Disclosure
Home Statutory Instruments 2007 S.I. No. 182/2007 –
Trust Racs (Disclosure of Information) Regulations
2007
S.I. No. 182/2007 – Trust Racs (Disclosure of Information) Regulations 2007
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INDEX
1. Citation and Commencement
2. Definitions
3. Audited Accounts
4. Valuation Reports
5. Annual Reports
6. Disclosure of reports — audited accounts and annual reports
7. Disclosure of information in relation to trust RACs — constitution of the trust RAC
8. Disclosure of information in relation to trust RACs — basic information about the trust RAC
9. Disclosure of information in relation to trust RACs — general requirements relating to information to be made available to individuals under articles 10-15
10. Information to be made available — member not receiving benefits
11. Information to be made available — termination of contributions
12. Information to be made available — retirement or death of a member or beneficiary
13. Information to be made available — trust RAC in wind-up
14. Information to be made available — Pension Adjustment Orders
15. Information to be made available — investment
16. Service of information and documents
Schedule A
Contents of Accounts
Schedule B
The Annual Report — Information to accompany audited accounts
Schedule C
Basic information about the trust RAC
Schedule D
Information to be made available to a member not receiving benefits
Schedule E
Information to be made available — termination of contributions
Schedule F
Information to be made available — retirement or death of member or beneficiary
Schedule G
Information to be made available — Pension Adjustment Orders
Schedule H
Information in relation to investment
S.I. No. 182 of 2007
TRUST RACS (DISCLOSURE OF INFORMATION) REGULATIONS 2007
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 4th May, 2007.
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 54, 55, 56, 57 and 59 (all as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990), and with the consent of the Minister for Finance hereby makes the following Regulations—
Citation and Commencement.
1. (1) These Regulations may be cited as the Trust RACs (Disclosure of Information) Regulations 2007.
(2) These Regulations come into operation on 27 April 2007.
Definitions.
2. In these Regulations—
“accumulated value” of any contributions means the amount which the trustees determine to be equal to—
(a) the realisable value of the resources of the trust RAC, in accordance with the rules of the trust RAC, which represent those contributions, less
(b) the amount of any of the expenses of the trust RAC which, under the rules of the trust RAC, are to be discharged out of those resources;
“the Act” means the Pensions Act 1990 (No. 25 of 1990);
“concentration of investment” in relation to a trust RAC means investments exceeding a stated percentage of the resources of the trust RAC in one undertaking and in any associate of it or in one property, other than in the following categories—
(a) Government securities;
(b) insurance policies;
(c) contracts of assurance;
(d) managed funds;
(e) unit trusts; or
(f) cash deposits.
“contingent benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997 ( S.I. No. 107 of 1997 );
“designated benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997;
“made available for inspection” means made available for inspection at a place which is convenient having regard to the circumstances of the request and to the person who made it;
“normal pensionable age” means the later of—
(a) the age of 60 years (or any earlier age approved by the Revenue Commissioners for the purposes of section 784(3)(c) of the Taxes Consolidation Act 1997 (No. 39 of 1997) in the case of the member’s occupation), or
(b) any age or date agreed between the member and the trustees not being later than the date on which the member attains the age of 75 years;
“on request” means a request in writing for a specified document or item of information provided that, unless the context otherwise requires, any request made within 12 months of the last occasion on which a copy of the same document or information was made available or furnished to the same person shall not be deemed to be a valid request;
“Pension Adjustment Order” means an order made by the Court under section 12 of the Family Law Act 1995 (No. 26 of 1995) or section 17 of the Family Law (Divorce) Act 1996 (No. 33 of 1996);
“reckonable service” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997;
“relevant employment” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997;
“relevant persons” means—
(a) the members of the trust RAC,
(b) the spouses of members of the trust RAC, or
(c) persons within the application of the trust RAC qualifying or prospectively qualifying for its benefits;
“trust RAC year” in relation to a trust RAC means whichever of the periods specified in section 55(1) of the Act the trustees select;
“Statement of Reasonable Projection — Trust RAC” means a statement prepared or caused to be prepared, in accordance with paragraph 12 of Schedule D or paragraph 6 of Schedule E, by the trustees of a trust RAC for a member of that trust RAC under article 10(1), article 10(2) and article 11(2);
“transfer amount” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997.
Audited Accounts.
3. (1) In this article “relevant trust RAC” means a trust RAC to which section 56 of the Act applies.
(2) The trustees of a relevant trust RAC shall, in accordance with section 56 of the Act, cause—
(a) the accounts of such a trust RAC to be audited by the auditor of the trust RAC in respect of each trust RAC year which commences on or after 1 June 2006, and
(b) the auditor’s report to be prepared on the accounts,
as soon as reasonably practicable after the end of the trust RAC year.
(3) The audited accounts shall include the information specified in Schedule A to these Regulations which is applicable and material to the relevant trust RAC.
(4) The auditor’s report on the accounts of the relevant trust RAC shall include—
(a) a statement whether, in his opinion, the requirements of sub-article (3) are satisfied;
(b) a statement that, in his opinion, the accounts show a true and fair view of the financial transactions of the relevant trust RAC during the trust RAC year and of the amount and disposition of the assets and liabilities (other than liabilities to pay pensions and other benefits in the future) at the end of the trust RAC year; and
(c) if any of the statements under paragraph (a) or (b) is qualified, a statement of the reasons.
(5) The audited accounts of a relevant trust RAC shall be signed—
(a) by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee; or
(b) if there is a person authorised under the rules of the trust RAC, by such person.
(6) A person shall not be qualified for appointment as auditor of a relevant trust RAC, for the purposes of the Act, if he is—
(a) a member or a trustee of the relevant trust RAC; or
(b) a director or employee of any of the trustees of the relevant trust RAC.
Valuation Reports.
4. The trustees of a trust RAC shall, in accordance with section 56(2A) of the Act—
(a) cause the liabilities of the trust RAC to be valued as at the last day of each trust RAC year commencing on or after 1 June 2006, and
(b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each trust RAC year.
Annual Reports.
5. (1) In this article “relevant trust RAC” means a trust RAC to which section 55 of the Act applies.
(2) The trustees of a relevant trust RAC shall, in accordance with section 55 of the Act, prepare in respect of each trust RAC year commencing on or after 1 June 2006, an annual report of the trust RAC as soon as reasonably practicable after the end of the trust RAC year.
(3) A copy of the latest annual report prepared in accordance with this article, shall be made available in accordance with article 6(1).
(4) The trustees shall inform the members of the relevant trust RAC of the availability of the annual report not later than 4 weeks after the time specified in article 6(1).
(5) The annual report in respect of a relevant trust RAC shall contain the following—
(a) a copy of the audited accounts in respect of the trust RAC year,
(b) a copy of the auditor’s report on the accounts as specified in sub-article (4) of article 3 and where the auditor’s report is qualified the trustees should state whether the matter has been resolved,
(c) a copy of the valuation report prepared in accordance with article 4 in relation to that trust RAC year, and
(d) such other information as is specified in paragraphs 1 to 16 of Schedule B in so far as it applies to the relevant trust RAC.
(6) The annual report shall be signed by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee.
Disclosure of reports — audited accounts and annual report
6. (1) A copy of the latest audited accounts and annual report prepared under articles 3 and 5 shall be made available by the trustees of the relevant trust RAC not later than 9 months after the end of the trust RAC year to which they relate, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons.
(2) A copy of the latest audited accounts and annual report prepared under articles 3 and 5 shall be furnished free of charge, on request, to any of the relevant persons not later than 4 weeks after the request is made.
(3) A copy of any earlier audited accounts or annual reports shall be—
(a) made available for inspection free of charge on request to any of the relevant persons not later than 4 weeks after the request is made, and
(b) furnished on request (not being a request made within 3 years of the last occasion on which a copy of the same audited accounts or annual report was furnished) and on payment of a reasonable charge (unless the trustees decide otherwise) to any of the relevant persons not later than 4 weeks after the request is made.
Disclosure of information in relation to trust RACs — Constitution of the trust RAC.
7. (1) Subject to sub-article (4), the trustees of a trust RAC shall make available in the manner specified in sub-articles (2) and (3) below, to the relevant persons the following—
(a) the contents of the trust deed where the trust RAC is constituted by such a deed,
(b) the contents of any document constituting the trust RAC where the trust RAC is not constituted by a trust deed,
(c) the contents of the rules of the trust RAC, and
(d) the contents of any document which amends or supplements or wholly or partly supersedes a document the contents of which fall to be furnished under paragraphs (a), (b) and (c).
(2) A copy of any document specified in sub-article (1) shall be made available for inspection, free of charge, on request, but without limitation as to the number of requests in any twelve-month period, to any of the relevant persons not later than 4 weeks after such request is made.
(3) A copy of any of the documents specified in sub-article (1) shall, on request, be furnished on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.
(4) Where different rules are applicable to different members, nothing in this article shall be construed as requiring the trustees to furnish a document or part of a document, in relation to a member, that is not relevant to his rights under the trust RAC.
Disclosure of information in relation to trust RACs — basic information about the trust RAC.
8. (1) Subject to sub-article (5), the trustees of a trust RAC shall furnish in writing the information specified in Schedule C to the persons specified in sub-articles (2) and (3).
(2) The information specified in Schedule C shall be furnished to every person who becomes a member of a trust RAC within 2 months of his becoming a member.
(3) The information specified in Schedule C shall, not later than 4 weeks after the request is made, be furnished on request to the relevant persons.
(4) The trustees of the trust RAC shall notify the members of the trust RAC of any material alteration in the information specified in Schedule C within 4 weeks of the date of making of any such alteration.
(5) Where different rules are applicable to different members of a trust RAC, nothing in this article shall be construed as requiring the trustees to disclose information in relation to a member that is not relevant to his rights under the trust RAC.
Disclosure of information in relation to trust RACs — general requirements relating to information to be made available to individuals under articles 10 to 15.
9. (1) The trustees of a trust RAC shall furnish in writing the information specified in Schedules D to H to these Regulations to the persons specified and in the circumstances specified in articles 10 to 15.
(2) The information to be furnished by the trustees under articles 10 to 15 shall, except where otherwise specified in these Regulations, relate to a date specified for this purpose by the trustees, not being a date earlier than 12 months before the date on which such information is so furnished.
(3) When any information specified in Schedules D to H is provided, it shall be accompanied by a written statement that further information about the trust RAC is available giving the name and address of the person to whom enquiries should be sent.
(4) Where there is a right to request the method of calculation of any benefit, the information in respect of which is to be furnished under articles 10 to 15, such information shall be accompanied by a written statement that the calculation method is available upon request.
(5) The trustees of a trust RAC shall furnish in writing the information specified in Schedules D to H to the same extent to or in respect of trust RAC members who move to another Member State as to or in respect of trust RAC members who remain within the State.
(6) A Statement of Reasonable Projection — Trust RAC under article 10 or 11 shall be prepared in accordance with any guidance notes issued by the Society of Actuaries in Ireland in relation to the preparation of such statements.
