The Occupational Pension Schemes (Collective Money Purchase Schemes) (No. 2) Regulations (Northern Ireland) 2023

Pause orders

33.  Where a pause order containing a direction under section 95(5)(e) of the 2021 Act (pause orders) has effect in respect of a scheme, section 95(1) of the 1993 Act (trustees’ duties after exercise of option) has effect in relation to that scheme as if for subsection (2)(c) of section 95 there were substituted—

“(c) in the case of an application which relates to money purchase benefits that are collective money purchase benefits, by the later of—

(i) the last day of the period of 6 months beginning with the date of the application or such longer period beginning with that date as may be prescribed, and

(ii) where a pause order made under section 95(2) of the Pension Schemes Act 2021 and containing a direction under section 95(5)(e) of that Act has effect in relation to that scheme before the last day of the period referred to in sub-paragraph (i), the last day of the period of 3 months beginning with the date on which the pause order ceases to have effect.”.

(1)

Section 95(2) was substituted by paragraph 59(2) of Schedule 4 to the Pension Schemes Act 2015 (c. 8) and amended by section 76(4) of the Pension Schemes Act 2021 (c. 1)