Pension Schemes Act 1993

[F1 101J Time for compliance with transfer notice. U.K.

(1) Trustees or managers of a qualifying scheme who receive a transfer notice shall comply with the notice—

(a) in the case of an occupational pension scheme, within 6 months of the valuation date or, if earlier, by the date on which the member to whom the notice relates reaches normal benefit age, and

(b) in the case of a personal pension scheme, within 6 months of the date on which they receive the notice.

(2) The Regulatory Authority may, in prescribed circumstances, [F2 by direction] extend the period for complying with the notice.

[F3 (2A) Regulations may extend the period for complying with the notice in prescribed circumstances.]

F4 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Where the trustees or managers of an occupational pension scheme have failed to comply with a transfer notice before the end of the period for compliance—

(a) they shall, except in prescribed cases, notify the Regulatory Authority of that fact within the prescribed period, and

(b) section 10 of the Pensions Act 1995 (power of the Regulatory Authority to impose civil penalties) shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that the notice was complied with before the end of the period for compliance.

(5) If trustees or managers to whom subsection (4)(a) applies fail to perform the obligation imposed by that provision, section 10 of the Pensions Act 1995 shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that the obligation was performed.

(6) Regulations may—

(a) make provision [F5 requiring applications for extensions under subsection (2) to meet prescribed requirements], and

(b) provide that subsection (4) shall not apply in prescribed circumstances.

(7) In this section, “valuation date”, in relation to a transfer notice given to the trustees or managers of an occupational pension scheme, means—

(a) in the case of a salary related scheme, the date by reference to which the amount shown in the relevant statement under section 101H is determined, and

(b) in the case of any other scheme, the date the notice is given.]

Textual Amendments

F1 Pt. 4A inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 37, 89(5)(a); S.I. 2000/1047, art. 2(2)(d), Sch. Pt. 4

F2 Words in s. 101J(2) inserted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 15(a); S.I. 2006/560, art. 2(3), Sch. Pt. 3

F3 S. 101J(2A) inserted (3.3.2015 for specified purposes) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 18(3) (with s. 87)

F4 S. 101J(3) repealed (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 13; S.I. 2005/695, art. 2(7), Sch. 1

F5 Words in s. 101J(6)(a) substituted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 15(b); S.I. 2006/560, art. 2(3), Sch. Pt. 3