Disclosure
S.I. No. 435/2011 –
Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2011.
View SI Amendments Open PDF
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 2nd September, 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 Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2011.
(2) The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2008 and these Regulations may be cited together as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2011.
Amendment of Occupational Pensions Schemes (Disclosure of Information) Regulations 2006
2. The Occupational Pensions Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended—
(a) in Article 4 by substituting the following definition for the definition of “authorised trade union”:
“ ‘authorised trade union’ means a trade union which holds a negotiation licence under Part II of the Trade Union Act 1941 (No. 22 of 1941);”,
(b) in Article 6—
(i) by substituting the following sub-article for sub-article (1):
“(1) In this article ‘relevant scheme’ means—
(a) a scheme to which section 56 of the Act applies other than a scheme to which sub-article (6) applies, or
(b) a one member arrangement.”,
(ii) in paragraphs (a), (b) and (c) of sub-article (3), by substituting “in relation to a relevant scheme” for “in relation to a scheme”,
(iii) by substituting the following paragraphs for paragraphs (e) and (f) of sub-article (3)—
“(e) in relation to a relevant scheme which is an external scheme which commenced on or after the 1st day of July 1991 but before the 23rd September 2005, a date not later than 3 years and 6 months after the commencement of the relevant external scheme,
(f) in relation to a relevant scheme which is an external scheme which commenced on or after the 23rd September 2005, a date not later than 3 years after the commencement of the relevant scheme, and
(g) in relation to a scheme to which Part IV of the Act applies, a date not later than 29 June 2014.”, and
(iv) in sub-article (6), by inserting “or a defined contribution scheme to which paragraph (a) of subsection (2) of section 41 of the Act applies” after “other than a one member arrangement.”,
(c) in article 7, by substituting the following sub-article for sub-article (5):
“(5)(a) The annual report in respect of a relevant scheme shall contain the following:
(i) a copy of the audited accounts in respect of the scheme year;
(ii) a copy of the auditor’s report on the accounts as specified in sub-article (4) of article 5 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 latest actuarial funding certificate prepared under section 42 of the Act;
(iv) details of the measures proposed in any funding proposal prepared in accordance with section 49 of the Act which relate to the scheme year in respect of which the annual report is being prepared;
(v) where applicable, a copy of the valuation report prepared in accordance with article 6(6) in relation to that scheme year; and
(vi) such other information as is specified in paragraphs 1 to 18 and 23 of Schedule B in so far as it applies to the relevant scheme.
(b) In respect of a relevant scheme, which is a regulatory own funds scheme on the last day of the period to which the annual report relates, the annual report for that scheme shall contain the following information in addition to the information specified in paragraph (a):
(i) a statement that the scheme is a regulatory own funds scheme to which the regulatory own funds requirement applies;
(ii) the date from which it became a regulatory own funds scheme;
(iii) where applicable, a copy of the most recent regulatory own funds certificate prepared under section 53J of the Act;
(iv) details of the measures proposed in any regulatory own funds proposal prepared in accordance with section 53L of the Act which relate to the scheme year in respect of which the annual report is being prepared;
(v) where applicable, details of any directions issued by the Board pursuant to section 53L of the Act which relate to the scheme year in respect of which the annual report is being prepared.”,
(d) in article 8 by inserting the following sub-article after sub-article (5):
“(6) This article shall not apply in respect of any scheme which, at the last day of the period to which the annual report relates, is a regulatory own funds scheme.”,
(e) in article 11 by substituting the following sub-article for sub-article (4):
“(4)(a) The trustees of the scheme shall notify the members of the scheme of any material alteration in the information specified in paragraphs 1 to 22 of Schedule C within 4 weeks of the date of making any such alteration.
(b) The trustees of a scheme which is a regulatory own funds scheme shall notify the members of the regulatory own funds scheme 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
(f) in Schedule C, by inserting the following paragraph after paragraph 21:
“22.Where a scheme is a regulatory own funds scheme this shall be stated and full details of any guarantees in relation to investment performance or benefits or underwriting of liabilities by the scheme shall be provided.”.
The Minister for Public Expenditure and Reform consents to the making of the foregoing Regulations.
retirement annuity contracts
GIVEN under the Official Seal of the Minister for Public Expenditure and Reform,
29 August 2011.
BRENDAN HOWLIN,
Minister for Public Expenditure and Reform.
retirement annuity contracts
GIVEN under my Official Seal,
30 August 2011.
JOAN BURTON,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation.)
These Regulations prescribe certain additional disclosure requirements on occupational pension schemes which are regulatory own funds schemes 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;
• scheme members are notified that a scheme is a regulatory own funds scheme and of any changes in its status;
• scheme members are notified of any direction issued by the Board pursuant to Part IVB of the Pensions Act where an occupational pension scheme has failed to satisfy the technical provisions or the regulatory own funds requirement.
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S.I. No. 5/2012 –
Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2012.
View SI Amendments Open PDF
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 17th January, 2012.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by section 5 and section 54 of the Pensions Act 1990 (No. 25 of 1990), hereby makes the following Regulations:
Citation.
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2012.
(2) These Regulations and the Occupational Pensions Schemes (Disclosure of Information) Regulations, 2006 to 2011 may be cited together as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2012.
Definitions.
2. In these Regulations
“Act” means the Pensions Act, 1990 (No. 25 of 1990);
the “Principal Regulations” mean the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ).
Amendment of Occupational Pension Schemes Disclosure Regulations
3. The Principal Regulations are amended—
(a) in Article 4, by substituting “1997;” for “1997.” in the definition of “transfer amount” and by adding the following after the definition of “transfer amount”:
““undertaking” has the meaning given to it in section 53A of the Act.”,
(b) by inserting the following after article 20—
“Information to be made available — on discharge of liability using a policy or contract of assurance the form of which has been certified under section 53B.
21. (1) Where the liability of the scheme for some or all of the benefits payable to or in respect of a person is discharged in the manner set out in section 59(3)(b) of the Act, the information specified in Schedule K shall be furnished to that person in addition to any other information required to be furnished to that person under the Act or these Regulations.
