(1)  If the Board has made a final decision under regulation 126 adversely to an applicant, he or she may, within 6 months after notification of the final decision, require the Board to apply to the Supreme Court for a declaration in respect of that final decision.

(2)  Subject to subregulation (3) , the Supreme Court may, on an application under subregulation (1) , make a declaration, having regard to facts existing and events that had occurred at the time when the Board's final decision was made, as to the validity or otherwise of that final decision.

(3)  The Supreme Court must not make a declaration under subregulation (2) in respect of a final decision of the Board the validity of which cannot be decided at the time when the Court is asked to make the declaration.

(4)  For the purpose of reviewing a final decision by the Board, the Supreme Court has all the powers and discretions that are conferred on the Board by law or under the Act.

(5)  The Supreme Court may make a declaration –

(a) affirming the Board's final decision; or

(b) remitting the matter to which the Board's final decision relates to the Board for reconsideration in accordance with the directions of the Court; or

(c) varying the Board's final decision; or

(d) setting aside the Board's final decision and substituting another decision for that final decision of the Board.

(6)  Except as provided in subregulations (7) and (8) , the cost of making the application to the Supreme Court is to be met by the Board from the Fund.

(7)  If an applicant requires the Board to apply to the Supreme Court for a declaration, he or she must pay to the Board at the time of making that request an application fee of 200 fee units.

(8)  If the Supreme Court considers that the request made by the applicant is frivolous or not in good faith, the Court may award costs in full or part against that applicant.

(9)  The application of this regulation extends to an application made by the Board to the Supreme Court before the commencement of the Retirement Benefits (Miscellaneous Amendments) Act 2001 which had not been determined before that commencement.