Have you got clearance? (TT Dec05 p22-24)

The regulator aims to deal with clearance applications flexibly and responsively, striking the right balance between reducing the risk to members’ benefits and not intervening unnecessarily in the conduct of employers. The regulator can penalise attempts to avoid pension scheme liabilities and enforce financial arrangements to cover pension liabilities. A clearance statement protects a corporate transaction from the regulator’s anti-avoidance powers.