Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial support direction definition

What does Financial support direction mean? A financial support direction (FSD) is used in UK pensions practice to require an employer, or a person connected or associated with it (for example a holding company or controlling shareholder), to put financial support in place for a defined benefit (DB) occupational pension scheme within a specified period. It is a statutory power of The pensions regulator (TPR) under the Pensions Act 2004. TPR may issue an FSD where the scheme employer is a service company or is insufficiently resourced, and it is reasonable to impose the direction. Targets can include group companies and other entities...

Financial Support Directions under the Pensions Act 2004: scope, targets, statutory tests, reasonableness, look-back, insolvency treatment, enforcement and key case law (UK)

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT:

On 11 February 2019, the Department for Work and Pensions (DWP) issued its response to the consultation ‘Protecting defined benefit Pension Schemes—A Stronger pensions regulator’, which followed the government’s White Paper ‘Protection Defined Benefit Pension Schemes’ (19 March 2018). Among other measures, the government proposed working with TPR and the PPF to convert the FSD procedure into a single-stage approach, under which the Determinations Panel would impose a specified form and amount of enforceable financial support on a target. It also confirmed the regime would be retitled Financial Support Notice (FSN). The regime’s reach would be widened to include individual controlling shareholders of the sponsoring employer. The government would likewise pursue the plan to broaden the potential targets of FSD enforcement activity to ensure pension promises are fulfilled. In addition, it signalled an intention to replace the insufficiently resourced test with a new, scheme-focused assessment. The government said it would continue collaborating with TPR on the detailed design of this test, with the specifics to be set out in secondary legislation...

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Web page updated on 21/05/2026

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