Contribution notices
29 Contribution notices
The Scheme Regulator may, after making a contribution determination, by written notice served on a TNSP (a contribution notice), provide advice about the effect of the contribution determination on the TNSP.
A contribution notice must specify—
the amount (if any) to be paid by the TNSP under the contribution determination (which may include the amount being paid in instalments);
and
the amount of money (if any) that is to be returned to the TNSP;
and
the date or dates by which any payment must be made by the TNSP;
and
the date or dates by which any money that is to be returned to the
TNSP must be paid; and
the way in which each payment must be made; and
any other matter specified in the Scheme Regulator's guidelines.
A TNSP must comply with the requirements of a contribution notice.
A payment by a TNSP under a contribution notice must be made to the
Financial Vehicle for payment into the Fund.
A payment to a TNSP under a contribution notice must be made by the
Financial Vehicle from money standing to the credit of the
Fund.
The amount to be paid by a TNSP under a contribution notice is recoverable by the Financial Vehicle as a debt in a court of competent jurisdiction (and once recovered is payable into the
Fund).
If the Scheme Regulator has varied a contribution determination under regulation 28, this may be reflected by the variation of a contribution notice or by the issuing of a new or additional contribution notice.
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