Regulation K3 Time for payment of transfer value under regulation K2

(1)

Where an application is duly made to a fund authority under regulation K2(2)(c) in respect of any person, they shall pay a transfer value not later than—

(a)

twelve months after the date on which they receive the application, or

(b)

if—

(i)

his NRD is earlier,

(ii)

he ceased to be a member as described in regulation K2(1) at least one year before his NRD, and

(iii)

he made his application under regulation K2(2)(c) before the expiry of the period of six months beginning with the date on which he ceased to be a member,

his NRD.

(2)

Where—

(a)

proceedings before a court have been commenced against a person at any time before the expiry of the period of twelve months beginning with the date on which he ceased to be a member,

(b)

those proceedings (including any proceedings on appeal) have not been concluded at least three months before the date by which the fund authority are required to pay the transfer value under paragraph (1), and

(c)

it appears to the fund authority at that date that the proceedings may lead to all or any part of the benefits payable under these regulations to or in respect of that person being forfeited under regulation H4,

then the fund authority need not pay a transfer value in relation to that person until the expiry of the period of three months beginning with the date on which those proceedings are concluded.