EU Funds Transfers
Pensions Act
1) In this Part –
148.
Interpretation (Part XII).
“Court” means the High Court;
“cross-border activity” means operating a scheme or trust RAC where the relationship between the sponsoring undertaking, and the members and beneficiaries concerned, is governed by the social and labour law of a Member State other than the State;
“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed at Brussels on 17 March 1993;
“main administration”, without prejudice to section 2(7), shall be construed in accordance with the Directive of 2016;
“receiving IORP” means an IORP, within the meaning of the Directive of 2016, registered or authorised in a Member State other than the State, receiving all or part of a scheme or trust RAC’s liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, from a scheme or trust RAC registered in the State;
“receiving scheme or trust RAC” means a scheme or trust RAC which receives or seeks to receive all or part of a pension scheme’s liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, from a transferring IORP (within the meaning of the Directive of 2016) registered or authorised in a Member State other than the State;
“relevant statutory requirements” means the statutory provisions relevant to the field of schemes or trust RACs, that may be prescribed;
“social and labour law”, in relation to a Member State, means the social and labour law (within the meaning of Article 11 of the Directive of 2016) of that Member State relevant to occupational pension schemes (within the meaning of that Article);
“transferring IORP” means an IORP (within the meaning of the Directive of 2016) registered or authorised in a Member State other than the State, transferring all or part of a pension scheme’s liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to a receiving scheme or trust RAC;
“transferring scheme or trust RAC” means a scheme or trust RAC transferring all or part of its liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to a receiving IORP;
“undertaking”, in relation to a scheme or trust RAC, means a sponsoring undertaking (within the meaning of the Directive of 2016) whose relationship with its members and beneficiaries is governed by the social and labour law of another Member State, which makes, or proposes to make, contributions to the scheme or trust RAC.
(2) In this Part Member State shall be read as including reference to those States which are Contracting Parties to the EEA Agreement.
(3) Without prejudice to section 2(7), a word or expression that is used in this Part and is also used in the Directive of 2016 shall, unless the context otherwise requires, have the same meaning in this Part as it has in the Directive.
148A.
Service of documents for purpose of Part
(1) A notice or other document that is required to be given, or sent, to, or served on, a person under this Part shall be addressed to the person by name and shall be given, sent or served to the person in one of the following ways:
(a) by delivering it to the person;
(b) by leaving it at the address at which the person ordinarily resides or carries on business or, in a case in which an address for service has been furnished, to that address;
(c) by sending it by post in a pre-paid registered letter or by any other form of recorded delivery to the address at which the person ordinarily resides or carries on business, or in a case in which an address for service has been furnished, to that address;
(d) by electronic means, in a case in which the person has given notice in writing to the person serving or giving the notice or document concerned of his or her consent to the notice or document (or notices or documents of a class to which the notice or document belongs) being served on, or given or issues to, him or her in that manner.
(2) For the purposes of subsection (1), a company within the meaning of the Companies Acts or the Companies Act 2014, shall be deemed to be ordinarily resident at its registered office, and every other body corporate and every unincorporated body shall be deemed to be ordinarily resident at its principal office or place of business.
149. Authorisation to operate cross-border schemes.
(1) The trustees of a scheme or trust RAC shall not accept any contributions to a scheme or trust RAC from an undertaking unless –
(a) in respect of the scheme or trust RAC concerned
(i) the trustees are authorised by the Pensions Authority under this section, and
(ii) approval has been granted, or deemed to have been granted, under section 151 in relation to the undertaking concerned, or
(b) in the case of a scheme or trust RAC which is a receiving scheme or trust RAC referred to in section 151A(13) –
(i) the trustees of that scheme or trust RAC are deemed, under section 151A(13)(a), to be authorised under this section, and
(ii) approval in respect of section 151 has been deemed, under section 151A(13)(b), to have been granted in relation to the undertaking concerned.
(2) An application for authorisation under this section shall –
(a) be in writing and be in the form that may be prescribed, and
(b) contain the information that may be prescribed and different information may be prescribed for different schemes or trust RACs or categories of schemes or trust RACs.
(3) The trustees of a small scheme or small trust RAC who wish to apply for authorisation under this section shall, notwithstanding that it is a small scheme or small trust RAC and in addition to the other requirements of subsection (2), comply with the provisions of this Act that are prescribed from time to time for the purposes of this section.