(2) The information specified in Schedule K shall be furnished as soon as practicable and in any event within 2 months after the trustees make, on behalf of that person, any payment to a policy or contract of assurance certified by the Board under section 53B of the Act.”, and
(c) by inserting the following Schedule after Schedule J—
“SCHEDULE K — INFORMATION TO BE MADE AVAILABLE ON DISCHARGE OF LIABILITY USING A POLICY OR CONTRACT OF ASSURANCE THE FORM OF WHICH HAS BEEN CERTIFIED UNDER SECTION 53B
1. The name and address of the undertaking issuing the policy or contract of assurance (hereinafter called “the section 53B policy”) and the title or position, address, telephone number and email address (if any) of the person(s) at that undertaking to whom any questions or complaints should be addressed.
2. The policy number of the section 53B policy or contract of assurance together with the registered number of the specimen policy the form of which has been certified by the Board and which the section 53B policy is consistent with.
3. The amount of the benefit payable to or in respect of the person the liability for which has been discharged under the section 53B policy.
4. The percentage (hereinafter called “the Reference Percentage”) of the payments under the section 53B policy referenced to one or more securities of the type referred to in section 53B(3)(a) or section 53B(3)(b) of the Act (each hereinafter referred to as a Reference Security), the title(s) of such securities and:-
(a) an explanation of the circumstances in, and time during, which payments under the section 53B policy can be reduced or restored, and
(b) if the section 53B policy permits securities to be substituted in place of a Reference Security, an explanation of the circumstances in which this can occur and the effect it will have on payments under the section 53B policy and circumstances in, and time during, which payments can be reduced or restored.
5. The interest rate to be used when calculating any reduction in, or restoration of, payments under the section 53B policy and whether any such reduction or restoration may be applied immediately or spread forward together with an explanation of the purpose of the interest rate and the effect of any reduction in or restoration of payments being applied immediately or spread forward (as appropriate).
6. A statement substantially in the form set out below which form may only be modified if the Trustees are of the reasonable opinion that such modifications will better explain the nature and effect of the section 53B policy to the person concerned.
“Payments due under the insurance policy securing [all] [insert percentage] of the benefits payable to or in respect of you under the scheme and discharged by that policy are dependent on certain European Member States fulfilling their payment obligations under the terms of bond(s) which they have issued and not varying the terms of the bond(s) such that anticipated payments under those bonds fall. If a Member State does not fulfill any of its payment obligations under such a bond or there is such a variation to the terms of the bond, the insurer may reduce the payments under your insurance policy to reflect the loss caused to holders of the bond. If that occurs, you will bear that loss and will have no recourse to the scheme for that loss.
In other words, payment under your policy, and therefore your pension, is not guaranteed and may, in certain circumstances, be reduced.
Following any such reduction, it is possible some or all of the payments may be restored if the loss due to the failure subsequently transpires to be less than anticipated.
Further information will be provided in the insurance policy which will be provided to you. Please make sure that you read the entire policy carefully and seek guidance from the insurer or your financial adviser if you are unclear about any aspect of how the policy works.””
GIVEN under my Official Seal
11 January 2012.
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.)
This Regulation amends the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 (S.I. 301 of 2006) to provide for the information which must be furnished to a person where the trustees of a scheme discharge the liability of the scheme for some or all of the benefits payable to or in respect of a person by making a payment to a policy or contract of assurance, the form of which has been certified under section 53B of the Pensions Act 1990 (as amended), and the time within which that information must be furnished.
S.I. No. 203/2012 –
Occupational Pension Schemes (Disclosure of Information) (Amendment) (No. 3) Regulations, 2012.
View SI Amendments Open PDF
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 15th June, 2012.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by section 5 and section 54 (amended by section 36 of the Social Welfare and Pensions Act 2011 (No.9 of 2011)), 55 (amended by section 38 of the Social Welfare and Pensions Act 2012 (No.12 of 2012)) and 56 (amended by section 38 of the Social Welfare and Pensions Act 2011 (No.9 of 2011)) of the Pensions Act 1990 (No. 25 of 1990), hereby make the following Regulations:
Citation
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) (No. 3) Regulations, 2012.
(2) These Regulations shall be included in the collective citation of the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2012.
Definitions
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 Scheme (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended—
(a) in article 4, by inserting the following after the definition of “scheme year”:
““section 53B policy” means a policy or contract of assurance the form of which has been certified by the Board under section 53B of the Act;”,
(b) In article 7—
(i) in paragraph (5)(a)(iii) by inserting “and, unless it is a regulatory own funds scheme, a copy of the latest funding standard reserve certificate” after “latest actuarial funding certificate”, and
(ii) by inserting the following paragraph after paragraph (5)(b):
“(c) The annual report in respect of a relevant scheme to which section 44 of the Act applies shall contain the information specified in paragraphs 24 and 25 of Schedule B in addition to the information specified in paragraph (a) of this sub-article in respect of any scheme year ending on or after 1 January 2013.”,
(c) In article 8, by inserting the following sub-article, after sub-article (4A):
“(4B) Based on information provided to and reasonable enquiries having been made by the preparer of an annual report for a defined benefit scheme to which both this article 8 and section 44 of the Act applies, that report shall contain the information specified in paragraphs 24 and 25 of Schedule B in addition to the matters referred to in sub-article (4A) in respect of any scheme year ending on or after 1 January 2013.”,
(d) In article 11—
(i) by substituting “paragraphs 1 to 22 of Schedule C” for “Schedule C” in each of sub-articles (1), (2) and (3);
(ii) in sub-article 4(a) by inserting “and, on or after 1 January 2013, paragraph 23 of Schedule C” after “Schedule C”; and
(iii) by inserting the following sub-article after sub-article (5):
“(6) The trustees of a defined benefit scheme to which section 44 of the Act applies shall furnish the information specified in paragraph 23 of Schedule C
(a) to every person who becomes a member of the scheme on or after 1 January 2013 within two months of his becoming a member; and
(b) to a relevant person where the relevant person makes a request for the information referred to in sub-article (3) on or after 1 January 2013.”,
(e) in article 13(1) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 13A of Part I of Schedule D” after “Schedule D”,
(f) in article 14—
(i) in paragraph (1) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6A of Part I of Schedule E” after “Schedule E”,
(ii) in paragraph (2) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6A of Part I of Schedule E” after “Schedule E”,
(g) in article 15—
(i) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6 of Schedule F” after “paragraphs 1, 3, 4 and 5 of Schedule F”, and
(ii) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the statement is being furnished on or after 1 January 2013,” after ”revised benefits” in sub-article (2),
(h) in article 17(1) by inserting “and where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 12 of Schedule H” after “Schedule H”,
(i) by inserting the following articles after article 22:
“23.Annual Actuarial Data Return
(1) The trustees of a scheme described in sub-article (4) shall cause the actuary to complete the form set out in Schedule L no later than 8 months after the end of every scheme year ending on or after 1 July 2012.
