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reg 29

Contribution notices

In force
Part 6Contributions

29 Contribution notices

(1)

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.

(2)

A contribution notice must specify—

(a)

the amount (if any) to be paid by the TNSP under the contribution determination (which may include the amount being paid in instalments);

and

(b)

the amount of money (if any) that is to be returned to the TNSP;

and

(c)

the date or dates by which any payment must be made by the TNSP;

and

(d)

the date or dates by which any money that is to be returned to the

TNSP must be paid; and

(e)

the way in which each payment must be made; and

(f)

any other matter specified in the Scheme Regulator's guidelines.

(3)

A TNSP must comply with the requirements of a contribution notice.

(4)

A payment by a TNSP under a contribution notice must be made to the

Financial Vehicle for payment into the Fund.

(5)

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.

(6)

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).

(7)

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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