The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996

Part V Time Limits for Payment of Cash Equivalents

Extension of time limits for payment of cash equivalents

13.  The Regulatory Authority may grant an extension of the period mentioned in section 95(2)(a) or, as the case may be, (b)(1) (trustees' duties after exercise of option) if the trustees have within that period applied to the Regulatory Authority for an extension and—

(a) the Regulatory Authority are satisfied that—

(i) the scheme is being wound up or is about to be wound up;

(ii) the scheme is ceasing to be a contracted-out scheme;

(iii) the interests of the members of the scheme generally will be prejudiced if the trustees do what is needed to carry out what is required within that period;

(iv) the member has not taken all such steps as the trustees can reasonably expect in order to satisfy them of any matter which falls to be established before they can properly carry out what the member requires;

(v) the trustees have not been provided with such information as they reasonably require properly to carry out what the member requires; or

(vi) the member’s guaranteed cash equivalent has been reduced or increased under regulation 9 or the member has disputed the amount of the cash equivalent;

(b) the provisions of section 49(2) (supervision of formerly certified schemes) apply; or

(c) an application has been made for an extension on a ground specified in paragraph (a) or (b) and the Regulatory Authority’s consideration of the request cannot be completed before the end of that period.

(1)

Section 95(2)(a) and (b) is substituted by paragraph 8(a) of Schedule 4 to the Pensions (Northern Ireland) Order 1995

(2)

Section 49 applies to occupational pension schemes by virtue of section 48(1) of the Pension Schemes (Northern Ireland) Act 1993. Section 49 is amended by paragraph 40 of Schedule 3 to the Pensions (Northern Ireland) Order 1995