Information to be made available — member not receiving benefits.
10. (1) Such information as is specified in paragraphs 1 to 12 of Schedule D shall be furnished to any member of a trust RAC, who has not commenced to receive benefits in accordance with the rules of the trust RAC, at least once in every trust RAC year commencing on or after 1 January 2008 and the information must relate to a date specified for this purpose by the trustees, not being a date earlier than 3 months before the date upon which such information is so furnished.
(2) In addition to being furnished in accordance with sub-article (1), the Statement of Reasonable Projection — Trust RAC referred to in paragraph 12 of Schedule D shall with effect from 1 January 2008 be furnished to every member of a trust RAC—
(a) within 2 months of his becoming a member of the trust RAC or a transfer being received in respect of him into the trust RAC, and
(b) not later than 4 weeks after a request for the statement is made by a member of the trust RAC on payment of a reasonable charge (unless the trustees decide otherwise), and
(c) not later than 4 weeks after the date of a variation of trust RAC benefits as a result of which the trustees are required to notify a member of a material alteration in the information specified in Schedule C.
Information to be made available — termination of contributions.
11. (1) The information specified in paragraphs 1 to 5 of Schedule E shall be furnished as appropriate—
(a) to any member of a trust RAC as soon as practicable and in any event within 2 months after he has notified the trustees that contributions to the trust RAC by and in respect of him have terminated or are about to terminate, other than by reason of the winding up of the trust RAC, and
(b) to any other member of a trust RAC, on request, as soon as practicable and in any event within 2 months after the request is made.
(2) The information specified in paragraph 6 of Schedule E shall with effect from 1 January 2008 be furnished as appropriate—
(a) to any member of a trust RAC as soon as practicable and in any event within 2 months after he has notified the trustees that contributions to the trust RAC by and in respect of him have terminated or are about to terminate, other than by reason of the winding up of the trust RAC, and
(b) to any other member of a trust RAC, on request, as soon as practicable and in any event within 2 months after the request is made.
Information to be made available — retirement or death of a member or beneficiary.
12. (1) Where, on or after the making of these Regulations, a benefit under the trust RAC has become payable or is about to become payable to any of the persons specified in sub-article (3), the information specified in paragraphs 1, 2, 3, 4 and 5 of Schedule F, shall be furnished to that person as soon as practicable and in any event within 2 months after the benefit becomes payable.
(2) Where the amount of benefit payable under the trust RAC to a person specified in sub-article (3) is or is about to be altered otherwise than in accordance with paragraph 4 of Schedule F, a statement of the amount of the revised benefit shall be furnished to him as soon as practicable and in any event within 2 months after the alteration is made including, in the case where such alteration represents an increase in benefit, a statement of the conditions (if any) subject to which the payment of that increase will continue.
(3) The persons to whom this article relates are—
(a) the members of the trust RAC,
(b) the spouses of members of the trust RAC, and
(c) persons within the application of the trust RAC and qualifying for its benefits.
Information to be made available — trust RAC in wind up.
13. (1) In this article “trust RAC in wind up” means a trust RAC in respect of which an act or event has occurred or a decision has been taken which, under the rules of the trust RAC, causes that trust RAC to wind up.
(2) In the case of a trust RAC in wind up, the trustees shall—
(a) as soon as possible, but in any event not later than 12 weeks after the act or event or decision requiring the trust RAC to wind up or the date on which the trustees first become aware or ought reasonably to have been aware that such an event has occurred, notify the Pensions Board and all persons specified in sub-article (4) of such an act, event or decision;
(b) as soon as practicable after the resources of the trust RAC have been ascertained furnish each person specified in sub-article (4)(a) and (b) with information relating to the rights and options (if any) available to him as regards his benefit entitlements in accordance with the rules of the trust RAC respecting a winding up;
(c) as soon as practicable after the resources of the trust RAC have been applied furnish each person specified in sub-article (4)(a) with—
(i) such information as is specified in paragraphs 1 to 5 of Schedule E relating to the rights secured for him, and
(ii) information as to who will be liable to pay the benefits after the trust RAC is wound up and the address to which enquiries should be sent concerning a person’s entitlements.
(d) as soon as practicable after the resources of the trust RAC have been applied furnish each person specified in sub-article (4)(b) with—
(i) such information as is specified in Schedule F relating to the rights secured for him, and
(ii) information as to who will be liable to pay the benefits after the trust RAC is wound up and the address to which enquiries should be sent concerning a person’s entitlements.
(3) For the purposes of this article if the trustees are not in possession of or cannot ascertain an address for the members or beneficiaries then they shall publish a notice in a national newspaper to the effect that the trust RAC is winding up detailing the name and address of the person to whom enquiries should be sent concerning entitlements under the trust RAC.
(4) The persons to whom this article relates are—
(a) the members of the trust RAC who have not commenced to receive benefits in accordance with the rules of the trust RAC at the date of the decision or the occurrence of the event requiring the trust RAC to wind up, and
(b) members who are in receipt of benefits under the trust RAC and other persons who are in receipt of or who are entitled to receive benefits under the trust RAC.
Information to be made available — Pension Adjustment Orders.
14. (1) The information specified in paragraphs 1 to 4 of Schedule G shall be furnished to a non-member spouse or other person specified in a Pension Adjustment Order relating to a member as soon as practicable and in any event within 2 months of notification to the trustees of the granting of a Pension Adjustment order in relation to the member’s benefits.
(2) The information specified in paragraphs 2, 5 and 6 of Schedule G shall be furnished to a non-member spouse on request as soon as practicable and in any event within 2 months after the request is made.
(3) The information specified in paragraphs 2, 3, 6 and 10 of Schedule G shall be furnished to a non-member spouse within 2 months after the member or his employer has notified the trustees that his relevant employment has terminated.
(4) The information specified in paragraphs 2, 3, 6 and 11 of Schedule G shall be furnished to a non-member spouse as soon as practicable and in any event within 2 months of the member ceasing to be a member of the trust RAC other than by reason of death. Where the member’s reckonable service has terminated and no transfer amount has been paid in accordance with sub-sections 5, 6, 7, 8 or 9 of section 12 of the Family Law Act 1995 and section 17 of the Family Law (Divorce) Act 1996 , such information (other than that set out in paragraph 11 of Schedule G) shall be furnished within 2 months after the member or his employer has notified the trustees of such termination.
(5) The information specified in paragraphs 2, 7 and 8 of Schedule G shall be furnished to a non-member spouse as soon as practicable and in any event within 2 months after the trustees apply the transfer amount in accordance with sub-sections 6 and 8 of section 12 of the Family Law Act 1995 and of section 17 of the Family Law (Divorce) Act 1996 .
(6) The information specified in paragraphs 2 and 9 of Schedule G shall be furnished on request to a non-member spouse (or other person specified in a Pension Adjustment Order affecting the member’s benefits under the trust RAC) as soon as practicable and in any event within 2 months after the request is made.
Information to be made available — investment.
15. The information specified under Schedule H shall be furnished on request to a member of a trust RAC as soon as practicable after the request is received but in any event within 3 months of the date of the request.
Service of information and documents.
16. Any person shall (unless otherwise agreed with that person) be given, notified or furnished by ordinary post at the last address known to the trustees, any—
(a) information or documentation which these Regulations require the trustees of a trust RAC to give, notify or furnish, or
(b) request for information or for a document to be given, notified or furnished in pursuance of these Regulations.
Article 3.
SCHEDULE A
CONTENTS OF ACCOUNTS
1. Accounts of the trust RAC shall show a true and fair view of—
(a) the financial transactions of the trust RAC during the trust RAC year,
and
(b) the assets and liabilities at the end of the trust RAC year.
2. (a) The information referred to at paragraph 1(b) need not include-
(i) insurance policies which have been purchased and which fully match the pension obligations of the trust RAC in respect of specific individual members or other persons in respect of such members or to both, or
(ii) liabilities to pay benefits in the future.
(b) The notes thereto should, other than in the case of a trust RAC the resources of which are invested wholly in managed funds, include a statement of the distribution of the investments of the trust RAC detailing, where appropriate, particulars of any concentration of investment in excess of 5 per cent of the resources of the trust RAC at the trust RAC year end.
3. A reconciliation of the information mentioned in paragraph 1(a) with the information mentioned in the paragraph 1(b).
4. In respect of every amount shown in the accounts, a statement of the corresponding amount for the trust RAC year previous to the one to which the accounts relate, except in the case where article 3 is complied with by trustees of a trust RAC for the first time.
5. A statement whether the accounts have been prepared in accordance with the Statement of Recommended Practice-Financial Reports of Pension Schemes issued by the Pensions Research Accountants Group, as amended from time to time, current to the end of the trust RAC year to which the accounts relate and, where this is not the case, the particulars of any material departures from that Statement.
Article 5.
SCHEDULE B
THE ANNUAL REPORT — INFORMATION TO ACCOMPANY AUDITED ACCOUNTS
1. The names of all persons who were trustees of the trust RAC during the trust RAC year to which the information relates, and those trustees acting at the date of signing of the annual report in accordance with sub-article (6) of article 5 and the names of the directors of any company being a trustee during the trust RAC year to which the information relates or at the date of signing of the annual report as aforesaid.
2. The name of each actuary, auditor, solicitor, bank, investment manager, custodian and administrator acting for or retained by the trustees during the trust RAC year and (where different) those retained at the date of signing of the annual report in accordance with sub-article (6) of article 5 with an indication (except where article 5 is complied with by the trustees for the first time) of any change since the previous trust RAC year.
3. The name or title, and the address of the person to whom enquiries about the trust RAC generally or about an individual’s entitlement to benefit should be sent.
4. Where any changes have been made since the previous trust RAC year in the information specified in Schedule C, a statement to that effect and that the members concerned have been notified in accordance with sub-article (4) of article 8.
5. (a) The following information must be provided as at any one date during the trust RAC year—
(i) the number of members (other than members in receipt of benefits under the rules of the trust RAC) and
(ii) the number of persons in receipt of benefits under the rules of the trust RAC.
(b) The number of members or other persons referred to in sub-paragraph (a)(ii) need not include any member or person in respect of whom an insurance policy has been purchased and such policy has been excluded from the annual accounts in accordance with paragraph 2(a)(i) of Schedule A.
(c) Any material changes in the information provided in the previous trust RAC year under sub-paragraphs (a)(i) and (ii) should be accompanied by an explanatory note.
6. A review by the trustees of the financial development of the trust RAC during the trust RAC year, as shown by the audited accounts.
7. The name of each person or organisation concerned in the management of the investments of the trust RAC during the year and the extent of any delegation of this function by the trustees.
8. Whether or not the trust RAC is bearing the costs of any investment manager and, if so, the basis on which such investment manager is paid.
