Clearance of Corporate Transactions

Key Points

  • Clearance is a voluntary procedure for an employer to obtain a Clearance Statement from the Pensions Regulator in respect of a specific transaction or event
  • A Clearance Statement is an assurance that the Pensions Regulator will not use its anti-avoidance powers in respect of a specific event or transaction
  • The Pensions Regulator only expects to see applications in respect of transactions or events that fall within the Regulator's definition of a "Type A" event
  • Before granting Clearance the Pensions Regulator will expect that any material detriment to the pension scheme as a result of a transaction is mitigated
  • The Pensions Regulator expects the trustees to confirm if they support an application
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