[F1101J Time for compliance with transfer notice.U.K.
(1)Trustees or managers of a qualifying scheme who receive a transfer notice shall comply with the notice—
[F2(a)in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the valuation date, and
(b)in the case of an application that relates to money purchase benefits, within 6 months of the date on which the notice is given.]
(2)The Regulatory Authority may, in prescribed circumstances, [F3by direction] extend the period for complying with the notice.
[F4(2A)Regulations may extend the period for complying with the notice in prescribed circumstances.]
[F5(2AA)Subsection (1) does not apply if the trustees or managers have been unable to carry out what the member requires because a condition prescribed by regulations under section 101F(5A) has not been satisfied.]
[F6(2AB)Subsection (1) does not apply if—
(a)the member was required by section 101G(4) to make an application under section 95(1) in addition to giving a transfer notice, and
(b)the trustees or managers have been unable to carry out what the member required in the application under section 95(1) because a condition prescribed by regulations under section 95(6ZA) has not been satisfied.]
F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Where the trustees or managers of an occupational pension scheme have failed to comply with a transfer notice before the end of the period for compliance—
(a)they shall, except in prescribed cases, notify the Regulatory Authority of that fact within the prescribed period, and
(b)section 10 of the Pensions Act 1995 (power of the Regulatory Authority to impose civil penalties) shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that the notice was complied with before the end of the period for compliance.
(5)If trustees or managers to whom subsection (4)(a) applies fail to perform the obligation imposed by that provision, section 10 of the Pensions Act 1995 shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that the obligation was performed.
(6)Regulations may—
(a)make provision [F8requiring applications for extensions under subsection (2) to meet prescribed requirements], and
(b)provide that subsection (4) shall not apply in prescribed circumstances.
[F9(7)In subsection (1)(a), “valuation date” means the date by reference to which the amount shown in the relevant statement under section 101H is determined.]]
Textual Amendments
F1Pt. 4A inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 37, 89(5)(a); S.I. 2000/1047, art. 2(2)(d), Sch. Pt. 4
F2S. 101J(1)(a)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 18(2) (with s. 87)
F3Words in s. 101J(2) inserted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 15(a); S.I. 2006/560, art. 2(3), Sch. Pt. 3
F4S. 101J(2A) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 18(3) (with s. 87)
F5S. 101J(2AA) inserted (30.11.2021) by Pension Schemes Act 2021 (c. 1), ss. 125(7), 131(1); S.I. 2021/1236, reg. 2
F6S. 101J(2AB) inserted (30.11.2021) by Pension Schemes Act 2021 (c. 1), ss. 125(8), 131(1); S.I. 2021/1236, reg. 2
F7S. 101J(3) repealed (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 13; S.I. 2005/695, art. 2(7), Sch. 1
F8Words in s. 101J(6)(a) substituted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 15(b); S.I. 2006/560, art. 2(3), Sch. Pt. 3
F9S. 101J(7) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 18(4) (with s. 87)