24.—(1) Where a pause order containing a direction under section 31(5)(e) of the Act (pause orders) has effect in respect of a scheme, section 95(1) of the Pension Schemes Act (trustees’ duties after exercise of option) has effect in relation to that scheme as if for subsection (2)(b) of section 95 there were substituted—
“(b)in the case of an application that relates to money purchase benefits, by the later of—
(i)the last day of the 6 months beginning with the date of the application, or
(ii)where a pause order made under section 31(5) of the Pension Schemes Act (Northern Ireland) 2021 and containing a direction under section 31(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 3 months beginning with the date on which the pause order ceases to have effect.”.
(2) In regulation 13(1) of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(2) (extension of time limits for payment of cash equivalents)—
(a)at the end of sub-paragraph (ba) omit “or”;
(b)after sub-paragraph (ba) insert—
“(bb)the scheme is, or within the 3 months immediately before the end of that period has been, the subject of a pause order under section 31(5) of the Pension Schemes Act (Northern Ireland) 2021 which contains a direction under section 31(5)(e) of that Act (no transfers etc of members’ rights); or”;
(c)in sub-paragraph (c) for “(b) or (ba)” substitute “(b), (ba) or (bb)”.
Commencement Information
I1Reg. 24 in operation at 27.3.2024, see reg. 1
Section 95(2) was substituted by paragraph 59 of Schedule 4 to the Pension Schemes Act 2015 and amended by section 76(4) of the Pension Schemes Act 2021 (c. 1)
S.R. 1996 No. 619; regulation 13 was amended by regulation 4(3) of S.R. 2005 No. 114, regulation 5 of S.R. 2015 No. 164, Articles 27(2) and 33(2) of S.R. 2016 No. 158, regulation 3(8) of S.R. 2022 No. 192 and regulation 24(2) of S.R. 2023 No. 148