The Pensions Regulator

Clearance

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The effect of a clearance statement

157. A clearance statement does not relate to any other events or circumstances, whether prior to, subsequent to or concurrent with the event described in the application. For example, if the regulator issues a financial support direction clearance statement in relation to the sale of the employer as described in the application, then this clearance statement will not restrict the regulator's powers to act in relation to any other events or circumstances. Using the same example, such a clearance statement would not prevent, for instance, the regulator issuing a financial support direction taking into account a return of capital that occurs after the sale of the employer, a prior apportionment of an employer's s75 debt or security granted to lenders as part of the transaction.
158. In some circumstances, the regulator may decide not to grant a clearance statement. A clearance statement does not represent approval of an event, and a failure to obtain a clearance statement does not, by itself, prevent an event from proceeding.
159. A clearance statement will not bind the regulator if the circumstances giving rise to the regulator's powers to issue a contribution notice or a financial support direction (as appropriate) are materially different from the circumstances described in the application. Therefore, a clearance statement will only be of benefit if the event, any mitigation, and other relevant circumstances are accurately and fully described in the application. If it is not and the differences are material, or if circumstances change in a material way, the regulator may consider exercising its anti-avoidance powers.
     

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