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The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996

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This is the original version (as it was originally made).

Extension of period for meeting serious shortfalls

26.—(1) The Authority may extend (or further extend) the period which by virtue of regulation 20 would otherwise be the period within which the increase required to be secured under section 60(2) must be secured, if it is to be secured as mentioned in paragraph (a) of that section, if, on an application duly made to the Authority in that behalf by the trustees or managers of a scheme or the employer, they are satisfied, subject to paragraph (2), that—

(a)one of the conditions mentioned in paragraph (2) of regulation 25; and

(b)all the conditions mentioned in paragraph (3) of that regulation,

are met.

(2) For the purposes of this regulation, paragraphs (2) to (5) of regulation 25 apply to an application under paragraph (1) above as they apply to an application under that regulation, but subject to the following modifications—

(a)in paragraph (2)(b) for the reference to the level of contributions required to be made by or on behalf of the employer there shall be substituted a reference to the amount of the appropriate payment required to be made by the employer under section 60(2)(a);

(b)in paragraphs (3)(b) and (4)(a)(ii) for the references to securing that the minimum funding requirement will be met there shall be substituted references to securing that the required increase in value is secured;

(c)in a case where it is proposed to make a single payment under section 60(2)(a), paragraph (4)(b)(ii) and (e) shall be omitted;

(d)in a case where it is proposed to make two or more payments under section 60(2)(a), paragraph (4)(b)(ii) shall have effect with the substitution for the reference to contributions of a reference to those payments and paragraph (4)(e) shall be omitted.

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