Regulation 26 Extension of time limits for payment of cash equivalents

The Regulatory Authority may grant an extension of the period mentioned in section 101J(1)(a) F2or (b) of the 1993 Act to the trustees or managers of an occupational pension scheme if the trustees or managers have within that period applied to the Regulatory Authority for an extension and—

the Regulatory Authority is satisfied that—

the provisions of section 53 of the 1993 Act M1 (supervision: former contracted-out schemes) apply; or

an application has been made for an extension on one or more of the grounds specified in paragraph (a) or (b) and the Regulatory Authority’s consideration of the application cannot be completed before the end of the period mentioned in section 101J(1)(a) or (b) of the 1993 Act.

In this regulation—

• “scheme reconciliation service” means the service set up by HMRC which allows schemes to compare the scheme’s records of members who have been contracted-out, and the value of members’ guaranteed minimum pensions, with HMRC’s records of the same, with a view to removing any errors in the scheme’s or HMRC’s records;

• “section 9(2B) rights” has the meaning given in regulation 2(1) of the Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 2015.