59(1)Section 95 (trustees’ duties after exercise of option) is amended as follows.
(2)For subsection (2) substitute—
“(2)Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 91 they must do what is needed to carry out what the member requires—
(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the guarantee date shown in the relevant statement of entitlement, and
(b)in the case of an application that relates to money purchase benefits, within 6 months beginning with the date of the application.”
(3)In subsection (3)(a) omit “at any time before the expiry of the period of 12 months beginning with the termination date”.
(4)Omit subsection (3A).
(5)After subsection (4A) insert—
“(4B)Regulations may extend the period for compliance under subsection (2) or (3) in prescribed circumstances.”