Regulation 3 Liability to pay a CEP incurred during an assessment period

For the purposes of section 135(4)(b)(ii) of the 2004 Act, a prescribed liability is a liability of the trustees or managers of the scheme to pay a CEP which is incurred during the assessment period.

A scheme incurs a liability to pay a CEP on, or after, the assessment date if, on that date or during the assessment period, the trustees or managers of the scheme elect to pay a CEP.