The Pensions Board has granted a five month extension to the deadline for defined benefit schemes to submit funding proposals and Section 50 applications.  This is the third such extension of time granted in the last two years (see our earlier Legal News article).  The extension is aimed at allowing defined benefit schemes time to consider and take into account recently implemented regulations which permit schemes to increase normal retirement age with immediate and retroactive effect.  The new extension applies to schemes whose current filing deadline is between 30 June 2010 and 31 December 2010.  There has been no change to the deadline for submission of actuarial funding certificates.