9. An investment report containing—
(a) a statement by the trustees, or the investment manager, of the investment policies pursued during the trust RAC year on behalf of the trust RAC, and any material changes in these policies during the trust RAC year,
(b) a review of the investment performance of the trust RAC’s fund during the trust RAC year and the nature, disposition, marketability, security and valuation of the trust RAC’s resources, and
(c) the latest statement of investment policy principles.
10. A statement as to whether—
(a) the trustees have access to appropriate training on their duties and responsibilities as trustees, and
(b) any costs and expenses were incurred in relation to such trustee training in the trust RAC year which have been met out of the resources of the trust RAC.
11. Where the accounts of the trust RAC for the trust RAC year concerned refer to a significant post year end item, a statement by the trustees in relation to that item.
12. A statement that the trust RAC has been registered with the Pensions Board and the registration number.
13. A statement as to whether the trustees and (if applicable) the persons charged with the administration of the trust RAC have access to—
(a) the Trustee Handbook produced by the Pensions Board, and
(b) the Guidance Notes issued by the Pensions Board from time to time in accordance with section 10 of the Act.
14. A statement by the trustees that they have appropriate procedures in place to ensure that the contributions to the trust RAC are invested within 10 days of the end of the month in which those contributions are received.
15. Unless already disclosed with the information provided under article 8, a statement concerning the condition of the trust RAC, in particular concerning the financial, technical and other risks associated with the trust RAC and the nature of and distribution of those risks.
16. Unless already disclosed, a statement explaining the procedures in place to comply with the requirements of article 5 of the Pensions Ombudsman Regulations 2003 ( S.I. No. 397 of 2003 ) with regard to the internal resolution of disputes.
Article 8.
SCHEDULE C
BASIC INFORMATION ABOUT THE TRUST RAC
1. The categories of person who are eligible to be members of the trust RAC.
2. The conditions of membership.
3. Whether the trust RAC is approved for the purposes of section 784(4) or 785(5) of the Taxes Consolidation Act 1997 , and, if not, whether an application for such approval of the trust RAC is under consideration by the Revenue Commissioners.
4. What benefits, if any, are payable under the trust RAC, and how they are calculated.
5. The conditions on which benefits are paid and any options relating thereto.
6. Which of the benefits, if any, are such that fulfilment of the obligation to pay them to or in respect of particular members is guaranteed by means of one or more insurance policies which are specifically allocated to the provision of benefits payable to or in respect to those members. Where the payment of the benefit under any life assurance policy is subject to the satisfaction of any underwriting criteria, this should be stated.
7. The name or title and address of the person to whom enquiries about the trust RAC generally or about an individual’s entitlement to benefit should be sent.
8. Whether there is power to amend the trust RAC terms detailing who may amend the trust RAC and whether there are any significant conditions on the exercise of that power.
9. A statement that the trust RAC has been registered with the Pensions Board and the registration number.
10. A statement, that in the event of judicial separation or divorce, a Court application for a Pension Adjustment Order in respect of the retirement or contingent benefits payable to or in respect of a married member may be made noting that further information about the operation and impact of Pension Adjustment Orders may be obtained from the Pensions Board.
Article 10.
SCHEDULE D
INFORMATION TO BE MADE AVAILABLE TO A MEMBER NOT RECEIVING BENEFITS
1. (a) The member’s date of entry into membership of the trust RAC and the date of the member’s normal pensionable age, and
(b) The amount of contributions paid by or in respect of the member of the trust RAC and the amount of any transfer payment received on behalf of the member from another trust RAC or retirement annuity contract approved under section 784 or 785 of the Taxes Consolidation Act 1997 .
2. (a) (i) The accumulated value as at a specified date of the contributions and transfers in respect of accrued rights paid, credited or received on behalf of the member by the trust RAC to provide benefits payable at or from normal pensionable age or death thereafter. The value must be expressed on the assumption, which must be stated, that the member does not receive benefits under the rules of the trust RAC before normal pensionable age and it must not include any estimate of bonus, interest or other additions after the specified date other than those which are explicitly guaranteed under the policy of assurance or other contract to which the contributions have been applied; and
(ii) a statement of whether or not this value is guaranteed and, if not guaranteed, that the amount available at normal pensionable age could be higher or lower than the value stated.
(b) (i) If different by reference to the accumulated value in paragraph 2(a), the amount of money that would be available as at the specified date in respect of the member for transfer out of the trust RAC on the assumption, which must be stated, that the member’s contributions to the trust RAC terminated as at the specified date; and
(ii) A statement of whether or not this value is guaranteed and, if not guaranteed, that the amount available in respect of the member for transfer out of the trust RAC at any date, after the specified date, if the member’s contributions terminated, could be higher or lower than the value stated.
(c) A statement that the Social Welfare pension may be payable in addition to the pension under the rules of the trust RAC, that qualification for the Social Welfare pension is subject to tests administered by the Department of Social and Family Affairs and the address and telephone number of the information service of the Department of Social and Family Affairs.
3. The amount of benefit or benefits payable under the trust RAC in respect of the death of the member prior to normal pensionable age without regard to possible increases in his salary or any change in the accumulated value of the contributions after a specified date.
4. Whether the member has an option to acquire rights to additional benefits in exchange for any transfer payment provided by another trust RAC or retirement annuity contract approved under section 784 or 785 of the Taxes Consolidation Act 1997 and, if so—
(a) the amount of these additional benefits or an explanation of how they will be calculated, and
(b) a statement of how the option may be exercised.
5. The member’s name, date of birth, known marital status and gender.
6. Name of trustees to the trust RAC at the date specified.
7. If a Pension Adjustment Order has been received in respect of the member’s benefits under the trust RAC this must be stated and, if so, either a statement of the effect of the Pension Adjustment Order or details as to where further information relating to the effect and operation of the Pension Adjustment Order on the benefits to or in respect of the member may be obtained.
8. A statement specifying—
(a) each contribution paid or credited by or on behalf of the member to the trust RAC between the current and previous dates specified,
(b) the amount of any transfer in respect of accrued rights received or made by the trust RAC on behalf of the member between the current and previous dates specified,
(c) the aggregate net amounts under sub-paragraphs (a) and (b) invested by the trustees in the trust RAC on behalf of the member between the current and previous dates specified, and
(d) a statement explaining the difference between the amount under sub-paragraph (c) and the aggregate gross amounts under sub-paragraphs (a) and (b).
9. A statement that the method of calculation of contributions payable in respect of the member is set out in the trust RAC rules and in the letter or booklet containing basic information about the trust RAC which the trustees are required to make available/furnish to the member on request under articles 7 and 8 and the name and address of the person from whom the rules, letter or booklet are available.
10. A statement that the member should contact in the first instance the person specified in article 9(3), and then, if necessary, the trustees and the employer and then, if necessary, the Pensions Board, if he is concerned that contributions payable in respect of him during the trust RAC year have not been paid in accordance with the rules of the relevant trust RAC, or the member’s contract of employment or otherwise under section 58A of the Act.
11. A statement that the information, specified in paragraph 8, is issued on behalf of the trustees and that the trustees are required under the provisions of section 59(1)(aa) of the Act to ensure that the contributions to a trust RAC are invested within 10 days of the end of the month in which those contributions are received.
12. A Statement of Reasonable Projection — Trust RAC, which—
(a) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the trust RAC based on the contributions paid and/or credited, by or on behalf of the member to the trust RAC, at the date of the statement and based on any transfer in respect of accrued rights received by the trust RAC on behalf of the member at the date of the statement;
(b) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the trust RAC based on the contributions and transfers paid, credited or received and those contributions proposed to be paid or credited, by or on behalf of the member to the trust RAC, at the date of the statement;
(c) includes a statement of the material assumptions (including, as may be relevant, assumptions as to investment return, future contributions, date of termination of contributions and date of retirement) on which the level of benefits mentioned in sub-paragraphs (a) and (b) have been calculated but disregarding the effects of inflation; and
(d) a statement advising the member of the importance of making adequate financial provision for retirement.
Provided that if the statement is being produced under Article 10(1) to a member within 2 months of his becoming a member, it shall specify only the level of benefits which could reasonably be expected at a specified date or dates to be payable under the trust RAC based on the contributions proposed to be paid and/or credited by or on behalf of the member to the trust RAC at the date of the statement and the assumptions previously stated.
Article 11.
SCHEDULE E
INFORMATION TO BE MADE AVAILABLE — TERMINATION OF CONTRIBUTIONS
1. The rights and options (if any) available to a member whose contributions terminate before he attains normal pensionable age, including details of—
(a) the accumulated value as at a specified date, which date shall not be earlier than the date the notice of termination of contributions was received, of the contributions paid by or in respect of the member,
(b) the date or dates on which such amounts become payable and a brief explanation of how the amounts would be applied,
(c) whether there is an option to have benefits payable immediately and the relevant details of such benefits,
(d) the name and address of the trust RAC, its trustees and those responsible for the payment of the member’s benefits.
2. Whether any amount of money is available in respect of the member for transfer out of the trust RAC and, if so—
(a) an estimate of its amount calculated on the basis that the member’s contributions terminated or will terminate on one particular date; and
(b) the accrued rights to which it relates.
3. The procedures for claiming the member’s benefits payable in the event of the termination of his contributions prior to normal pensionable age.
4. If any transfer payment has been effected or any amount has been paid in respect of the benefits specified in sub-paragraph (a) of paragraph 1 by the trustees of the trust RAC without the consent of the member, the name and address of the trust RAC or PRSA to which the transfer payment or any amount has been paid or of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the member.
5. If a Pension Adjustment Order has been received in respect of the member’s benefits under the trust RAC this must be stated and, if so, either a statement of the effect of the Pension Adjustment Order or details as to where further information relating to the effect and operation of the Pension Adjustment Order on the benefits to or in respect of the member may be obtained.
6. A Statement of Reasonable Projection — Trust RAC which specifies the level of benefits which could reasonably be expected at a date specified in the projection to be payable under the trust RAC based on the contributions paid and/or credited by or on behalf of the member to the trust RAC, at the date of the statement and on any transfer in respect of accrued rights received by the trust RAC on behalf of the member at the date of the statement. This level of benefits must be expressed on assumptions, which must be stated, as to investment return and the benefits not becoming payable before the date specified in the projection.
Article 12.
SCHEDULE F
INFORMATION TO BE MADE AVAILABLE — RETIREMENT OR DEATH OF MEMBER OR BENEFICIARY
1. The amount of benefit which is payable to or in respect of the person and any options relating thereto and the procedure for exercising them.
2. The method by which the amount specified in paragraph 1 has been calculated.
3. If the amount of benefit is payable periodically the conditions (if any) subject to which the payment will continue.
4. If a benefit is payable periodically the provisions (if any) under the rules of the trust RAC whereby the amount payable will be altered.
5. An explanation of the option available to members to take a level pension with no subsequent increases or a lower initial pension which would increase each year during payment.
Article 14.
SCHEDULE G
INFORMATION TO BE MADE AVAILABLE — PENSION ADJUSTMENT ORDERS
1. A statement with the details both as to the amount of and the nature of the benefit to be provided under the Pension Adjustment Order.
