SCHEDULES

SCHEDULE 5Pause orders: Northern Ireland

Validation of action in contravention of pause order

3

(1)

If a pause order is made in relation to a collective money purchase scheme, the Pensions Regulator may by order validate action taken in contravention of the order.

(2)

Any of the following persons may apply to the Regulator for an order under this paragraph validating particular action—

(a)

the trustees of the scheme;

(b)

any person directly affected by the action.