Pause orders24
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 Act30 (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 199631 (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)”.