2. A note that further information may be obtained from the Pensions Board.
3. The name or title and the address of the person to whom enquiries should be sent.
4. A statement that the non-member spouse or person specified in the Pension Adjustment Order is advised to notify the trustees of any change of address.
5. An estimate of the transfer amount which may be applied by the non-member spouse.
6. A statement of the options available to the non-member spouse.
7. The date of the application of transfer amount.
8. The name and address of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the non-member spouse.
9. An estimate of the contingent benefit payable under the Pension Adjustment Order.
10. A statement that any contingent benefit awarded under a Pension Adjustment Order ceases to have effect.
11. A statement that the member spouse has ceased to be a member of the trust RAC.
Article 15.
SCHEDULE H
INFORMATION IN RELATION TO INVESTMENT
1. A description of the different types of investment (if any) which could be made at the direction of the member (the “investment alternatives”).
2. A statement as to which one or more of the investment alternatives will be the default investment strategy which the trustees shall implement in respect of a member unless the member directs the trustees in writing to invest in one or more of the investment alternatives as selected by the trustees. The statement may include a provision that where more than one investment alternative is included by the trustees in the statement under this paragraph, the trustees may decide at the date of investment in which one or more of the investment alternatives, and in what proportions, the trustee will invest.
3. The identity of the investment manager or managers.
4. With respect to each investment alternative, a general description by the trustees of or information received by the trustees in respect of—
(a) its investment objectives;
(b) its risk and return characteristics, and
(c) the type and diversification of assets comprising the portfolio of the investment alternative.
5. With regard to members’ directions—
(a) an explanation of when members may give or vary directions;
(b) an explanation of any specified limitations on such directions under the terms of the trust RAC, the investment alternative or otherwise;
(c) information on any restrictions on transfer to or from an investment alternative.
6. A description of the charges levied on each investment alternative which reduce contributions on their investment and/or the rate of return to members.
7. The name or title and address of the person or persons to whom enquiries about the investment alternatives should be sent.
8. If the trust RAC rules include a provision that the trustees are not liable for poor investment returns as a result of investments made by the trustees or made by the trustees as a result of directions from a member, a statement to that effect.
9. Information on the investment portfolio, risk exposures and the costs related to investments.
retirement annuity contracts
GIVEN under my Official Seal,
25 April 2007
SÉAMUS BRENNAN
Minister for Social and Family Affairs.
The Minister for Finance consents to the making of the foregoing Regulations.
retirement annuity contracts
GIVEN under my Official Seal,
25 April 2007
BRIAN COWEN
Minister for Finance
EXPLANATORY NOTE
(This Note is not part of the instrument and does not purport to be a legal interpretation.)
Section 54 of the Pensions Act, 1990 , as amended by section 37 of the Social Welfare and Pensions Act 2007 , provides that the trustees of large trust RACs must make prescribed information available to their members. These Regulations prescribed the information to be made available. The information is similar to that which is required to be made available by the trustees of large defined contribution occupational pension schemes.
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S.I. No. 436/2011 –
Trust RACs (Disclosure of Information) (Amendment) Regulations 2011.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by sections 5 (amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), 54 (amended by section 36 of the Social Welfare and Pensions Act 2011 (No. 9 of 2011)), 55 (amended by section 37 of the Social Welfare and Pensions Act 2011 ) and 56 (amended by section 38 of the Social Welfare and Pensions Act 2011 ) of the Pensions Act 1990 (No. 25 of 1990), with the consent of the Minister for Public Expenditure and Reform, hereby make the following regulations:
Citation
1. (1) These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2011.
(2) The Trust RACs (Disclosure of Information) Regulations 2007 and 2008 and these Regulations may be cited together as the Trust RACs (Disclosure of Information) Regulations 2007 to 2011.
Amendment of Trust RACs (Disclosure of Information) Regulations 2007
2. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended—
(a) by substituting the following article for article 4:
“4.(1) The trustees of a regulatory own funds Trust RAC shall, in accordance with section 56 of the Act, cause—
(a) the resources and liabilities of the Trust RAC to be valued by the actuary of the Trust RAC at a date referred to in these Regulations as the ‘effective date’, and
(b) the actuary’s report to be prepared on the valuation as soon as reasonably practicable after the effective date.
(2) The effective date of the first valuation to be prepared under section 56(1) of the Act shall be—
(a) in the case of a Trust RAC which on 23 September 2010 was a regulatory own funds trust RAC, not later than 29 June 2014,
(b) in the case of a Trust RAC which commences after 23 September 2010 and which from the Trust RAC’s commencement is a regulatory own funds trust RAC not later than 3 years after the date of its commencement,
(c) in the case of a Trust RAC which at its commencement was not a regulatory own funds trust RAC but becomes a regulatory own funds trust RAC after 23 September 2010 not later than 3 years from the date of it becoming a regulatory own funds trust RAC,
and thereafter while the Trust RAC remains a regulatory own funds trust RAC each subsequent actuarial valuation shall have an effective date not later than 3 years after the effective date of the immediately preceding valuation.
(3) The trustees of a trust RAC, other than a Trust RAC which is a regulatory own funds trust RAC, shall, in accordance with section 56(2A) of the Act—
(a) cause the liabilities of the trust RAC to be valued as at the last day of each trust RAC year commencing on or after 1 June 2006, and
(b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each trust RAC year.”,
(b) in article 5, by substituting the following sub-article for sub-article (5):
“(5)(a) The annual report in respect of a relevant trust RAC shall contain the following:
(i) a copy of the audited accounts in respect of the trust RAC year;
(ii) a copy of the auditor’s report on the accounts as specified in sub-article (4) of article (3) and where the auditor’s report is qualified the trustees should state whether the matter has been resolved;
(iii) where applicable, a copy of the valuation report prepared in accordance with sub-article (4) of article 4 in relation to that trust RAC year; and
(iv) such other information as is specified in paragraphs 1 to 16 of Schedule B in so far as it applies to the relevant trust RAC.
(b) In respect of a relevant trust RAC which is a regulatory own funds trust RAC on the last day of the period to which the annual report relates, the annual report for that trust RAC shall contain the following information in addition to the information specified in sub-article (5)(a):
(i) a statement that the trust RAC is a regulatory own funds trust RAC to which the regulatory own funds requirement applies;
(ii) the date from which it became a regulatory own funds trust RAC;
(iii) where applicable, a copy of the most recent regulatory own funds trust RAC technical provisions certificate prepared under section 53F of the Act;
(iv) where applicable, a copy of the most recent regulatory own funds certificate;
(v) details of the measures proposed in any regulatory own funds proposal prepared in accordance with section 53H of the Act which relate to the trust RAC year in respect of which the annual report is being prepared; and
(vi) details of any directions issued by the Board pursuant to section 53H of the Act which relate to the trust RAC year in respect of which the annual report is being prepared.”,
(c) in article 6—
(i) by substituting the following sub-article for sub-article (1):
“(1)(a) A copy of the latest audited accounts and annual report prepared under articles (3) and (5) shall be made available by the trustees of the relevant Trust RAC not later than 9 months after the end of the Trust RAC year to which they relate, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons,
(b) where applicable, a copy of the latest valuation report prepared under sub-article (1) of article 4 shall be made available by the trustees of the relevant scheme not later than 9 months after the effective date, or such later date as may be approved by the Board, in the manner specified by sub-article (3), to the relevant persons.”,
(ii) by inserting the following sub-article after sub-article (2):
“(2A) A copy of the latest valuation report prepared in accordance with article 4(1) shall be—
(a) made available for inspection free of charge, on request, to any of the relevant persons, not later than 4 weeks after the request is made, and
(b) furnished on request and on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.”,
(iii) in sub-article (3), by substituting “audited accounts, valuations or annual reports” for “audited accounts or annual reports”,
(d) in article 8 by substituting the following sub-article for sub-article (4):
“(4)(a) The trustees of a trust RAC shall notify the members of the trust RAC of any material alteration in the information specified in Schedule C within 4 weeks of the date of making of any such alteration.
(b) The trustees of a trust RAC which is a regulatory own funds trust RAC shall notify the members of the trust RAC of any direction issued by the Board pursuant to section 53L of the Act within 4 weeks of the date of the notice to the trustees giving that direction.”, and
(e) in Schedule C by inserting the following paragraph after paragraph 10:
“11.Where a trust RAC is a regulatory own funds trust RAC this shall be stated and full details any guarantees relating to investment performance or benefits or underwriting of any liability by the trust RAC shall be provided.”.
The Minister for Public Expenditure and Reform hereby consents to the making of the foregoing Regulations.
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GIVEN under the Official Seal of the Minister for Public Expenditure and Reform,
29 August 2011.
BRENDAN HOWLIN,
Minister for Public Expenditure and Reform.
/images/ls
GIVEN under my Official Seal,
30 August 2011.
JOAN BURTON,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations prescribe certain additional disclosure requirements on trust RACs which are regulatory own funds trust RACs to provide that:
• their resources and liabilities are valued every 3 years;
• an actuary’s report is prepared on the valuation;
• certain information is disclosed in the annual report;
• members are notified that a scheme is a regulatory own funds scheme and of any changes in its status;
• members are notified of any direction issued by the Board pursuant to Part IVB of the Pensions Act where a regulatory own funds trust RAC has failed to satisfy the technical provisions or the regulatory own funds requirement.