(4) The conditions of authorisation are that-
(a) the trustees and the scheme or trust RAC comply with the provisions of this Act applicable to the trustees and the scheme or trust RAC and, in the case of a small scheme or a small trust RAC, comply with subsection (3), and
(b) the trustees and the scheme or trust RAC comply with any other conditions that may be prescribed.
(5) The Board shall, where it is satisfied that the scheme or trust RAC satisfies all the conditions for authorisation under subsection (4), grant the authorisation.
(6) An authorisation under this section shall be in writing.
(7) Where the Pensions Authority is not satisfied that –
(a) the trustees of the scheme or trust RAC, or
(b) the scheme or trust RAC,
comply, or complies, with the conditions of authorisation under subsection (4), it shall refuse authorisation under this section and shall notify the trustees of the scheme or trust RAC, in writing, of that decision and of the right of appeal within the period referred to in subsection (8).
(8) Where the Pensions Authority has refused to make an authorisation under this section, the trustees of the scheme or trust RAC may, not later than 21 days from the date of the notification, referred to in subsection (7), of that decision appeal to the High Court against that decision to refuse authorisation under this section.
(9) On the hearing of an appeal referred to in subsection (8), the High Court may make one of the following orders –
(a) an order confirming the decision to refuse authorisation, or
(b) an order quashing the decision to refuse authorisation.
(10) The Court may also make such ancillary orders as it considers appropriate.
150. Revocation of authorisation.
(1) The Board may revoke an authorisation under section 149 or an authorisation deemed, under section 151A(13)(a) –
(a) on being satisfied that any of the conditions for authorisation under section 149(4) have not been or are not being complied with, or
(b) where the trustees of the scheme or trust RAC make a written request to the Board for revocation of the authorisation including the reasons for that request.
(2) Before revoking an authorisation under this section the Board shall –
(a) notify the trustees of the scheme or trust RAC in writing of its intention to revoke the authorisation and of the reasons for the revocation,
(b) notify the trustees in writing that the trustees or a person acting on their behalf may make representations to the Board in relation to the intended revocation within 14 days after the date of issue of the notification, and
(c) consider any representations made under paragraph (b) before deciding whether or not to proceed with the revocation.
(3) Where the Board revokes an authorisation under this section, it shall notify in writing the trustees of the scheme or trust RAC and the competent authorities of any relevant host Member State of the revocation.
(4) Where the trustees of the scheme or trust RAC receive notification of revocation under subsection (3), they shall immediately notify in writing any undertaking from whom they accept contributions to the scheme or trust RAC and shall cease to accept any further contributions from those undertakings from the date of receipt of the notification.
(5) The Board shall publish or cause to have published notice of revocation of an authorisation in Iris Oifigiúil and in at least one daily newspaper circulating in the State within 21 days after the date of the notification of the revocation under subsection (3).
(6) Where the Board revokes an authorisation under this section, the trustees may, within 21 days after the date of the notification of the revocation under subsection (3), appeal to the Court against the decision of the Board to revoke.
(7) On the hearing of an appeal, the Court may make one of the following orders –
(a) an order confirming the decision appealed against, or
(b) an order quashing that decision.
(8) The Court may also make such ancillary orders as it considers appropriate.
(9) Nothing in this section in regard to the revocation of an authorisation shall affect the validity of anything done in accordance with the authorisation before the revocation of the authorisation.
(10) Unless the Court otherwise orders, revocation under this section of an authorisation takes effect on and from the date of receipt of the notification under subsection (3), irrespective of whether or not the trustees appeal against the revocation under this section.
151.
Approval to accept contributions.
(1) Where the trustees of a scheme or trust RAC who are authorised under section 149 propose to accept contributions to the scheme or trust RAC from a particular undertaking the trustees shall notify the Board in writing.
(2) A notification under subsection (1) shall be in the form that may be prescribed and shall contain the following particulars:
(a) the name and location of the main administration of the sponsoring undertaking from whom the trustees propose to accept contributions;
(b) the name of the host Member State which shall, where applicable, be identified by the sponsoring undertaking;
(c) any other information that may be prescribed.
(3) On receipt of a notification under subsection (1), the Board may request the trustees to provide further information in relation to the notification.
