Article 144 Transfer notice

(1)

This Article applies where the Board is required to assume responsibility for a scheme under Article 111, 112, 136 or 142.

(2)

The Board must give the trustees or managers a notice (a “transfer notice”).

(3)

In a case to which Article 111 or 112 applies, a transfer notice may not be given until the valuation obtained under Article 127 is binding.

(4)

In a case to which Article 142 applies, a transfer notice may not be given until the valuation obtained under paragraph (3) of that Article is binding.

(5)

A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of Article 130 or 131 (refusal to assume responsibility) is reviewable (see Article 133(6)(b)).

(6)

The Board must give a copy of any notice given under paragraph (2) to—

(a)

the Regulator, and

(b)

any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

(7)

This Article is subject to Article 156(1) and (2) (no transfer notice within first 12 months of assessment period or when fraud compensation application is pending).