(2) The trustees shall submit the form so completed to the Board within 9 months of the end of the scheme year to which it relates.
(3) The form set out in Schedule L may be adapted for filing and use electronically in such manner as the Board may from time to time specify.
(4) This article shall apply to a scheme to which section 44 of the Act applies.
24. Requirements relating to section 42 guidance
(1) In this article, “section 42 guidance” means the guidance issued by the Board from time to time under section 42 of the Act and prescribed by Regulations made under section 42 of the Act.
(2) Where at any time the trustees of a scheme to which section 44 of the Act applies pass a resolution of the type described in the section 42 guidance, the trustees shall—
(a) prior to providing the confirmation in writing to the actuary referred to in the section 42 guidance, provide the notifications referred to in that guidance (which notifications shall comply with the terms of that guidance) to members, other persons and any authorised trade union in accordance with that guidance, and
(b) notify the actuary if the resolution referred to in the section 42 guidance is revoked or has not been confirmed as required by the section 42 guidance as soon as reasonably practicable and in any event prior to whichever of the following dates first occurs—
(i) the date on which the actuary next signs an actuarial funding certificate,
(ii) the date on which the actuary next signs a statement referred to in sub-paragraph (b)(iii)(II) of section 50(3) of the Act,
(iii) the date on which the actuary next signs a statement referred to in sub-sections (3) or (4) of section 55 of the Act, or
(iv) the date on which the actuary next certifies a funding proposal under section 49 of the Act.”,
(j) in Schedule A—
(i) by substituting the following subparagraph for subparagraph 2(a)(i):
“(i) insurance policies which have been purchased which fully match the pension obligations of the scheme in respect of specific members or other persons and for this purpose a section 53B policy shall be capable of matching a pension obligation,”,
(ii) by inserting the following sub-paragraph after subparagraph 2(c):
“(d) where section 53B policies have been purchased, the notes to the accounts shall include a statement of the value of the pension obligations of the scheme which are matched by section 53B policies and, where there has been any reduction in payments under any section 53B policies held by the scheme, a statement detailing particulars of that reduction.”,
(k) in Schedule B—
(i) in paragraph 5(b) by inserting the following after “paragraph 2(a)(i) of Schedule A”:
“but only if such policy matches all of the pension obligations of the scheme in respect of that member or other person.”;
(ii) in paragraph 7 by substituting “latest actuarial funding certificate, latest funding standard reserve certificate” for “latest actuarial funding certificate”;
(iii) in paragraph 21 by inserting “and latest funding standard reserve certificate (if any)” after “latest actuarial funding certificate (if any)”;
(iv) by inserting the following paragraphs after paragraph 23:
“24.Where on the last day of the scheme year to which an annual report relates, the actuary to the scheme is valuing all or any pensions in payment under the scheme on the basis outlined in the guidance issued by the Board in relation to section 42 of the Act, a statement substantially in the form set out in Schedule N.
25. A statement substantially in the form set out in Schedule M which may only be modified if the trustees are of the reasonable opinion that any part of the statement could not apply to the scheme or that the modifications will better explain the nature and effect of the matters referred to in the statement.”,
(l) in Schedule C by inserting the following paragraph, after paragraph 22:
“23.A statement substantially in the form set out in Schedule M which may only be modified if the trustees are of the reasonable opinion that any part of the statement could not apply to the scheme or that the modifications will better explain the nature and effect of the matters referred to in the statement.”,
(m) in Schedule D by inserting the following paragraph, after paragraph 13:
“13AA statement substantially in the form set out in Schedule M which may only be modified if the trustees are of the reasonable opinion that any part of the statement could not apply to the scheme or that the modifications will better explain the nature and effect of the matters referred to in the statement.”,
(n) in Schedule E by inserting the following paragraph, after paragraph 6:
“6AA statement substantially in the form set out in Schedule M which may only be modified if the trustees are of the reasonable opinion that any part of the statement could not apply to the scheme or that the modifications will better explain the nature and effect of the matters referred to in the statement.”,
(o) in Schedule F by inserting the following paragraph after paragraph 5:
“6.A statement substantially in the form set out in Schedule M which may only be modified if the trustees are of the reasonable opinion that any part of the statement could not apply to the scheme or that the modifications will better explain the nature and effect of the matters referred to in the statement.”,
(p) in Schedule H by inserting the following paragraph, after paragraph 11:
“(12) A statement substantially in the form set out in Schedule M which may only be modified if the trustees are of the reasonable opinion that any part of the statement could not apply to the scheme or that the modifications will better explain the nature and effect of the matters referred to in the statement.”,
(q) by inserting the following 3 schedules after Schedule K:
“SCHEDULE L
THE PENSIONS BOARD ANNUAL ACTUARIAL DATA RETURN
/images/en.si.2012.0203.0001.jpg
To the best of my knowledge and belief, having made such reasonable enquiries as are appropriate, the information contained in this form is true and complete.
Signature: ______________
Date: ______________
Name: ______________ Qualification: ______________
Name of Actuary’s Employer/Firm: ______________
Scheme Actuary Certificate No.: ______________
NOTES ON COMPLETION OF ANNUAL ACTUARIAL DATA RETURN
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. A Frozen Scheme is a scheme where there is no further accrual of any long service benefit and the link to final retiring salary has been broken. A current scheme is a scheme that is neither frozen or in wind-up.
3. Exclude members who have attained normal pensionable age.
4. The DC Element of a scheme has the meaning given in the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2012. Broadly, it means contributions or other amounts treated on a defined contribution basis.
5. These are assets which cannot be used to determine if scheme satisfies the funding standard due to restrictions in the Funding Standard Regulations, in particular, due to self-investment/concentration of investment requirements.
6. All information included on the form should be stated as of the date to which the return relates. Where precise liability or reserve requirement figures are not available for date to which return relates, the actuary’s best estimate should be used.