(4) The Pensions Authority shall assess the administrative structure, the financial situation of the scheme or trust RAC and the trustees compliance with the requirements specified in section 59A and where it is of the opinion that such administrative structure, such financial situation and such trustee compliance are compatible with the proposed cross-border activity, the Pensions Authority shall, within 3 months after the date of receipt of the notification under subsection (1), notify in writing –
(a) the competent authority of the host Member State of any relevant information contained in the notification, and
(b) the trustees of the scheme or trust RAC that approval has been granted by it in relation to the undertaking specified in the notification.
(4A) Where the Pensions Authority decides not to grant approval under subsection (4), the Pensions Authority shall, within 3 months of the date of the receipt of the notification under subsection (1), issue a decision in writing to the trustees of the scheme or the trust RAC with the reasons for this decision.
(4B) Where –
(a) the Pensions Authority has issued a decision under subsection (4A), the trustees of the scheme or trust RAC may within 21 days after the date of issue of the decision under subsection (4A), appeal to the High Court against the decision of the Pensions Authority, or
(b) the Pensions Authority has not communicated the relevant information contained in the notification under subsection (1) to the competent authority of the host Member State within 3 months from the date of the receipt by it of that notification, the trustees of the scheme or trust RAC may within 21 days of the expiry of that 3 month period, appeal to the High Court against the failure of the Pensions Authority to act.
(5) If no notification is received from the Pensions Authority under subsection (4) within the period specified in that subsection or as the case may be, subsection (4A) within the period specified in that subsection, approval is deemed to have been granted in relation to the undertaking specified in the notification under subsection (1) at the end of that period.
(6) Where the Pensions Authority has notified the competent authority of the host Member State under subsection (4)(a) and that competent authority notifies the Pensions Authority of –
(a) pursuant to paragraph 7 of Article 11 of the Directive of 2016 –
(i) the requirements of social and labour law, and
(ii) the information requirements referred to in Title IV of the Directive of 2016, of the host Member State which apply to the cross-border activity, and
(b) pursuant to Article 33 of the Directive of 2016, a requirement, if any, under the law of the host Member State to appoint one or more depositaries for the safekeeping of assets and oversight duties,
the Pensions Authority shall, as soon as reasonably practicable following receipt of such notification, by
that competent authority, of the matters specified in paragraphs (a) and (b), notify the trustees of the scheme or trust RAC concerned of those matters.
(6A) Where the competent authority of the host Member State referred to in subsection (6), informs the Pensions Authority, pursuant to paragraph 9 of Article 11 of the Directive of 2016, of significant changes to –
(a) the requirements referred to in subsection (6)(a) which may affect the characteristics of the scheme or trust RAC concerned insofar as it concerns the cross-border activity, or
(b) where the requirements referred to in subsection (6)(b) apply, those requirements,
the Pensions Authority shall, as soon as reasonably practicable following receipt of such changes, notify the trustees of the scheme or trust RAC of those changes.
(7) Where approval is granted or deemed to have been granted under this section, the trustees shall not accept contributions from the undertaking specified in the notification under subsection (1) until the earlier of –
(a) 6 weeks after the date on which the Board notifies the trustees of the scheme or trust RAC under subsection (4), or 6 weeks after the date on which the approval is deemed to have been granted under subsection (5) has expired, or
(b) the date the trustees of the scheme or trust RAC have received information from the Board in accordance with subsection (6).
151A.
Transfer from IORP in another Member State to receiving scheme or trust RAC.
(1) The trustees of a scheme or trust RAC may, in accordance with this section, receive all or part of a pension scheme’s liabilities, technical provisions and other obligations and rights as well as corresponding assets or cash equivalent thereof, from a transferring IORP.
(2) The trustees of a receiving scheme or trust RAC seeking to receive a transfer from a transferring IORP shall submit an application for authorisation of a transfer to the Pensions Authority.
