant England and such Subsidiaries under all Financial Support Directions and Contributions Notices is less than Five Hundred Thousand Dollars ($500,000).