PART II EXTENSION, POSTPONEMENT OR CESSATION OF IMPLEMENTATION PERIOD

Circumstances in which an application for an extension of the implementation period may be made3.

The circumstances in which an application may be made for the purposes of section 33(4) of the 1999 Act (application for extension of period within which pension credit liability is to be discharged) are that the application is made to the Regulatory Authority before the end of the implementation period; and—

(a)

the Regulatory Authority is satisfied that—

(i)

the scheme is being wound up or is about to be wound up;

F1(ii)

the scheme ceased to be a contracted-out scheme in the 12 month period ending on the second abolition date, and the trustees or managers of the scheme are seeking to reach an agreement with HMRC as to the scheme’s liabilities for guaranteed minimum pensions or section 9(2B) rights of members through the scheme reconciliation service but such agreement has not yet been reached;

(iii)

the financial interests of the members of the scheme generally will be prejudiced if the trustees or managers do what is needed to discharge their liability for the pension credit within that period;

(iv)

the transferor or the transferee has not taken such steps as the trustees or managers can reasonably expect in order to satisfy them of any matter which falls to be established before they can properly discharge their liability for the pension credit;

(v)

the trustees or managers have not been provided with such information as they reasonably require properly to discharge their liability for the pension credit within the implementation period;

(vi)

the transferor or the transferee has disputed the amount of the cash equivalent calculated and verified for the purposes of section 29 of the 1999 Act (creation of pension debits and credits);

(b)

the provisions of section 53 of the 1993 Act M1 (supervision: former contracted-out schemes) apply; or

(c)

the application has been made on one or more of the grounds specified in paragraph (a) or (b), and the Regulatory Authority’s consideration of the application cannot be completed before the end of the implementation period.