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Amendment of section 50 of Act of 1990
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24. Section 50 of the Act of 1990 is amended—
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(a) by inserting the following subsection after subsection (2A):
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“(2B) Where the Pensions Authority gives a direction under subsection (1), (1A) or (1B), other than on application by the trustees, the trustees of the scheme shall—
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(a) within one month of the date of the notice, notify in writing such persons as may be prescribed of the following—
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(i) the direction,
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(ii) the measures specified by the Pensions Authority in the notice or, if no measures are specified, such measures as the trustees consider may be necessary to reduce the benefits under the scheme, and
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(iii) the right of such persons as may be prescribed to bring an appeal to the High Court under subsection (6),
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and
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(b) submit a copy of the notification made under paragraph (a) to the Pensions Authority not later than 10 days after the date of the notification.”,
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(b) in subsection (5) —
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(i) by substituting the following paragraph for paragraph (b):
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“(b) the trustees of the scheme and the employer to whom the scheme relates shall make such notifications and provide such information to such persons as may be prescribed, when and in such manner as the Pensions Authority may specify,”,
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and
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(ii) in paragraph (c), by inserting “within such period as may be prescribed,” after “direction,”,
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(c) in subsection (6), by substituting “after the date of the notification under subsection (2B).” for “after the date of the direction.”, and
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(d) in subsection (7), by substituting the following paragraph for paragraph (a):
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“(a) during the period of 21 days after the date of the notification made under subsection (2B),”.
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