Notifiable Event

The Pensions Regulator relies heavily on early warning to intervene before a defined benefit pension scheme is put at serious risk, and the notifiable events framework exists to trigger that warning. Section 69 of the Pensions Act 2004 provides that, 'except where the Regulator otherwise directs, the appropriate person must give notice of any notifiable event to the Regulator', with 'notifiable event' defined as 'a prescribed event in respect of an eligible scheme, or a prescribed event in respect of the employer in relation to an eligible scheme.'

Because the events themselves are set out in regulations rather than the Act, the list can be updated as the Regulator's priorities evolve, but it has typically covered matters such as a decision by the scheme's sponsoring employer to relinquish control of the business, significant restructurings, or other events that could weaken the employer's ability to support the scheme. Notice must generally be given as soon as reasonably practicable after the appropriate person becomes aware of the event, giving the Regulator an opportunity to engage before member benefits are put at risk.