S.I. No. 717/2021 –
Trust RACs (Disclosure of Information) (Amendment) Regulations 2021
I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 5 (as amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), section 54 (as amended by section 36 of the Social Welfare and Pensions Act 2011 (No. 9 of 2011)), section 55 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) and section 56 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990) (as adapted by the Employment Affairs and Social Protection (Alteration of Name of Department and Title of Minister) Order 2020 ( S.I. No. 447 of 2020 )) and for the purposes of giving further effect to Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 20161 , hereby make the following Regulations:
Citation
1. These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2021.
Amendment to regulations
2. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended –
(a) in Regulation 2 by –
(i) by the insertion of the following definition after the definition for “designated benefit”:
“ “Directive of 2016” has the meaning assigned to it in section 2 of the Act;”;
(ii) by the insertion of the following definition after the definition for “reckonable service”:
“ “Regulations of 2021” means the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 );”;
(iii) by the insertion of the following definition after the definition for “relevant person”:
“ “representative” means a person authorised by a member or beneficiary of the trust RAC to represent the member or beneficiary, as the case may be, in so far as the information to be provided to the member or beneficiary in accordance with these Regulations is relevant to the rights of such a member or beneficiary of the trust RAC;”;
(b) in Regulation 3, in sub-article (5)(a), by the substitution of “in the case of a sole trustee which is a body corporate, by two directors of that body corporate” for “if there is only one trustee, by that trustee”;
(c) in Regulation 5 –
(i) in sub-article (5)(a)(iii), by the substitution of “sub-article (3)” for “sub-article (4)”;
(ii) in sub-article (5)(b)(iii), by the substitution of “section 53G” for “section 53F”;
(iii) in sub-article (5)(b)(v), by the substitution of “section 53L” for “section 53H”, and
(iv) in sub-article (5)(b)(vi), by the substitution of “section 53L” for “section 53H”;
(d) in Regulation 6 –
(i) in sub-article (1)(a), by the insertion of “and shall be publicly disclosed” after “to the relevant persons”;
(ii) in sub-article (1)(b), by the substitution of “specified by sub-article (2A)” for “specified by sub-article (3)”;
(iii) in sub-article (2), by the insertion of “, or a representative,” after “to any of the relevant persons”, and
(iv) in sub-article (3) –
(I) in paragraph (a), by the insertion of “, or, except in the case of valuation reports, a representative,” after “any of the relevant persons”, and
(II) by the substitution of the following paragraph for paragraph (b):
“(b) furnished on request, and –
(i) in the case of valuation reports, on payment of a reasonable charge (unless the trustees decide otherwise), and
(ii) in the case of audited accounts or annual reports, free of charge,
to any of the relevant persons, or in the case of the matters referred to in subparagraph (ii), a representative, not later than 4 weeks after the request is made.”;
(e) in Regulation 7 –
(i) in sub-article (1), by substituting “specified in sub-articles (1B), (2), (3) and (3A) below” for “specified in sub-articles (2) and (3) below”;
(ii) by the insertion of the following sub-articles after sub-article (1):
“(1A) The trustees of a trust RAC shall notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the trust RAC rules, not later than 4 weeks from the date of any such changes and shall, with that notification, provide –
(a) the contents of any document which amends or supplements or wholly or partly supersedes the documents referred to in sub-article (1)(a) to (c), and
(b) the notification referred to in Article 8(4)(a), if applicable.
(1B) A copy of the documents specified in paragraphs (a) to (d) of sub-article (1) shall be furnished, free of charge, to every member or beneficiary, within 2 months, as the case may be, of the person becoming a member of the trust RAC or benefits becoming payable to the beneficiary under the trust RAC.”;
(iii) in sub-article (3), by the deletion of “on payment of a reasonable charge”, and
(iv) by the insertion of the following sub-article for sub-article (3):
“(3A) A copy of the documents specified in sub-article (1) shall be furnished, free of charge, to any prospective members who are not automatically enrolled in the trust RAC, before they become a member of the trust RAC.”;
(f) by the insertion of the following Regulation after Regulation 7:
“Disclosure of Information in relation to trust RACs – General requirements
7A. (1) Where the trustees of a trust RAC are required to provide information under these Regulations to members, beneficiaries, a representative or prospective members, the trustees of the trust RAC shall ensure that the information is maintained, presented and provided in the manner set out in sub-article (2).
(2) The information referred to in sub-article (1) shall be:
(i) updated;
(ii) written in a clear manner, using clear, succinct and comprehensible language, avoiding the use of jargon and avoiding technical terms where everyday words can be used instead;
(iii) not misleading, and consistency shall be ensured in the vocabulary and content;
(iv) presented in a way that is easy to read;
(v) available in the English language, and
(vi) made available to members, beneficiaries and prospective members free of charge through electronic means, including on a durable medium or by means of a website, or on paper.”;
(g) in Regulation 8 –
(i) in sub-article (1), by the substitution of “(2), (3) and (3A)” for “(2) and (3)”;
(ii) by the substitution of the following sub-article for sub-article (2):
“(2) Subject to sub-article (3A)(b), the information specified in paragraphs 1 to 11 and 13 of Schedule C, where applicable, shall be furnished to every person who becomes a member of a trust RAC within 2 months of becoming a member.”;
(iii) by the insertion of the following sub-article after sub-article (3):
“(3A) The information specified in paragraphs 1 to 12 of Schedule C, where applicable, and, in the case of the persons referred to in paragraph (b) of this sub-article, paragraph 13, shall be furnished to any prospective members –
(a) who are not automatically enrolled in a trust RAC, before they become a member of the trust RAC,
(b) who are automatically enrolled in a trust RAC, promptly after becoming a member of the trust RAC.”;
(iv) in sub-article (4), by the substitution of the following paragraph for paragraph (a):
“(a) The trustees of a trust RAC shall notify the members and beneficiaries of the trust RAC, or a representative, of any material alteration in the information specified in paragraphs 1 to 11 and 13 of Schedule C within four weeks of the date of making any such alteration.”, and
(v) by the insertion of the following sub-article after sub-article (5):
“(6) The trustees of a trust RAC shall make available to members and beneficiaries of the trust RAC, or representatives, an explanation of the impact on members and beneficiaries of significant changes to technical provisions, where applicable.”;
(h) in Regulation 10 –
(i) in sub-article (1)(a), by the substitution of “Subject to sub-article (3), such information as is” for “Such information as is”;
(ii) in sub-article (1)(b), by the substitution of “Subject to sub-article (3), such information as is” for “Such information as is”;
(iii) in sub-article (2) –
(I) by the substitution of “Subject to sub-article (3), in addition to” for “In addition to”, and
(II) in paragraph (b), by the deletion of “on payment of a reasonable charge (unless the trustees decide otherwise)”, and
(iv) by the insertion of the following sub-article after sub-article (2) –
“(3) Sub-articles (1) and (2) shall no longer apply to a trust RAC from the date on which the trustees of the trust RAC make available, to the members of the trust RAC, the first Pension Benefit Statement in accordance with Chapter 1 of Part 6 of the Regulations of 2021.”;
(i) in Regulation 11 –
(i) in sub-article (2), by the substitution of “Subject to sub-article (3), the information” for “The information”, and
(ii) by the insertion of the following sub-article after sub-article (2):
“(3) Sub-article (2) shall no longer apply to a trust RAC from the date on which the trustees of the trust RAC make available, to the members of the trust RAC, the first Pension Benefit Statement in accordance with Chapter 1 of Part 6 of the Regulations of 2021.”;
(j) in Regulation 12 –
(i) in sub-article (1), by the insertion of “ except in the case of a member of a trust RAC referred to in sub-article (1A),” after “persons specified in sub-article (3)”, and
(ii) by the insertion of the following sub-articles after sub-article (1):
“(1A) In the case of a member referred to in sub-article (3)(a), the trustees of the trust RAC shall furnish to such a member, in due time prior to benefits becoming payable to the member from the trust RAC, or on request by the member, the information specified in paragraphs 1 to 5 of Schedule F.
(1B) The trustees of a trust RAC shall –
(a) where a benefit under the trust RAC has become payable or is to become payable, periodically provide the information specified in paragraphs 1 to 5 of Schedule F to persons specified in sub-article (3), and
(b) when a significant level of investment risk is borne by persons specified in sub-article (3) in respect of whom a benefit under the trust RAC has become payable or is about to become payable, provide such persons with appropriate information regularly.”;
(k) in Regulation 15, by the insertion of “or beneficiary, as the case may be,” after “furnished on request to a member”;
(l) by the insertion of the following Regulation after Regulation 15:
“
Information to be made available – where members bear investment risk
15A. (1) In the case of a trust RAC in which members bear an investment risk and which provides for more than one option with different investment profiles, the trustees of the trust RAC shall furnish, in the manner specified in sub-articles (2), (3) and (4), the members of the trust RAC with information in relation to –
(a) the conditions regarding the range of investment options available;
(b) the default investment option, where applicable, and
(c) the rules of the trust RAC to allocate a particular member to an investment option.
(2) The trustees of a trust RAC referred to in sub-article (1) shall furnish the information referred to in sub-article (1) to a member of the trust RAC within 2 months of becoming a member.
(3) The trustees of a trust RAC referred to in sub-article (1) shall furnish the information referred to in sub-article (1), on request, to a member of the trust RAC not later than 4 weeks after the request is made.
(4) The trustees of a trust RAC referred to in sub-article (1) shall notify the members of the trust RAC of any material alteration in the information specified in sub-article (1) within 4 weeks of the date of making of any such alteration.”;
(m) in Regulation 16, by the insertion of “or by means of any electronic method” after “by ordinary post at the last address known to the trustees”;
(n) in Regulation 17, in paragraph (a), by the deletion of “, other than a small trust RAC,”;
(o) in Schedule A, by the substitution of the following paragraph for 1:
“1. Accounts of the trust RAC shall –
(a) show a true and fair view of –
(i) the financial transactions of the trust RAC during the trust RAC year,
and
(ii) the assets and liabilities at the end of the trust RAC year,
and
(b) include disclosure of significant investment holdings.”
(p) in Schedule C –
(i) by the insertion of following paragraphs after paragraph 11:
“12. In the case of prospective members referred to in Article 8(3A) –
(a) information on any relevant options available including investment options,
(b) information on whether and how environmental, climate, social and corporate governance factors are considered in the investment approach, and
(c) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the trust RAC for a minimum of five years, or for all the years that the trust RAC has been operating where this is less than five years and information on the costs borne by members and beneficiaries.
13. A statement outlining –
(a) the mechanisms protecting accrued entitlements or the benefit reduction mechanisms, if any;
(b) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the trust RAC for a minimum of five years, or for all the years that the trust RAC has been operating where this is less than five years, and
(c) the structure of costs borne by members and beneficiaries, for trust RACs which do not provide for a given level of benefits.”;
(q) in Schedule H, by the insertion of the following paragraph after paragraph (9):
“10. Where members bear investment risk or can take investment decisions, information on the past performance of investments related to the trust RAC for a minimum of five years, or for all the years that the trust RAC has been operating where this is less than five years.”.
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GIVEN under my Official Seal,
15 December, 2021.
HEATHER HUMPHREYS,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations amend S.I. No. 182 of 2007 in order to, amongst other things, give further effect to Directive (EU) 2016/2341 by –
– in Regulation 2, by inserting a number of definitions;
– by amending Regulation 3 relating to Audited Accounts;
– by amending Regulation 5 relating to Annual Reports;
– in Regulation 6, by providing that a copy of the latest audited accounts and annual report shall be publicly disclosed and made available free of charge on request within 4 weeks of a request being made and making a number of technical amendments;
– in Regulation 7, to oblige the trustees of a trust RAC to –
• notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the trust RAC rules, within a specified time period, and to provide, with that notification, copies of the relevant documentation;
• furnish copies of the documents relating to the constitution of a trust RAC, free of charge, to every member or beneficiary within 2 months of the person becoming a member or benefits becoming payable from the trust RAC to the person concerned, and
• provide copies of the documents relating to the constitution of a trust RAC to prospective members before they become members of the trust RAC;
– inserting a new Regulation 7A to specify the manner in which information shall be provided under these Regulations by the trustees to members of a trust RAC;
– in Regulation 8, by amending the disclosure of information requirements in relation to basic information about the trust RAC and specifying when the relevant information shall be provided to members, beneficiaries, representatives or prospective members of a trust RAC;
– in Regulation 10, by providing that sub-articles (1) & (2) shall no longer apply to a trust RAC from the date on which the trustees of the trust RAC make available, to the members of the trust RAC, the first Pension Benefit Statement;
– in Regulation 11 in respect of the information to be made available to a member on termination of contributions;
– in Regulation 12, by amending the information to be made available on retirement or death of a member or beneficiary;
– in Regulation 15, by specifying that the information to be made available in relation to the investment strategy shall also be made available on request to a beneficiary;
– the insertion of a new Regulation 15A to specify the information to be made available where members bear an investment risk and when such information shall be furnished;
– in Regulation 16, by providing that information and documents may be served by electronic means as well as by ordinary post, and
– by making a number of amendments in respect of the information to be provided under Schedules A, C and H.
