{
  "url": "https://openlegislation.uk/pensions-regulator-contribution-notices-and-restoration-orders-regulations-2005/note",
  "json_url": "https://openlegislation.uk/pensions-regulator-contribution-notices-and-restoration-orders-regulations-2005/note.json",
  "legislation": "uksi/2005/931",
  "legislation_title": "The Pensions Regulator (Contribution Notices and Restoration Orders) Regulations 2005",
  "legislation_url": "https://openlegislation.uk/pensions-regulator-contribution-notices-and-restoration-orders-regulations-2005",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make further provision relating to the “moral hazard” provisions in sections 38 and 52 of the Pensions Act 2004 (c. 35) (“the Act”). These sections provide for two of the powers of the Pensions Regulator known as the “moral hazard” provisions, that is, the Regulator's power to issue contribution notices and to make restoration orders.\nRegulation 3 prescribes those schemes to which sections 38 and 52 of the Act do not apply.\nRegulation 4 prescribes “appropriate persons” who may be involved in a transaction involving scheme assets which is at an undervalue.\nAs these Regulations are made before the expiry of the period of six months beginning with the coming into force of the provisions of the Act by virtue of which they are made, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply.\nA full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business, charities or the voluntary sector.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/931/note",
    "retrieved_at": "2026-10-29T05:00:52.661435+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}