7. This form should be submitted to: The Pensions Board, Regulation Unit, Verschoyle House, 28/30 Lower Mount Street, Dublin 2. The Pensions Board may permit electronic submissions, subject to such requirements as the Board may from time to time stipulate.
For further information visit WWW.PENSIONSBOARD.IE
SCHEDULE M
RISK STATEMENT
The scheme is funded by contributions paid by the employer(s) [and members — delete if not applicable]. Actuarial advice will have been obtained when setting those contributions. However, there is no guarantee that the scheme will have sufficient funds to pay the benefits promised. It is therefore possible that the benefits payable under the scheme may have to be reduced. If the scheme is wound up and there is a deficit, the employer(s) may not be under an obligation to fund the deficit or, even if the employer(s) are under such an obligation, they may not be in a position to fund the deficit.
Further information in relation to this Risk Statement may be obtained from the Trustees [or from —insert details of any other person and delete if not applicable].
SCHEDULE N
PURCHASE OF SOVEREIGN ANNUITIES
The trustees have confirmed to the scheme actuary that it is their intention, if the scheme winds up and subject to their fiduciary duties at the time of wind-up, to secure [specify level of pensions in payment to which trustees’ intention relates] through the purchase of sovereign annuities. This will include the benefits payable to or in respect of persons who have attained normal pensionable age at the date of wind-up even if those benefits are not yet in payment.
This confirmation may allow the scheme actuary to place a lower value on pensions in payment than would otherwise be the case when assessing whether or not the scheme satisfies the statutory minimum funding standard set out in the Pensions Act.
If the scheme were to wind-up and pensions in payment secured using sovereign annuities, payment of any pension so secured would be dependent upon certain EU Member States fulfilling their payment obligations under the terms of bond(s) which they have issued and not varying the terms of the bond(s) such that anticipated payments under those bond(s) fall.
If the Member State did not fulfil any of its payment obligations or there was a variation to the terms of the bond(s), the insurer providing the sovereign annuity could reduce the pension in payment under the sovereign annuity referenced to those bond(s) to reflect the loss caused to holders of the bond(s). In that event, the person in receipt of a pension through that sovereign annuity would have to bear the loss and would have no recourse to the scheme for that loss.”.
retirement annuity contracts
GIVEN under my Official Seal,
12 June 2012.
JOAN BURTON,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation.)
These Regulations contain additional disclosure obligations for occupational pension schemes arising out of matters contained in the Social Welfare and Pensions Act, 2012.
The regulations are amended to require:
(a) an annual report to contain
— a copy of the latest funding standard reserve certificate and, where section 44 of the Act applies to the scheme, a risk statement, and
— a statement explaining the meaning and effect of valuing pensions in payment on the basis of guidance issued by the Board under section 42 of the Act;
(b) the basic information provided to members, in relation to a scheme to which section 44 of the Act applies, on or after 1 January 2013 to include a risk statement;
(c) the information made available—
• to members and prospective members in relevant employment,
• to members on termination of relevant employment,
• on retirement or death of a member or beneficiary and
• in respect of pension adjustment orders
to include a risk statement where that information is provided on or after 1 January 2013;
(d) trustees of a scheme to which section 44 of the Act applies to submit an annual actuarial data return, completed by the actuary, to the Board in respect of scheme years ending on or after 1 July 2012;
(e) trustees of a scheme to comply with certain requirements where some or all of the pensions in payment under the scheme are to be valued on the basis set out in guidance issued by the Board under section 42 of the Act and prescribed by Regulations;
(f) the notes to the accounts to contain certain information in relation to policies the form of which has been certified under section 53B of the Act.
The regulations are also amended to permit the accounts of a scheme to exclude insurance policies the form of which has been certified under section 53B of the Act and which fully match pension obligations.
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S.I. No. 58/2013 –
Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2013.
View SI Amendments Open PDF
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 22nd February, 2013.
The Minister for Social Protection, in exercise of the powers conferred on her by section 5 , and section 54 of the Pensions Act 1990 (No. 25 of 1990)), hereby makes the following Regulations:—
Citation and Commencement.
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2013.
(2) These Regulations and the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006 to 2012 may be cited together as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2013.
Amendment of Occupational Pension Schemes Disclosure Regulations.
2. The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended by inserting the following in place of Schedule K—
“Schedule K — Information to be made available on discharge of liability using a policy or contract of assurance the form of which has been certified under section 53B:
1. The name and address of the undertaking issuing the policy or contract of assurance (hereinafter called “the section 53B policy”) and the title or position, address, telephone number and email address (if any) of the person(s) at that undertaking to whom any questions or complaints should be addressed.
2. The policy number of the section 53B policy or contract of assurance together with the registered number of the specimen policy the form of which has been certified by the Board and which the section 53B policy is consistent with.
3. The amount of the benefit payable to or in respect of the person the liability for which has been discharged under the section 53B policy.
4. The percentage (hereinafter called “the Reference Percentage”) of the payments under the section 53B policy referenced to one or more securities of the type referred to in section 53B(3)(a) or section 53B(3)(b) of the Act (each hereinafter referred to as a Reference Security), the title(s) of such reference securities and an explanation of the circumstances in, and time during, which payments under the section 53B policy can be reduced or cease.
5. A statement substantially in the form set out below which form may only be modified if the Trustees are of the reasonable opinion that such modifications will better explain the nature and effect of the section 53B policy to the person concerned:
“Payments due under the insurance policy securing [all] [insert percentage] of the benefits payable to or in respect of you under the scheme and discharged by that policy are dependent on certain European Member States fulfilling their payment obligations under the terms of bond(s) which they have issued. If a Member State does not fulfill any of its payment obligations under such a bond, the insurer may reduce or stop the payments under your insurance policy to reflect the payment which has not been received. If that occurs, you will bear that loss and will have no recourse to the scheme for that loss.
In other words, payment under your policy, and therefore your pension, is not guaranteed and may, in certain circumstances, be reduced or stopped.
If, following any such reduction or cessation, there is a subsequent recovery, payments under your policy may be restored to reflect that recovery.
Further information will be provided in the insurance policy which will be provided to you. Please make sure that you read the entire policy carefully and seek guidance from the insurer or your financial adviser if you are unclear about any aspect of how the policy works.”
retirement annuity contracts
GIVEN under my Official Seal,
15 February 2013.
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.)