1 OJ No. L 354, 23.12.2016, p. 37
Pensions Act (Disclosure of Information) (Amendment) Regulations, 2007
S.I. No. 842/2007 – Pensions Act (Disclosure of Information) (Amendment) Regulations, 2007
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S.I. No. 842 of 2007
PENSIONS ACT (DISCLOSURE OF INFORMATION) (AMENDMENT) REGULATIONS, 2007
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 4th January, 2008.
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5 (as amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), 51, 54, 55, 56, 57 59 and 59D (inserted by section 43 of the Pensions (Amendment) Act 2002 (No. 18 of 2002)) of the Pensions Act, 1990 (No.25 of 1990), hereby makes the following Regulations:—
Citation and Construction.
1. (1) These Regulations may be cited as the Pensions Act (Disclosure of Information) (Amendment) Regulations, 2007.
(2) (a) Article 4 of these Regulations and the Occupational Pensions Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) may be construed together as one and may be cited together as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2007.
(b) Article 5 of these Regulations and the Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) may be construed together as one and may be cited together as the Trust RACs (Disclosure of Information) Regulations 2007.
Commencement.
2. These Regulations come into operation on 31 December 2007.
Interpretation.
3. In these Regulations—
the “Principal Regulations” means the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 );
the “Regulations of 2006” means the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2006 ( S.I. No. 582 of 2006 ).
Amendment of Occupational Pension Schemes Disclosure Regulations.
4. The Principal Regulations are amended—
(a) in article 8(1) by substituting the following for the definition of a“relevant scheme”:
“ ‘relevant scheme’ means any defined benefit scheme or any defined contribution scheme (other than a One Member Arrangement) which, at the commencement of the scheme year is a small scheme, apart from a small scheme to which the provisions of Part XII of the Act apply;”,
(b) in article 13—
(i) in sub-article (2)(a) (inserted by article 3 of the Regulations of 2006) by substituting “6 months” for “3 months”,
(ii) in sub-article (2)(b) (inserted by article 3 of the Regulations of 2006)—
(A) by substituting “6 months” for “3 months”, and
(B) by substituting “1 January 2009” for “1 January 2008”, and
(iii) in sub-article (6) (amended by article 3 of the Regulations of 2006) by substituting “1 January 2009” for “1 January 2008”.
(c) in article 14(2)(a) and article 14(4)(a) by inserting “or at any time thereafter, within two months after the request is made, not being a request made within 1 year of the last occasion on which such information was furnished” after “the scheme,”,
(d) in article 14(5) (inserted by article 3 of the Regulations of 2006) by substituting “1 January 2009” for “1 January 2008”,
(e) in Article 16 by inserting the following after sub-article (2)—
“(2A) (a) Where the trustees, or any employer to whose employment the scheme relates, propose in respect of a scheme in wind-up to exercise any discretion—
(i) as to the payment of any of the resources of the scheme to any such employer, or
(ii) as to the abatement of benefits in case of an insufficiency of resources,
the trustees or the employer, as may be appropriate, shall prior to the exercise of any such discretion furnish each person specified in sub-articles (5)(a), (b) and (c) with a notice setting out details of—
(I) the nature and extent of any discretion proposed to be exercised and the person or persons having the discretion,
(II) details of how it is proposed to exercise the discretion and the reasons why it is proposed to exercise the discretion in the particular manner, and
(III) a statement that observations on the proposed exercise of discretion may be submitted in writing by or on behalf of any member for consideration by the trustees or employer as appropriate within one month of the date of the written notice and the name and address of the person to whom observations should be sent.
(b) The trustees or the employer, as the case may be, shall not exercise the discretion until the time limit for making observations specified in sub-paragraph (a)(III) has elapsed and unless due consideration has been given to the observations received within that time limit.”,
(f) by substituting the following for paragraph 2 of Part I of Schedule D—
“2. The member’s date of entry into current membership of the scheme and the normal pensionable age in accordance with the rules of the scheme. The amount of contributions (including additional voluntary contributions) paid by the member to the scheme between the current and previous dates specified, unless it is a scheme excluded from the provisions of Part IV of the Act, and the amount of any transfer payment received on behalf of the member from another scheme or from a PRSA between the current and previous dates specified which are treated on a defined benefit basis.”,
(g) by substituting the following for paragraph 5 of Part I of Schedule D—
“5. Whether the member or prospective member has an option to purchase additional benefits on a defined benefit basis under the scheme by way of additional voluntary contributions or to acquire rights to additional benefits on a defined benefit basis in exchange for any transfer payment provided by another scheme or PRSA and if so, either—
(a) the amount of these additional benefits or an explanation of how they will be calculated, and
(b) a statement of how the option may be exercised, or
(c) if the information referred to in sub-paragraphs (a) and (b) has previously been supplied to the member in accordance with Article 11, a statement specifying the relevant document and referencing the specified paragraph of the document containing the said information.”,
and
(h) by substituting the following for sub-paragraph 14(b) of Part II of Schedule D—
“(b) The amount of contributions (including additional voluntary contributions) paid by the member of the scheme and the amount of any transfer payment received on behalf of the member from another scheme or PRSA between the current and previous dates specified.”.
Amendment of Trust RAC Disclosure Regulations
5. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended—
(a) in article 10—
(i) by substituting the following for sub-article (1)—
“(1) (a) Such information as is specified in paragraphs 1 to 11 of Schedule D shall be furnished to any member of a trust RAC, who has not commenced to receive benefits in accordance with the rules of the trust RAC, at least once in every trust RAC year commencing on or after 1 January 2008, and the information must relate to a date specified for this purpose by the trustees, not being a date earlier than 6 months before the date upon which such information is so furnished.
(b) Such information as is specified in paragraph 12 of Schedule D shall be furnished to any member of a trust RAC, who has not commenced to receive benefits in accordance with the rules of the trust RAC, at least once in every trust RAC year commencing on or after 1 January 2009, and the information must relate to a date specified for this purpose by the trustees, not being a date earlier than 6 months before the date upon which such information is so furnished.”,
(ii) in sub-article (2) by substituting “1 January 2009” for “1 January 2008”,
(b) in article 11—
(i) by inserting “or at any time thereafter, within two months after the request is made, not being a request made within 1 year of the last occasion on which such information was furnished” after “winding up of the trust RAC,” in each place where those words occur, and
(ii) in sub-article (2) by substituting “1 January 2009” for “1 January 2008”,
(c) in paragraph 1(b) of Schedule D by inserting “, between the current and previous dates specified” after “1997”.
retirement annuity contracts
GIVEN under the Official Seal of the Minister for Social and Family Affairs,
18 December 2007
MARTIN CULLEN
Minister for Social and Family Affairs
The Minister for Finance hereby consents to the making of the foregoing Regulations.
retirement annuity contracts
GIVEN under the Official Seal of the Minister for Finance,
19 December 2007
BRIAN COWEN
Minister for Finance.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations provide for some technical amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) as follows—
•To clarify that small schemes operating cross-border are required to produce full annual reports and audited accounts;
•by providing that the information in the annual benefit statement for a DC scheme should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information;
•To defer the entry into operation of the requirement to provide a statement of reasonable projection in respect of occupational pensions, until 1 January 2009 to allow for sufficient time for the development of guidance on how the statement should be prepared;
•By providing that the information in the statement of reasonable projection should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information;
•To clarify that deferred members of DB and DC schemes are entitled to the information specified in paragraphs 2 to 6 of Part 1 of Schedule E, within 2 months of a request being made.
•To make provision for members to be consulted where the trustees or employer propose in respect of a scheme in wind up to exercise any discretion as to the payment of any of the resources of the scheme to the employer or as to the abatement of assets in the case of insufficiency of resources.
•To provide that DB and DC schemes in their annual benefit statements need only provide details of all contributions, transfers in etc received by the scheme since the previous annual benefit statement.
•To permit defined benefit schemes to reference information already provided to members specifying how additional benefits on a defined benefits can be acquired and either the amount of the benefits or an explanation of how they will be calculated as an alternative to providing this information in the annual DB benefit statement;
In addition the regulations amend the Trust RACs (Disclosure of Information) Regulations 2007 (S.I. 182 of 2007) to
•by providing that the information in the annual benefit statement for a trust RAC scheme should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information.
•also provide for the deferral of entry into operation of the requirement to provide a statement of reasonable projection until 1 January 2009 in respect of trust RACs and to provide that the information in the statement of reasonable projection should relate to a date not earlier than six months before its issues.
•To clarify that a trust RAC member who has notified the trust RAC that he no longer proposes to contribute to the trust RAC is entitled to the information specified in Schedule E at any time, within two months of his requesting same.
•To provide that a trust RAC in its annual benefit statement to a member need only provide details of all contributions, transfers in etc received by the trust RAC in respect of that member since the previous annual benefit statement.
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S.I. No. 531/2008 – Pensions Act 1990 (Disclosure of Information) (Amendment) Regulations 2008
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S.I. No. 531 of 2008
PENSIONS ACT 1990 (DISCLOSURE OF INFORMATION) (AMENDMENT) REGULATIONS 2008
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 16th December, 2008.
The Minister for Social and Family Affairs, in exercise of the powers conferred on her by section 5 (as amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)) and sections 54 and, with the consent of the Minister for Finance, 55 (both as amended by section 27 of the Social Welfare and Pensions Act 2008 (No. 2 of 2008)) and 57 of the Pensions Act 1990 (No. 25 of 1990) and section 64G(1)(d) (inserted by section 27 of the Social Welfare and Pensions Act 2008 (No. 2 of 2008)) of that Act, and for the purpose of giving full effect to Regulation (EC) No. 2056/2002 of the European Parliament and of the Council of 5 November 2002 1 and further effect to Article 11 of Directive 2003/41/EC of 3 June 2003 2 , hereby makes the following Regulations:
Citation, Construction and Commencement.
1. (1) These Regulations may be cited as the Pensions Act 1990 (Disclosure of Information) (Amendment) Regulations 2008.
(2) (a) Paragraph (1), this subparagraph, paragraphs (3) and (4), Regulations 2 and 3, the Occupational Pensions Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) and articles 1(1) and (2)(a), 2, 3 and 4 of the Pensions Act (Disclosure Of Information) (Amendment) Regulations 2007 ( S.I. No. 842 of 2007 ) may be cited together as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2008.