(3) An application under subsection (2) shall include the following information:
(a) the written agreement between the transferring IORP and the trustees of the receiving scheme or trust RAC setting out the conditions of the transfer;
(b) a description of the main characteristics of the transferring IORP’s pension scheme;
(c) a description of the liabilities or technical provisions to be transferred, and other obligations and rights, as well as corresponding assets or cash equivalent thereof;
(d) the name and the location of the main administration of the transferring IORP and the Member State in which it is registered or authorised;
(e) the name and the location of the main administration of the receiving scheme or trust RAC and the Member State in which it is registered or authorised;
(f) the location of the main administration of the sponsoring undertaking and the name of the sponsoring undertaking;
(g) evidence that the transfer has been approved by a majority of the members and a majority of the beneficiaries of the pension scheme of the transferring IORP or their representatives in compliance with the requirements of the national law of the Member State concerned, and, where applicable, the approval of the sponsoring undertaking;
(h) where the transfer results in cross-border activity, the name of the Member State whose social and labour law is applicable to the members and beneficiaries concerned.
(4) The Pensions Authority may request the trustees to provide further information in relation to any of the matters specified in paragraphs (a) to (h) of subsection (3).
(5) On receipt of the information under subsection (3), the Pensions Authority shall, as soon as practicable and not later than 7 days, send a copy of that information to the competent authority of the transferring IORP.
(6) The trustees of a receiving scheme or trust RAC shall not accept a transfer of all or part of a pension scheme’s liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, from a transferring IORP unless –
(a) the transfer is authorised by the Pensions Authority under this section, and
(b) the prior consent of the competent authority of the transferring IORP has been obtained.
(7) The Pensions Authority shall assess whether –
(a) all of the information referred to in paragraphs (a) to (h) of subsection (3) has been provided to it by the receiving scheme or trust RAC,
(b) the administrative structure, the financial situation of the receiving scheme or trust RAC and the trustees’ compliance with section 59A are compatible with the proposed transfer,
(c) the long term interests of the members and beneficiaries of the receiving scheme or trust RAC, and the transferred part of the transferring IORP pension scheme, are adequately protected during and after the transfer,
(d) where the transfer results in cross-border activity, the technical provisions of the receiving scheme or trust RAC are fully funded at the date of the transfer, and
(e) the assets to be transferred are sufficient and appropriate in accordance with the provisions of this Act to cover the liabilities, technical provisions and other obligations and rights to be
transferred,
and where the Pensions Authority is satisfied that the matters referred to in paragraphs (a) to (e) have been complied with, the Pensions Authority shall authorise the transfer of the pension scheme’s liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, from the transferring IORP to the receiving scheme or trust RAC.
(8) The Pensions Authority shall send a notification of the authorisation in writing to –
(a) the trustees of the receiving scheme or trust RAC, within 3 months of receiving the application referred to in subsection (2), and
(b) the competent authority of the transferring IORP, within 2 weeks of the date of granting the authorisation under this section.
(9) Where the Pensions Authority is not satisfied that any of the matters referred to in paragraphs (a) to (e) of subsection (7) have been complied with, it shall refuse to authorise the transfer and shall –
(a) send, to the trustees of the receiving scheme or trust RAC, a notification in writing of –
(i) the refusal, and
(ii) the reasoning for that refusal,
within 3 months of the date of the receipt of the application under subsection (2), and
(b) send a notification in writing of the refusal to the competent authority of the transferring IORP within 2 weeks of the date of the refusal of the authorisation under this subsection.
(10) Where –
(a) the Pension Authority refuses to authorise the transfer to the receiving scheme or trust RAC under subsection (9), or
(b) the Pension Authority fails to act within the 3 month period referred to in subsection (8)(a),
the trustees of the receiving scheme or trust RAC may appeal to the High Court in the case of a refusal to authorise the transfer referred to in paragraph (a), within 21 days from the date on which the Pensions Authority notifies the trustees of its refusal under subsection (9), or in the case of a failure to act referred to in paragraph (b), the expiry of the 3 month period referred to in subsection (8)(a).
(11) On the hearing of an appeal referred to in subsection (10), the High Court may make –
(a) an order confirming the refusal to authorise the transfer referred to in subsection (10)(a) or confirming that the Pension Authority has failed to act within the period referred to in subsection (10)(b), or
(b) an order quashing the refusal to authorise the transfer referred to in subsection (10)(a), and may make such ancillary orders as it considers appropriate.