This Regulation amends the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) to amend the information which must be furnished to a person where the trustees of a scheme discharge the liability of the scheme for some or all of the benefits payable to or in respect of a person by making a payment to a policy or contract of assurance, the form of which has been certified under section 53B of the Pensions Act 1990 (as amended).
Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License
© Government of Ireland.
View SI Amendments Open PDF
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 5th September, 2014.
Occupational Pension Schemes (Sections 50 and 50B) Regulations, 2014.
I, JOAN BURTON, Tánaiste and Minister for Social Protection, in exercise of the powers conferred on me by sections 5 , 50 and 50B (as amended by the Social Welfare and Pensions (No. 2) Act, 2013 ) of the Pensions Act 1990 (No. 25 of 1990), hereby make the following Regulations:
Citation and Commencement
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Sections 50 and 50B) Regulations, 2014.
Definitions
2. (1) In these Regulations:
“annual actuarial data return” means the form set out in Schedule L to the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006 ( S.I. No. 301 of 2006 );
“authorised trade union” means a trade union which holds a negotiation licence under Part II of the Trade Union Act 1941 (No. 22 of 1941);
“Act” means the Pensions Act, 1990 (No. 25 of 1990);
“direction” means a direction made by the Pensions Authority under section 50 of the Act (other than on application by the trustees) or section 50B of the Act;
“scheme” means the scheme in relation to which the Pensions Authority proposes to make a direction.
(2) Any term used in these Regulations which is defined for the purpose of the Act shall, unless the context requires otherwise, have the meaning used in the Act.
Information to be furnished to the Pensions Authority
3. (1) Where the Pensions Authority proposes to make a direction, the Pensions Authority may at any time, by notice in writing, require such person as the Pensions Authority may specify in the notice to furnish to the Pensions Authority any one or more of the following items of information:
(a) an actuarial funding certificate and funding standard reserve certificate with such effective date as is specified by the Pensions Authority,
(b) an annual actuarial data return stating all information as of such date as is specified by the Pensions Authority,
(c) information from the trustees of the scheme regarding the long-term stability and sustainability of the scheme, and
(d) such other information as the Pensions Authority believes is necessary to enable it to consider whether to make a direction.
(2) The information required by the Pensions Authority under paragraph (1) shall be furnished to the Pensions Authority within such period as the Pensions Authority may specify in the notice.
Notification
4. (1) Where the Pensions Authority proposes to make a direction, the trustees of the scheme shall notify in writing:
(a) the members of the scheme and other persons who are receiving benefits under the scheme or who have reached normal pensionable age, and
(b) any authorised trade union representing those members or persons,
of the matters specified in paragraph (2) where the Pensions Authority requests them to do so within such period and in such manner as the Pensions Authority may specify.
(2) The written notification referred to in this Article shall:
(a) outline the funding position of the scheme and the circumstances under sections 50 and 50B of the Act which have arisen and under which the Pensions Authority may make a direction,
(b) outline the effect a direction may have on the benefits of the members of the scheme and other persons who are receiving benefits under the scheme or who have reached normal pensionable age, and
(c) inform the members of the scheme and other persons who are receiving benefits under the scheme or who have reached normal pensionable age and any authorised trade union representing those members or persons of their right to make written submissions to the Pensions Authority in accordance with Article 5.
(3) The written notification referred to in this Article shall be:
(a) dated the date on which it is sent,
(b) signed by the trustees and the employer of the scheme, and
(c) sent to the member or other person by ordinary post to the last address known to the trustees.
(4) The trustees of the scheme shall provide the Pensions Authority with a copy of the written notification referred to in this Article no later than 10 days after sending it.
Submissions
5. For the purposes of section 50(5)(c) and section 50B(6)(c) of the Act, the members of the scheme and other persons who are receiving benefits under the scheme or who have reached normal pensionable age and any authorised trade union representing those members or persons shall be entitled to make written submissions to the Pensions Authority in respect of the proposed direction within six weeks of the date of the notification made to them under Article 4 and the Pensions Authority shall consider any such submissions prior to making the proposed direction.
Appeals
6. The prescribed persons for the purposes of section 50(2B), section 50(6) and section 50B(10) of the Act are the members of the scheme and other persons who are receiving benefits under the scheme or who have reached normal pensionable age and any authorised trade union representing those members or persons.
retirement annuity contracts
GIVEN under my Official Seal
2 September 2014.
JOAN BURTON,
Tanaiste and 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 set out the procedure to be followed when the Pensions Authority is considering making a unilateral direction under section 50 of the Pensions Act to restructure the benefits of a pension schemes or a direction to wind up a pension scheme under section 50B of the Pensions Act.
These Regulations set out the:
• Requirement on such persons as may be specified, to provide specified information to the Pensions Authority in its consideration of proposals to issue a direction under section 50 or section 50B of the Pensions Act.
• Requirement on the employer and the trustees of a pension scheme to notify scheme members, beneficiaries and the authorised trade union of proposals by the Pensions Authority to issues a direction to restructure scheme benefits or to wind up a pension scheme.
• Provision for scheme members, beneficiaries and authorised trade unions to make a submission to the Pensions Authority in respect of proposals by the Pensions Authority to issue a direction to restructure scheme benefits or to wind up a pension scheme.
Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License
© Government of Ireland.
Revenue Pensiions Manual
Scheme Approval & Compliance Requirements
19.3
Practitioners are encouraged to agree a “standard” trust document and
announcement letter with Revenue. The covering letter with each approval
application should include:
1. Confirmation that the scheme is documented by the standard deed.
2. Confirmation that the announcement letter has issued.
3. An outline of the scheme’s investment policy
4. The member’s PPS number
5. Confirmation that the scheme member is an employee of the employer
sponsoring the scheme.
The supporting documentation required is:
1. Funding Report with full details of retained benefits
2. Copy of the relevant pages of the Trust Deed showing employer name,
trustee details, scheme title and commencement date.
Incomplete submissions will be returned.
As a condition of approval, Revenue will expect actuarial reports to be made at
intervals not greater than 3 years, and will examine the assumptions that have been
used as a basis for funding the scheme. A further condition of continuing approval is
a requirement to submit annual accounts within 9 months of the end of the year.
In view of the significance attaching to the investment policy of the trustees,
Revenue will need to know, when the application for approval is first considered,
and in conjunction with the examination of annual accounts and later actuarial
reports, how the funds are to be or have been invested
S.I. No. 239/2019 –
Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2019
“Iris Oifigiúil” of 7th June, 2019.