(b) Paragraph (1), this subparagraph, paragraphs (3) and (4), Regulations 2 and 3, the Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) and articles 1(2)(b), 2 and 5 of the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007 may be cited together as the Trust RACs (Disclosure of Information) Regulations 2007 and 2008.
(3) Regulations 3(f) and 4(e) come into operation on the commencement of section 59AA (inserted by section 28 of the Social Welfare and Pensions Act 2008 (No. 2 of 2008)) of the Act.
(4) Regulations 3(g) and (h) and 4(f)(i) come into operation on 1 July 2009.
Definition.
2. In these Regulations “Act” means the Pensions Act 1990 (No. 25 of 1990).
Amendment of Occupational Pension Schemes Disclosure Regulations.
3. The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 are amended—
(a) by substituting the following sub-article for article 12(6):
“(6) A Statement of Reasonable Projection — DC under article 13 or 14 shall be prepared in accordance with paragraph 25(b) of Schedule D Part II.”,
(b) in article 13—
(i) in sub-article (2)(b) (as amended by the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007) by substituting “1 July 2009” for “1 January 2009”, and
(ii) in sub-article (6) (as amended by the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007) by substituting “1 July 2009” for “1 January 2009”,
(c) in article 14(5) (as amended by the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007) by substituting “1 July 2009” for “1 January 2009”,
(d) by inserting the following sub-article after article 16(3):
“(3A) In the case of a small scheme in wind up, subsections (3), (4) and (5) of section 55 of the Act shall not apply.”,
(e) by inserting the following article after article 19:
“Information to be made available by a registered administrator.
20. (1) The form set out in Schedule J shall be completed and furnished to the Board within nine months of the end of the scheme year for the scheme year commencing on or after 1 January 2008 and for every scheme year thereafter by—
(a) the registered administrator, in relation to each scheme, apart from a death benefit only scheme, of which he, she or it is appointed as the sole registered administrator, or
(b) where more than one registered administrator has been appointed to a scheme, the registered administrator appointed under section 55(1A), and
(c) where a scheme is established otherwise than under trust, the administrator of that scheme.
(2) The form referred to in sub-article (1) may be adapted for filing and use electronically.”,
(f) in Schedule B—
(i) in paragraph 12, by substituting the following sub-paragraph for sub-paragraph (a):
“(a) in the case of a scheme established by trust, the trustees have received training as required by section 59AA (inserted by section 28 of the Social Welfare and Pensions Act 2008 (No. 2 of 2008)) of the Act, and”,
and
(ii) in paragraph 15, by substituting “confirming that” for “as to whether”,
(g) in Schedule D Part I by substituting the following sub-paragraph for paragraph 1(g):
“(g) In respect of scheme years commencing on or after 1 July 2009, a statement of the current State Pension (Contributory) payable under the Social Welfare (Consolidation) Act 2005 to a single person who is qualified to receive the maximum amount at minimum qualifying age, together with a statement that qualification for the State Pension (Contributory) is subject to satisfying the qualifying conditions for such a payment administered by the Department of Social and Family Affairs and the address and telephone number of the information service of the Department of Social and Family Affairs.”,
(h) in Schedule D Part II—
(i) by substituting the following sub-paragraph for paragraph 15(d):
“(d) In respect of scheme years commencing on or after 1 July 2009, a statement of the current State Pension (Contributory) payable under the Social Welfare (Consolidation) Act 2005 to a single person who is qualified to receive the maximum amount at minimum qualifying age, together with a statement that qualification for the State Pension (Contributory) is subject to satisfying the qualifying conditions for such a payment administered by the Department of Social and Family Affairs and the address and telephone number of the information service of the Department of Social and Family Affairs.”,
(ii) by substituting the following for paragraph 19:
“19. the name of the scheme and the registration number assigned to the scheme by the Pensions Board, the name of the trustees to the scheme at the date specified and contact details of the person or registered administrator designated by the trustees to deal with enquiries.”, and
(iii) by substituting the following for paragraph 25:
“25. (a) A Statement of Reasonable Projection — DC which specifies—
(i) the date at which the member will attain normal pensionable age in accordance with the rules of the scheme and the reference number, if any, assigned to the scheme member,
(ii) the amount as at a specified date of each regular contribution proposed to be paid by the employer and the member including separately any additional voluntary contribution,
(iii) (I) the projected total value of the benefits payable at normal pensionable age, based on—
(A) the projected value, at normal pensionable age, of the contributions and transfers specified in accordance with the requirements of sub-paragraph (a)(i) of paragraph 15, and
(B) the projected value of those contributions proposed to be paid by the employer and the member, inclusive of any additional voluntary contributions, on the basis that the member remains in reckonable service to normal pensionable age,
(II) the amount of pension which could be reasonably projected to be purchased for the member in exchange for the projected total value of the benefits at sub-clause (I),
(III) the amounts at sub-clauses (I) and (II) in terms of current values,
(IV) whether or not the benefits under sub-clauses (I) and (II) are guaranteed and, if not, an explanation as to why not,
(iv) the material assumptions as to inflation, future contributions and annuities,
(v) the assumed rate of investment return prior to taking benefits, before deduction of all charges,
(vi) the effect of charges,
(vii) the importance of making adequate provision for retirement and that the purpose of the statement is to assist in planning for pension provision but that the statement does not take account of any tax related issues,
(viii) that investments may fall as well as rise in value, and
(ix) where the Statement of Reasonable Projection — DC is being furnished in accordance with sub-article (6) of Article 13, the statement shall specify the following additional information:
(I) the information in paragraphs 14(a), 15(a)(i), 15(d), 18, 19 and 20 of Schedule D Part II, and
(II) the date of preparation of the Statement of Reasonable Projection — DC,
provided that, if the statement is being produced under article 13(6)(a) to a member within 2 months of his or her becoming a member, it shall exclude the value calculated in accordance with the requirements of sub-paragraph (a)(i) of paragraph 15,”,
(b) A Statement of Reasonable Projection —DC shall be prepared—
(i) in compliance with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of such statements, except where, as a result of the structure of the scheme, it is not reasonably feasible for the trustees to comply with the guidance note issued by the Society of Actuaries in Ireland in respect of projections of investment growth, projections of deductions to cover expenses and charges or projections of the cost of protection benefits, in which case, the trustees may—
(I) adopt a different methodology in respect of those projections, provided that the trustees are satisfied that the chosen methodology provides a reasonable basis for projections of such investment growth, deductions and costs, having regard to the general purpose of the Statement of Reasonable Projection — DC and provided the assumptions underlying the chosen methodology are specified, and
(II) adopt a different methodology, to calculate the effect of charges, from that set out in the guidance note issued by the Society of Actuaries in Ireland, provided that the trustees are satisfied that the chosen methodology provides a reasonable basis for calculating the effect of charges, having regard to the general purpose of the Statement of Reasonable Projection — DC and provided the assumptions underlying the chosen methodology are specified,
(ii) using a single rate of investment return prior to taking benefits, before deduction of all charges, of not more than 6 per centum per annum, and
(iii) using a single life annuity rate, except where, as a result of the rules of the scheme, the rules of the investment of the scheme’s resources or the expected effects of legislation, an alternative assumption provides a more reasonable basis for the calculation of the annuity rate.”,
(i) by substituting the following for paragraph 13 of Schedule E:
“13. A Statement of Reasonable Projection — DC specifying the information set out in paragraph 25 of Schedule D, Part II excluding any future contributions as set out in sub-paragraph (a)(iii)(I)(B) of that paragraph”,
(j) by inserting the following Schedule after Schedule I:
“SCHEDULE J INFORMATION TO BE FURNISHED BY A SCHEME ADMINISTRATOR
Information
Name of the scheme:Date scheme commenced:PB registration number:Scheme renewal date:Scheme year to which information relates:
Scheme type:(please tick the category of scheme)Insured Self administered
Scheme benefit (please tick the category of scheme)Defined contributionDefined benefit Hybrid scheme
Scheme statusIs the scheme a frozen scheme? No Yes Is the scheme in wind up? No Yes Give the date winding up commenced //Are additional voluntary contributionsbeing paid into the scheme? No Yes Can new members be admittedto the scheme? No Yes
Number of scheme membersGive total number of members in the scheme as of the last day of the scheme year:Total number of members: Date //By breakdown:•Active members •Deferred members •Pensioner members
Please provide details of the value of assets held by the scheme at scheme year end €
What were the total amount of contributions paid into the scheme during the scheme year?Employer €Employee €Special once off payments €
What was the value of benefits paid out under the scheme during the scheme year?Pensions €Lump sum €Death benefits €Transfers of preserved benefits €
“hybrid scheme” is one which is neither a full DB nor a full DC scheme, but has some of the characteristics of each;
“insured” means that the benefits (other than death benefits) of the scheme are insured with a life assurance company;
“self administered scheme” means a scheme where some or all of the benefits (other than the death benefits) are not insured with a life assurance company;
“special once off payments” means transfer payments and transfer amounts in respect of accrued member benefits received by the scheme.
Full name of registered administrator (Note 1):
Principal business address:
Email address for queries:
Registered office address (if body corporate):
Telephone No:
Signed by (Note 2):
Print name of signatory:
Notes on Completion of Form
GENERAL
1 All sections of the form must be competed in full. “None” or “Not applicable” should be entered where appropriate, but blank spaces or “to be advised” or similar responses may result in the form being rejected as incomplete.
2 The form is also available in electronic format from the website www.pensionsboard.ie.
3 This form should be submitted to: The Pensions Board, Verschoyle House, 28/30 Lower Mount Street, Dublin 2 or electronically, subject to such requirements as the said Board may stipulate.
Note 1: In the case of a public sector scheme, this form should be completed by the scheme administrator instead of the registered administrator.
Note 2: The form should be signed by the person completing it, who will normally be a member of the staff of the registered administrator or the administrator in the case of a public sector scheme.
For further information visit “www.pensionsboard.ie”.
Amendment of Trust RACs Disclosure Regulations.
4. The Trust RACs (Disclosure of Information) Regulations 2007 are amended—
(a) by substituting the following sub-article for article 9(6):
“(6) A Statement of Reasonable Projection — Trust RAC under article 10 or 11 shall be prepared in accordance with paragraph 12(b) of Schedule D.”,
(b) in article 10—
(i) in sub-article (1)(b) (as amended by the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007) by substituting “1 July 2009” for “1 January 2009”,
(ii) in sub-article (2) (as amended by the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007) by substituting “1 July 2009” for “1 January 2009”,
(c) in article 11(2) (as amended by the Pensions Act (Disclosure of Information) (Amendment) Regulations 2007) by substituting “1 July 2009” for “1 January 2009”,
(d) by inserting the following article after article 16:
“Information to be made available by a registered administrator.
17. (1) The form set out in Schedule I to these Regulations shall be completed and furnished to the Board within nine months of the end of the trust RAC year for the trust RAC year commencing on or after 1 January 2008 and for every trust RAC year thereafter by—
(a) the registered administrator in relation to each trust RAC, other than a small trust RAC, of which he, she or it is appointed as the sole registered administrator, or
(b) where more than one registered administrator has been appointed to a trust RAC, the registered administrator appointed under section 55(1A).
