Modification of the Act N.I.

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 95 of the 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 Article 19 of the Order and which contains a direction under paragraph (4)(f) of that Article that affects the application referred to in section 95(2) of the Act.

(2) Where this regulation applies, section 95(2) of the 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 6 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 Article 19 of the Pensions (Northern Ireland) Order 2005 which contains a direction under paragraph (4)(f) of that Article is in effect prior to the date arrived at under sub-paragraph (i) in relation to that scheme, within 3 months beginning with the date on which that direction ceases to have effect;”.

Commencement Information

I1 Reg. 3 in operation at 6.4.2005, see reg. 1(1)

(1)

Subsection (2) was substituted by paragraph 8(a) of Schedule 4 to the Pensions (Northern Ireland) Order 1995