The Occupational Pension Schemes (Master Trusts) Regulations 2018

Pause orders

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 99 of the 1993 Act(1) (trustees’ duties after exercise of option) has effect in relation to that scheme as if for subsection (2)(b) of section 99 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 six months beginning with the date of the application, or

(ii) where a pause order made under section 31(5) of the Pension Schemes Act 2017 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 three months beginning with the date on which the pause order ceases to have effect.”.

(2) Regulation 13(1) of the Occupational Pension Schemes (Transfer Values) Regulations 1996(2) (extension of time limits for payment of cash equivalents) is amended as follows—

(a) at the end of sub-paragraph (ba) omit “or”;

(b) after sub-paragraph (ba) insert—

“(bb) the scheme is, or within the three 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 2017 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)”.

(1)

Section 99(2) was substituted by the Pension Schemes Act 2015 (c. 8), Schedule 4, Part 1, paragraph 13.

(2)

S.I. 1996/1847. Regulation 13(1) was amended by S.I. 2016/200, and sub-paragraph (ba) was inserted by S.I. 2005/686; there are other amending instruments but none is relevant.