Regulation 2 Amendment of section 10 of, and Schedule 2 to, the Act

After subsection (6)(h) of section 10 of the Act (functions exercisable by the Determinations Panel), insert—

“(ha)

section 58(7) of that Act (power of the Regulator in prescribed circumstances to extend or further extend the period referred to in section 58(6) of that Act in relation to a schedule of contributions);

(hb)

section 60(7) of that Act (power of the Regulator in prescribed circumstances to extend or further extend the period applicable under section 60(3) of that Act in relation to securing an increase in value);”.

After paragraph 15 of Schedule 2 to the Act^f1 (the reserved regulatory functions), insert—

“15A.

The power under section 58(7) to extend or further extend the period referred to in section 58(6) of that Act in relation to a schedule of contributions for an occupational pension scheme.

15B.

The power under section 60(7) to extend or further extend the period applicable under section 60(3) of that Act in relation to securing an increase in the value of the assets of an occupational pension scheme.”.

Paragraphs (ha) and (hb) of section 10(6) of, and paragraphs 15A and 15B of Schedule 2 to, the Act (as inserted by paragraphs (1) and (2)) shall only have effect in the case of applications made by virtue of sections 58(7) and 60(7) of the Pensions Act 1995^f2 on or after the date on which these Regulations come into force for the exercise of the power to extend or further extend under section 58(7) or 60(7) of that Act.