I, REGINA DOHERTY, Minister for Employment Affairs and Social Protection, in exercise of the powers conferred on me by section 5 (2A) (amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)) of the Pensions Act 1990 (No. 25 of 1990) (as adapted by the Social Protection (Alteration of Name of Department and Title of Minister) Order 2017 (S.I. No. 366 of 2017)), hereby make the following regulations:
1. These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2019.
2. The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended, by the substitution of the following for article 15(1):
“(1)Where, on or after the commencement of this article, a benefit under the scheme has become payable or is about to become payable to any of the persons specified in sub-article (3) –
(a) the information specified in paragraphs 1, 3, 4 and 5 of Schedule F, and where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6 of Schedule F, together with the information specified in paragraph 2 of Schedule F in the case of a defined benefit scheme where the benefit is payable on death, shall be furnished as soon as practicable and in any event within 2 months after the benefit becomes payable,
(b) in the case of a defined benefit scheme where the benefit is payable on death, and for so long as the benefit is payable out of the scheme, the information specified in paragraphs 1, 3 and 4 of Schedule F shall be furnished on request as soon as practicable and in any event within 2 months after the request is made, or
(c) in the case of a defined benefit scheme the information specified in paragraph 2 of Schedule F shall, where the benefit is payable otherwise than on death, be furnished on request as soon as practicable and in any event within 2 months after the request is made.”.
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GIVEN under my Official Seal,
30 May 2019.
REGINA DOHERTY
Minister for Employment Affairs and Social Protection.
EXPLANATORY NOTE
(This does not form part of the Instrument and does not purport to be a legal interpretation.)
These Regulations amend the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) to provide that survivors, in receipt of a pension from a defined benefit scheme, can request certain specified information on the value of and the conditions governing the treatment of their benefits and to oblige the trustees of a scheme to furnish the requested information within a specified period. These Regulations transpose an obligation imposed by Article 6 (3) of Directive 2014/50/EU (the Portability Directive) into Irish law.
S.I. No. 637/2021 –
Occupational Pension Schemes (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 and Construction
1. These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2021.
2. These Regulations and the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2019 shall be construed together as one and may be cited as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2021.
Amendments
3. The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended –
(a) in Regulation 4 by –
(i) in the definition of “affiliated employer”, by the substitution of “sections 7 and 8 of the Companies Act 2014 (No. 38 of 2014) respectively” for “ section 155 of the Companies Act, 1963 , (No. 33 of 1963)”;
(ii) 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;”;
(iii) by the deletion of the definition of “One Member Arrangement”;
(iv) by the insertion of the following definition after the definition for “preserved benefit”:
“ “Regulations of 2021” means the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 );”, and
(v) by the insertion of the following definition after the definition for “relevant person”:
“ “representative” means a person authorised by a member or beneficiary of a scheme to which the Regulations of 2021 apply, 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 scheme;”;
(b) in regulation 5 –
(i) in sub-article (1), by the deletion of “(other than a One Member Arrangement)”;
(ii) in sub-article (2), by the substitution of “Subject to sub-article (7)” for “Subject to article 8”;
(iii) 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”, and
(iv) by the insertion of the following sub-article after sub-article (6):
“(7) In the case of a one-member arrangement established before the coming into operation of the Regulations of 2021, the requirements of this article shall apply in respect of the same year for which such an arrangement is required to prepare the first annual report in accordance with section 55(8)(c)(ii) of the Act.”;
(c) in Regulation 6 –
(i) by the substitution of the following sub-article for sub-article (1) –
“(1) In this article, ‘relevant scheme’ means a scheme to which section 56 of the Act applies other than a scheme to which sub-article (6) applies.”;
(ii) in sub-article (6) –
(I) by the substitution of “Subject to sub-article 6A, the trustees” for “The trustees”;
(II) by the deletion of “a One Member Arrangement, or”, and
(iii) by the insertion of the following sub-article after sub-article (6):
“(6A) In the case of a one-member arrangement established before the coming into operation of the Regulations of 2021, the requirements set out in sub-article (6) shall apply in respect of the same year for which such an arrangement is required to prepare the first annual report in accordance with section 55(8)(c)(ii).”;
(d) in Regulation 9 –
(i) in sub-article (1)(a), by the insertion of “and shall be publicly disclosed” after “to the relevant persons”;
(ii) in sub-article (2)(b), by the insertion of “or, in the case of a scheme to which the Regulations of 2021 apply, to a representative,” after “to any of the other relevant persons”, and
(iii) in sub-article (4) –
(I) in paragraph (a), by the insertion of “or, in the case of a scheme to which the Regulations of 2021 apply, and except in the case of valuation reports, a representative,” after “any of the relevant persons”;
(II) in paragraph (b), by the insertion of “subject to paragraph (c),” before “furnished on request”, and
(III) by the insertion of the following paragraph after paragraph (b) –
“(c) in the case of a scheme to which the Regulations of 2021 apply, and except in the case of valuation reports, furnished on request free of charge to a member or beneficiary of the scheme, or a representative, not later than 4 weeks after the request is made.”;
(e) in Regulation 10 –
(i) in sub-article (1), by the substitution of “specified in sub-articles (1B), (2), (3), (3A) and (3B)” for “specified in sub-articles (2) and (3)”;
(ii) by the insertion of the following sub-articles after sub-article (1):
“(1A) In the case of a scheme to which the Regulations of 2021 apply, the trustees of the scheme shall notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the scheme rules, not later than 4 weeks from the date of any such change, 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 11(4)(a), if applicable.
(1B) In the case of a scheme to which the Regulations of 2021 apply, 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 scheme or benefits becoming payable to the beneficiary under the scheme.”;
(iii) in sub-article (3), by the substitution of “Subject to sub-article (3A), a copy” for “A copy”, and
(iv) by inserting the following sub-articles after sub-article (3) –
“(3A) In the case of a scheme to which the Regulations of 2021 apply, a copy of the documents specified in sub-article (1) shall, on request by a member or beneficiary of the scheme, be furnished to such a member or beneficiary, free of charge, not later than 4 weeks after the request is made.