(2) The form referred to in sub-article (1) may be adapted for filing and use electronically.”,
(e) in Schedule B—
(i) in paragraph 10, by substituting the following sub-paragraph for sub-paragraph (a):
“(a) in the case of a scheme established by trust, the trustees have received training as required by section 59AA (inserted by section 28 of the Social Welfare and Pensions Act 2008 (No. 2 of 2008)) of the Act, and”,
and
(ii) in paragraph 13, by substituting “confirming that” for “as to whether”,
(f) in Schedule D—
(i) by substituting the following sub-paragraph for paragraph 2(c):
“ (c) In respect of trust RAC years commencing on or after 1 July 2009, a statement of the current State Pension (Contributory) payable under the Social Welfare (Consolidation) Act 2005 to a single person who is qualified to receive the maximum amount at minimum qualifying age, together with a statement that qualification for the State Pension (Contributory) is subject to satisfying the qualifying conditions for such a payment administered by the Department of Social and Family Affairs and the address and telephone number of the information service of the Department of Social and Family Affairs.”,
(ii) by substituting the following for paragraph 6:
“ 6. The name of the trust RAC and the registration number assigned to the trust RAC by the Pensions Board, the name of the trustees to the trust RAC at the date specified and contact details of the person or registered administrator designated by the trustees to deal with enquiries.”, and
(iii) by substituting the following for paragraph 12:
“ 12. (a) A Statement of Reasonable Projection — Trust RAC, which specifies—
(i) the normal pensionable age of the member concerned and the reference number, if any, assigned to the trust RAC member,
(ii) the amount as at a specified date of each regular contribution proposed to be paid by or on behalf of the member,
(iii) (I) the projected total value of the benefits payable at normal pensionable age, based on—
(A) the projected value of the contributions and transfers specified at subparagraph (a)(i) of paragraph 2 at normal pensionable age, and
(B) the projected value of those contributions proposed to be paid by or on behalf of the member on the basis that the member remains a member of the trust RAC to normal pensionable age,
(II) the amount of pension which could be reasonably projected to be purchased for the member in exchange for the total projected value of the benefits at sub-clause (I),
(III) the amounts at sub-clauses (I) and (II) in terms of current values,
(IV) whether or not the benefits under sub-clauses (I) and (II) are guaranteed and if not, an explanation as to why not,
(iv) the material assumptions as to inflation, future contributions and annuities,
(v) the assumed rate of investment return prior to taking benefits, before deduction of all charges,
(vi) the effect of charges,
(vii) the importance of making adequate provision for retirement and that the purpose of the statement is to assist in planning for pension provision but that the statement does not take account of any tax related issues,
(viii) that investments may fall as well as rise in value, and
(ix) where the Statement of Reasonable Projection —Trust RAC is being furnished in accordance with sub-article (2) of article 10, the statement shall specify the following additional information:
(I) the information in paragraphs 1(a), 2(c), 5, 6 and 7 of Schedule D, and
(II) the date of the Statement of Reasonable Projection — Trust RAC,
provided that if the statement is being produced under sub-article (2)(a) of article 10 to a member within 2 months of his or her becoming a member it shall exclude the value expressed at sub-paragraph (a)(i) of paragraph 2 of Schedule D.
(b) A Statement of Reasonable Projection —Trust RAC shall be prepared—
(i) in compliance with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of such statements, except where, as a result of the structure of the trust RAC, it is not reasonably feasible for the trustees to comply with the guidance note issued by the Society of Actuaries in Ireland in respect of projections of investment growth, projections of deductions to cover expenses and charges or projections of the cost of protection benefits, in which case, the trustees may—
(I) adopt a different methodology in respect of those projections, provided that the trustees are satisfied that the chosen methodology provides a reasonable basis for projections of such investment growth, deductions and costs, having regard to the general purpose of the Statement of Reasonable Projection — Trust RAC and provided the assumptions underlying the chosen methodology are specified, and
(II) adopt a different methodology, to calculate the effect of charges, from that set out in the guidance note issued by the Society of Actuaries in Ireland, provided that the trustees are satisfied that the chosen methodology provides a reasonable basis for calculating the effect of charges, having regard to the general purpose of the Statement of Reasonable Projection — Trust RAC and provided the assumptions underlying the chosen methodology are specified,
(ii) using a single rate of investment return prior to taking benefits, before deduction of all charges, of not more than 6 per centum per annum, and
(iii) using a single life annuity rate, except where, as a result of the rules of the trust RAC, the rules of the investment of the trust RAC’s resources or the expected effects of legislation, an alternative assumption provides a more reasonable basis for the calculation of the annuity rate.”,
(g) by substituting the following for paragraph 6 of Schedule E:
“ 6. A Statement of Reasonable Projection — Trust RAC specifying the information set out in paragraph 12 of Schedule D excluding any future contributions as set out in sub-paragraph (a)(iii)(I)(B) of that paragraph.”,
and
(h) by inserting the following Schedule after Schedule H:
“SCHEDULE I INFORMATION TO BE FURNISHED BY A REGISTERED ADMINISTRATOR OF A TRUST RAC
Information
Name of the trust RAC:PB registration number:Trust RAC renewal date:Trust RAC year to which information relates:
Trust RAC type:(please tick the category of scheme)InsuredSelf administered
Trust RAC Benefit(please tick the category of trust RAC)Trust Retirement Annuity Contracts (DC benefit) orOther benefit (provide details)
Trust RAC statusIs the trust RAC in wind up? No Yes Give the date winding up commenced //Can new members be admittedto the trust RAC? No Yes
Number of trust RAC membersGive the total number of members in the trust RAC as of the last day of the trust RAC yearTotal number of members: Date: //
Please provide details of the value of assets held by the trust RAC at the end of the trust RAC year €
What were the total amount of contributions paid into the trust RAC during the trust RAC year? €
What was the value of the benefits paid out under the trust RAC during the trust RAC year?Pensions €Lump sum €Death benefits €Transfers of accrued rights €
“insured” means that the benefits (other than the death benefits) of the trust RAC are insured with a life assurance company;
“self administered trust RAC” means a trust RAC where some or all of the benefits (other than the death benefits) are not insured with a life assurance company.
Full name of registered administrator:
Principal business address:
Email address for queries:
Registered office address (if body corporate):
Telephone no:
Signed by (Note 1):
Print name of signatory:
Notes on Completion of Form
GENERAL
1 All sections of the form must be competed in full. “None” or “Not applicable” should be entered where appropriate, but blank spaces or “To be advised” or similar responses may result in the form being rejected as incomplete.
2 The form is also available in electronic format from the website www.pensionsboard.ie.
3 This form should be submitted to: The Pensions Board, Verschoyle House, 28/30 Lower Mount Street, Dublin 2 or electronically, subject to such requirements as the said Board may stipulate.
Note 1: The form should be signed by the person completing it, who will normally be a member of the staff of the registered administrator.
For further information visit “www.pensionsboard.ie”.
The Minister for Finance consents to the making of the foregoing Regulations.
retirement annuity contracts
GIVEN under the Official Seal of the Minister for Finance,
5 December 2008
BRIAN LENIHAN.
Minister for Finance.
retirement annuity contracts
GIVEN under the Official Seal of the Minister for Social and Family Affairs,
11 December 2008
MARY HANAFIN.
Minister for Social and Family Affairs.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
This Regulation amends the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) and the Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ).
The following amendments have been made to S.I. No. 301 of 2006 :-
Article 12(6) is amended to provide that the statement of reasonable projection-DC should be prepared in accordance with paragraph 25(b) of Schedule D Part II of this Regulation.
The entry into force of the requirement to provide a statement of reasonable projection has been deferred to 1 July 2009.
A new article 16(3A) is inserted which provides that where a small scheme in wind up prepares an Annual report, it does not have to include any actuarial statement regarding satisfaction of the funding standard.
A new Article 20 is inserted requiring the scheme administrator to furnish information specified in Schedule J to the Board within 9 months of the end of each scheme year for scheme years commencing on or after 1 January 2008. The Schedule J information is required by Eurostat under Regulation (EC) No. 2056/2002.
Schedule B is amended to require the trustees to confirm in the annual report that they have received trustee training in line with the requirements of section 59AA of the Act and to confirm that they have access to the latest edition of the Board’s trustee training handbook and the Pensions Board Guidance notes.
Schedule D Parts I and II are amended in paragraphs 1(g) and 15(d) to require the maximum amount of the current State Pension (Contributory) to be stated.
Paragraph 25 of Schedule D Part II is amended to specify the information required to be specified in the Statement of Reasonable Projection — DC as part of the annual Member Benefit Statement and to specify the additional information which must be furnished where the Statement of Reasonable Projection — DC is furnished otherwise than as part of the annual Member Benefit Statement.
Similar changes, where appropriate, have been made to the Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ).
1 OJ No. L317, 21.11.2002, p. 1.
2 OJ No. L235, 23.9.2003, p. 10.
S.I. No. 296/2022 –
Trust Racs (Disclosure of Information) (Amendment) Regulations 2022
I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 5 and section 55 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990) (as adapted by the Employment Affairs and Social Protection (Alteration of Name of Department and Title of Minister) Order 2020 ( S.I. No. 447 of 2020 )), and with the consent of the Minister for Public Expenditure and Reform, hereby make the following Regulations:
Citation
1. These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2022.
Amendments
2. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended –
(a) in Regulation 5, in sub-article (6), by the substitution of “in the case of a sole trustee which is a body corporate, by two directors of that body corporate.” for “if there is only one trustee, by that trustee.”, and
(b) in Schedule B –
(i) in paragraph 2, by the insertion of “, depositary” after “custodian”;
(ii) by the insertion of the following paragraph after paragraph 2:
“(2A) The name of each person appointed by the trustees to carry out a key function, including any service provider to which a key function is, or was, outsourced in respect of the trust RAC during the trust RAC year.”, and
(iii) by the substitution of the following paragraph for paragraph 13:
“13. A statement confirming that the trustees and, if applicable, the persons charged with the administration of the trust RAC have access to guidelines, guidance notes and codes of practice issued by the Pensions Authority in accordance with section 10 of the Act.”.
Given under
The Minister for Public Expenditure and Reform consents to the making of the foregoing Regulations.
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GIVEN under my Official Seal of the Minister for Public Expenditure and Reform,
16 May, 2022.
MICHAEL MCGRATH,
Minister for Public Expenditure and Reform.
/images/ls
GIVEN under my Official Seal,
16 May, 2022.
HEATHER HUMPHREYS,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations amend S.I. No. 182 of 2007 by –
– amending Regulation 5 in relation to the signing of annual reports, and
– amending Schedule B in respect of the information to be contained in Annual Reports prepared in accordance with section 55 of the Pensions Act 1990 , as amended.