The Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005

Modification of the 1993 Act

3.—(1) This regulation applies where, in relation to a salary related occupational pension scheme—

(a) the trustees or managers are required to act in accordance with subsection (2) of section 99 of the 1993 Act(1) (trustees' duties after exercise of cash equivalent option) within whichever of the time limits set out in paragraph (a) of that subsection is applicable (“the relevant period”); and

(b) at any time during the relevant period there is a freezing order in effect, which is made in accordance with section 23 of the Act and which contains a direction under subsection (4)(f) of that section that affects the application referred to in section 99(2) of the 1993 Act.

(2) Where this regulation applies, section 99(2)(a) of the 1993 Act shall have effect as if for paragraph (a) there were substituted—

“(a) in the case of a member of a salary related occupational pension scheme—

(i) by the date which is the last day of the period of six months beginning immediately after the guarantee date, or (if earlier) by the date on which the member attains normal pension age, or

(ii) (if later than the date arrived at under sub-paragraph (i)) where a freezing order made under section 23 of the Pension Act 2004 which contains a direction under subsection (4)(f) of that section is in effect prior to the date arrived at under sub-paragraph (i) above in relation to that scheme, within three months beginning with the date on which that direction ceases to have effect;”.

(1)

Section 99(2)(a) was substituted by paragraphs 2 and 6(a) of Schedule 6 to the 1995 Act.