(3B) In the case of a scheme to which the Regulations of 2021 apply, a copy of the documents specified in sub-article (1), and the information referred to in paragraph (e) of that sub-article, shall be furnished to any prospective members who are not automatically enrolled in the scheme, before they become a member of the scheme.”;
(f) by the insertion of the following Regulation after Regulation 10:
“
Disclosure of Information in relation to schemes – General requirements
10A. (1) In the case of a scheme to which the Regulations of 2021 apply, where the trustees of such a scheme are required to provide information under these Regulations to members, beneficiaries, a representative, or prospective members, the trustees of the scheme 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 11 –
(i) by the substitution of the following sub-article for sub-article (1):
“(1) Subject to sub-article (5), the trustees of a scheme shall furnish in writing the information specified in paragraphs 1 to 22 and, in the case of a scheme to which the Regulations of 2021 apply, the information specified in paragraphs 24 and 25, of Schedule C to the persons specified in sub-articles (2), (3) and (3A).”;
(ii) by the substitution of the following sub-article for sub-article (2):
“(2) Subject to sub-article (3A)(ii), the information specified in paragraphs 1 to 22 and, in the case of a scheme to which the Regulations of 2021 apply, the information specified in paragraph 25, of Schedule C shall be furnished to every person who becomes a member of a scheme within 2 months of becoming a member.”;
(iii) by the substitution of the following sub-article for sub-article (3):
“(3) The information specified in paragraphs 1 to 22 and, in the case of a scheme to which the Regulations of 2021 apply, the information specified in paragraph 24, if applicable, and 25, of Schedule C shall, not later than 4 weeks after the request is made, be furnished to the relevant persons.”;
(iv) by the insertion of the following sub-article after sub-article (3):
“(3A) In the case of a scheme to which the Regulations of 2021 apply, the information specified in paragraphs 1 to 24 of Schedule C, where applicable, and, in the case of the persons referred to in paragraph (ii), paragraph 25, shall be furnished to any prospective members –
(a) who are not automatically enrolled in a scheme, before they become a member of the scheme,
(b) who are automatically enrolled in a scheme, promptly after becoming a member of the scheme.”;
(v) by the substitution of the following sub-article for sub-article (4)(a):
“(4) (a) The trustees of a scheme shall notify the members of the scheme or, in the case of a scheme to which the Regulations of 2021 apply, the members and beneficiaries or representatives, of any material alteration in the information specified in paragraphs 1 to 23 and, in the case of a scheme to which the Regulations of 2021 apply, paragraph 25, of Schedule C within four weeks of the date of making any such alteration.”, and
(vi) by the insertion of the following sub-article after sub-article (6):
“(7) In the case of a scheme to which the Regulations of 2021 apply, the trustees of the scheme shall make available to members and beneficiaries of the scheme, or representatives, an explanation of the impact on members and beneficiaries of significant changes to technical provisions, where applicable.”;
(h) in Regulation 13 –
(i) in paragraph (b) of sub-article (6), by the insertion of “or, free of charge, in the case of a scheme to which the Regulations of 2021 apply” after “(unless the trustees decide otherwise)”, and
(ii) by the insertion of the following sub-articles after sub-article (8):
“(9) Other than in the case of sub-articles (3), (4) and (5), and subject to sub-article (10), this article shall only apply to a scheme to which the Regulations of 2021 do not apply.
(10) In the case of a scheme to which the Regulations of 2021 apply, sub-articles (1), (2), (6), (7) and (8) shall continue to apply until such date as the trustees of such a scheme make available, to the members of the scheme, the first Pension Benefit Statement in accordance with Chapter 1 of Part 6 of the Regulations of 2021.”;
(i) in Regulation 14 –
(i) in sub-article (5), by the substitution of “Subject to sub-article (6), the information specified” for “The information specified”, and
(ii) the insertion of the following sub-article after sub-article (5):
“(6) In the case of a scheme to which the Regulations of 2021 apply, sub-article (5) shall no longer apply from the date on which the trustees of such a scheme make available, to the members of the scheme, the first Pension Benefit Statement in accordance with Chapter 1 of Part 6 of the Regulations of 2021.”;
(j) in Regulation 15 –
(i) in sub-article (1), by the insertion of “, except in the case of a member of a scheme 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 of a scheme to which the Regulations of 2021 apply, the trustees of the scheme shall furnish to such a member, in due time prior to benefits becoming payable to the member from the scheme, or on request by the member, information specified in paragraphs 1 to 5 of Schedule F, and where the scheme is a defined benefit scheme to which section 44 of the Act applies the information specified in paragraph 6 of Schedule F.
(1B) In the case of a scheme to which the Regulations of 2021 apply, the trustees of such a scheme shall –
(a) where a benefit under the scheme has become payable or is about to become payable, periodically provide 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 scheme has become payable or is about to become payable, provide such persons with appropriate information regularly.”;
(k) in Regulation 18, 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 18:
“Information to be made available – where members bear investment risk
18A. (1) In the case of a scheme to which the Regulations of 2021 apply, and in the case of any such scheme in which members bear an investment risk and which provides for more than one option with different investment profiles, the trustees of the scheme shall furnish, in the manner specified in sub-articles (2), (3) and (4), the members of the scheme 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 scheme to allocate a particular member to an investment option.
(2) The trustees of a scheme referred to in sub-article (1) shall furnish the information referred to in sub-article (1) to a member of the scheme within 2 months of becoming a member.
(3) The trustees of a scheme referred to in sub-article (1) shall furnish the information referred to in sub-article (1), on request, to a member of the scheme not later than 4 weeks after the request is made.
(4) The trustees of a scheme referred to in sub-article (1) shall notify the members of the scheme 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 19, by the insertion of “or by means of any electronic method” after “by ordinary post at the last address known to the trustees”;
(n) by the deletion of Regulation 22;
(o) in Schedule A, by the substitution of the following paragraph for paragraph 1:
“1. Accounts of the scheme shall –
(a) show a true and fair view of –
(i) the financial transactions of the scheme during the scheme year,
and
(ii) the assets and liabilities at the end of the scheme year,
and
(b) include disclosure of significant investment holdings.”;
(p) in Schedule C, by the insertion of the following paragraphs after paragraph 23 –
“24. In the case of prospective members referred to in article 11(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 the investments related to the pension scheme for a minimum of five years, or for all the years that the scheme has been operating where this is less than five years and information on the costs borne by members and beneficiaries.