(12) Where the Pensions Authority has authorised a transfer under subsection (7) and the transfer results in cross-border activity and the competent authority of the home Member State of the transferring IORP notifies the Pensions Authority of –
(a) pursuant to Article 12(11) of the Directive of 2016 –
(i) the requirements of social and labour law, and
(ii) the information requirements referred to in Title IV of the Directive of 2016,
of the home Member State of the transferring IORP which will apply to the cross-border activity, and
(b) pursuant to Article 33(1) of the Directive of 2016, a requirement, if any, under the law of the home Member State of the transferring IORP to appoint one or more depositaries for the safekeeping of assets and oversight duties,
the Pensions Authority shall within one week of receipt of such notification, by that competent authority, of the matters specified in paragraphs (a) and (b), notify the trustees of the receiving scheme or trust RAC of those matters.
(13) Where, in accordance with subsection (7), the Pensions Authority has authorised the transfer of a pension scheme’s liabilities, technical provisions, other obligations, rights, any assets, or cash equivalent referred to in subsection (7) from a transferring IORP to a receiving scheme or trust RAC and the transfer results in cross-border activity, the trustees of the receiving scheme or trust RAC concerned shall be deemed –
(a) to be authorised under section 149 for cross-border activity, and
(b) to have been granted approval under section 151 to accept contributions from the undertaking to which the transfer relates,
and sections 149(4), 150 and 152 shall apply in respect of that scheme or trust RAC.
(14) The trustees of the receiving scheme or trust RAC may effect the transfer and begin to operate the scheme or trust RAC where –
(a) a transfer is authorised under subsection (7), on receipt of the notification referred to in subsection (8)(a), or
(b) no information on the decision is received from the Pensions Authority by the trustees of the receiving scheme or trust RAC on the expiry of the period referred to in subsection (12), at the expiry of the period.
(15) In the case of a disagreement about the procedure or content of an action or inaction of the Pensions Authority or the competent authority of the transferring IORP, including a decision to refuse a cross-border transfer, the Pensions Authority may request EIOPA to carry out non-binding mediation in accordance with point (c) of the second paragraph of Article 31 of Regulation (EU) No. 1094/2010.
(16) The trustees of the receiving scheme or trust RAC shall ensure that the costs of the transfer under this section shall not be borne by the incumbent members and beneficiaries of the scheme or trust RAC.
(17) In the case of the trustees of a small scheme or small trust RAC deemed, under subsection 13(a), to be authorised under section 149 for cross-border activity, the trustees of that small scheme or small trust RAC shall comply with the provisions of this Act that are prescribed from time to time for the purposes of section 149.
151B.
Transfers from scheme or trust RAC to IORP in another Member State.
(1) The trustees of a scheme or trust RAC may, in accordance with this section, transfer all or part of the liabilities, technical provisions and other obligations and rights as well as corresponding assets or cash equivalent thereof, of that scheme or trust RAC to a receiving IORP.
(2) The trustees of a transferring scheme or trust RAC who intend to transfer all or part of a scheme’s, or trust RAC’s, liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to a receiving IORP shall not make that transfer unless the trustees have obtained the prior approval to the transfer by –
(a) a majority of –
(i) the members, and
(ii) the beneficiaries,
of that scheme or trust RAC, and
(b) the sponsoring undertaking, where applicable.
(3) The trustees referred to in subsection (2) shall, for the purpose of obtaining the prior approval referred to in subsection (2) –
(a) notify, in writing, the members and beneficiaries of the transferring scheme or trust RAC of the intention to transfer, and
(b) provide information in that notification concerning the conditions of the transfer.
(4) A transfer referred to in subsection (1) shall require –
(a) the prior consent of the Pensions Authority, and
(b) when the prior consent referred to in paragraph (a) has been obtained, the authorisation of the competent authority of the receiving IORP.
(5) Where the Pensions Authority receives an application for authorisation under this section of a transfer from the competent authority of the receiving IORP, the Pensions Authority shall assess whether –
(a) in the case of a partial transfer of the scheme’s or trust RAC’s liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, the long term interests of the members and beneficiaries of the remaining part of the transferring scheme or trust RAC are adequately protected,
(b) the individual entitlements of the members and beneficiaries are at least the same after the transfer, and
(c) the assets corresponding to the scheme or trust RAC to be transferred are, in accordance with this Act, sufficient and appropriate to cover the liabilities, technical provisions and other obligations and rights to be transferred.
(6) Where the Pensions Authority is satisfied of the matters set out in paragraphs (a) to (c) of subsection (5), it shall, within 8 weeks of the date of receipt of the application for authorisation of a transfer from the competent authority of the receiving IORP, communicate to that competent authority that it consents to the transfer.
