Pensions regulator updates clearance guidance

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Punter Southall examines updated guidance published by the Pensions Regulator for trustees and employers on the clearance process. The guidance does not fundamentally alter the clearance process but instead formalises the way the it has been operating in practice.

Clearance is a voluntary process whereby an employer approaches the Pensions Regulator in order to seek formal confirmation that a proposed act (or failure to act) will not result in the regulator applying either a contribution notice or a financial support direction in relation to the act. The Pensions Regulator has always considered clearance to only be necessary where an act is of material financial detriment to the ability of the pension scheme to meet its obligations to the members.

Clearance is only binding on the re...

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