25. In the case of a scheme to which the Regulations of 2021 apply –
(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 scheme for a minimum of five years, or for all the years that the scheme has been operating where this is less than five years, and
(c) in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, the structure of costs borne by members and beneficiaries.”;
(q) in Schedule I, 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 scheme for a minimum of five years, or for all the years that the scheme has been operating where this is less than five years.”.
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GIVEN under my Official Seal,
25 November, 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. 301 of 2006 in order to, amongst other things, give further effect to Directive (EU) 2016/2341 by –
– in Regulation 4, by amending a number of definitions;
– by amending Regulation 5 relating to Audited Accounts;
– by amending Regulation 6 relating to Valuation Reports;
– in Regulation 9, 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 to the relevant persons or representatives within 4 weeks of a request being made and making a number of technical amendments;
– in Regulation 10, to oblige the trustees of a scheme to –
• notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the scheme 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 scheme, free of charge, to every member or beneficiary within 2 months of the person becoming a member or benefits becoming payable from the scheme to the person concerned, and
• provide copies of the documents relating to the constitution of a scheme to prospective members before they become members of a scheme;
– inserting a new Regulation 10A to specify the manner in which information shall be provided under these Regulations by the trustees to members of a scheme to which the Regulations of 2021 apply;
– in Regulation 11, by amending the disclosure of information requirements in relation to basic information about the scheme and specifying when the relevant information shall be provided to members, beneficiaries, representatives or prospective members of a scheme to which the Regulations of 2021 apply;
– in Regulation 13, by specifying that the Statement of Reasonable Projection shall be provided until the first Pension Benefit Statement is made available;
– in Regulation 14 in respect of the information to be made available to a member on termination of relevant employment;
– in Regulation 15, by amending the information to be made available on retirement or death of a member or beneficiary;
– in Regulation 18, 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 18A to specify the information to be made available where members bear an investment risk and when such information shall be furnished;
– in Regulation 19, by providing that information and documents may be serviced by electronic means as well as by ordinary post;
– the deletion of Regulation 22 which provides for the disclosure of information to EIOPA, and
– by making of a number of amendments in respect of the information to be provided under Schedules A, C and I.
1 OJ No. L 354, 23.12.2016, p. 37
S.I. No. 295/2022 –
Occupational Pension Schemes (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 Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2022.
Amendments
2. The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended –
(a) in Regulation 7 –
(i) in sub-article (1), by the deletion of “(other than a One Member Arrangement)”;
(ii) in sub-article (2), by the substitution of “The trustees” for “Subject to article 8, the trustees”, and
(iii) 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.”;
(b) by the deletion of Regulation 8;
(c) in Regulation 9 –
(i) in sub-article (1)(a), by the substitution of “5 or 7” for “5, 7 or 8”, and
(ii) in sub-article (2), by the substitution of “5 or 7” for “5, 7 or 8”, and
(d) in Schedule B –
(i) in paragraph (1)(a), by the deletion of “or sub-article (5) of article 8”;
(ii) in paragraph (2) –
(I) by the insertion of “, depositary” after “custodian”;
(II) by the deletion of “or sub-article (5) of article 8”, and
(III) by the deletion of “or 8”;
(iii) by the insertion of the following paragraph after paragraph 2:
“2A. In the case of a scheme to which the Regulations of 2021 apply, 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 scheme during the scheme year.”;
(iv) by the substitution of the following paragraph for paragraph 15:
“15. A statement confirming that the trustees and, if applicable, the persons charged with the administration of the scheme have access to guidelines, guidance notes and codes of practice issued by the Pensions Authority in accordance with section 10 of the Act.”;
(v) in paragraph 18, by the substitution of “any regulations made under section 55 of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017)” for “article 5 of the Pensions Ombudsman Regulations 2003 ( S.I. No. 397 of 2003 )”, and
(vi) in paragraph 20, by the substitution of “Financial Reporting Standard 102” for “Financial Reporting Standard 8”.
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.
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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. 301 of 2006 by –
– making a number of text amendments to Regulation 7;
– deleting Regulation 8;
– making minor amendments to Regulation 9 to take account of the deletion of Regulation 8, 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.
S.I. No. 86/2023 –
European Union (Sustainability – Related Disclosures in the Financial Services Sector) (Occupational Pension Schemes) Regulations 2023
I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving full effect to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 20191 , as amended by Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 20202 , hereby make the following regulations:
1. These Regulations may be cited as the European Union (Sustainability-Related Disclosures in the Financial Services Sector) (Occupational Pension Schemes) Regulations 2023.
2. The Pensions Act 1990 (No. 25 of 1990) is amended –
(a) in section 2(1), by the insertion of the following definition:
“ ‘SFD Regulation’ means Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 20191 on sustainability-related disclosures in the financial services sector as amended by Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 20202 ;”,
(b) in section 3A(1A), in paragraph (a), by the insertion of “or (1F)” after “59(1)(ca)”,
(c) in section 10(1), by the insertion of the following paragraph after paragraph (fc):
“(fd) to monitor compliance by the trustees of schemes and trust RACs with the SFD Regulation,”,
(d) in section 54, by the insertion of the following subsection after subsection (1):
“(1A) The trustees of a scheme or trust RAC shall, further to a request made by the Pensions Authority, furnish it, by a date specified in the request, with such information as the Authority may require in relation to compliance with section 59(1F).”, and
(e) in section 59, by the insertion of the following subsection after subsection (1E):
“(1F) The trustees of a scheme or trust RAC shall comply with the following articles of the SFD Regulation:
(a) article 3(1);
(b) article 4(1), (2), (3), (4);
(c) article 5;
(d) article 6(1), (3);
(e) article 7;
(f) article 8(1), (2), (2a);
(g) article 9(1), (2), (3), (4), (4a);
(h) article 10(1);
(i) article 11(1), (2);
(j) article 12(1);
(k) article 13(1);
(l) article 15(1).”.
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GIVEN under my Official Seal,
23 February, 2023.
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 the Pensions Act 1990 to provide that the Pension Authority’s existing powers of supervision and enforcement are extended to the provisions of Regulation (EU) 2019/2088.
1 OJ L 317, 9.12.2019, p. 1
2 OJ L 198, 22.6.2020, p. 13
1 OJ L 317, 9.12.2019, p. 1
2 OJ L 198, 22.6.2020, p. 13