(7) Where the Pensions Authority is not satisfied of any of the matters set out in paragraphs (a) to (c) of subsection (5), it shall, within 8 weeks of the date of receipt of the application for authorisation of a transfer from the competent authority of the receiving IORP, communicate to that competent authority that it does not consent to the transfer.
(8) Where the Pensions Authority receives a notification pursuant to Article 12(11) of the Directive of 2016 from the competent authority of a receiving IORP and the transfer results in cross-border activity, the Pensions Authority shall inform the competent authority of the receiving IORP of the relevant statutory requirements within 4 weeks from the date of receipt of that notification.
(9) Where a transfer authorised by the competent authority of the receiving IORP results in cross-border activity, section 153(3) to (7) shall apply in respect of the supervision by the Pensions Authority of the receiving IORP within the State.
(10) In the case of a disagreement about the procedure or content of an action or inaction of the Pensions Authority or the competent authority of the receiving IORP, including a decision to authorise or refuse a cross-border transfer, the Pensions Authority may request EIOPA to carry out non-binding mediation in accordance with point (c) of the second paragraph of Article 31 of Regulation (EU) No. 1094/2010.
(11) The trustees of the transferring scheme or trust RAC shall ensure that the costs of the transfer under this section shall not be borne by the remaining members and beneficiaries of the scheme or trust RAC.
152.
Miscellaneous provisions relating to monitoring and enforcement.
(1) The trustees of a scheme or trust RAC to whom approval has been granted or deemed to have been granted under section 151 shall ensure that the scheme or trust RAC is operated in a manner which is consistent with the social and labour law and information requirements of any relevant host Member State and a requirement, if any, under the law of any relevant Member State to appoint a depositary.
(2) Where –
(a) the competent authority of the host Member State, in pursuance of Article 11(10) of the Directive of 2016, inform the Pensions Authority that the trustees of the scheme or trust RAC are operating the scheme or trust RAC in a manner which is not consistent with –
(i) the requirements of social and labour law,
(ii) the information requirements, referred to in Title IV of the Directive of 2016, or
(iii) a requirement, if any, to appoint a depositary under the law, of that host Member State, or
(b) it otherwise comes to the attention of the Board that the arrangement between the undertaking and the individuals in respect of whom the undertaking makes or proposes to make contributions is no longer compatible with the scheme or trust RAC,
the Board may give a direction in writing to the trustees –
(i) to take or refrain from taking the steps specified in the direction, or
(ii) to cease taking further contributions from the undertaking.
(3) Where the Board gives a direction to the trustees of a scheme or trust RAC under subsection (2), the Board may, if it is satisfied that the direction has not been complied with, apply to the Court and the Court may confirm, vary or set aside the direction on the terms and for the period the Court considers appropriate.
(4) Where the Board gives a direction under subsection (2), the trustees of the scheme or trust RAC may appeal to the Court from the direction within 21 days after the date of the direction and the Court may confirm, vary or set aside the direction on the terms and for the period that the Court considers appropriate.
(5) Where the trustees of a scheme or trust RAC receive contributions from an undertaking the Board may, in the form and manner that may be prescribed, require trustees of the scheme or trust RAC to take, or refrain from taking, any steps that may be prescribed for the purpose of ring-fencing some or all of the assets or liabilities (or both) of the scheme or trust RAC.
153.
Functions of the Board in relation to institutions in another Member State.
(1) Where –
(a) an employer or self-employed person makes or proposes to make contributions to an institution for occupational retirement provision that has its main administration in another Member State, and
(b) the relationship between the employer and the members and beneficiaries concerned is governed by the social and labour law of the State,
any function which Article 11 of the Directive of 2016 requires or authorises to be exercised by the competent authorities of the State is exercisable by the Pensions Authority.
(2) Where the Board receives a notification pursuant to Article 11(4) of the Directive of 2016 from the competent authority in another Member State, the Board shall inform the competent authority of the relevant statutory requirements within 6 weeks after the date of that notification.
(3) Where there is a significant change in any relevant statutory requirements, the Board shall as soon as reasonably practicable inform any competent authority to which it has provided information under subsection (2) of that change.
(4) Where an employer or self-employed person makes contributions to an institution referred to in subsection (1) the Board shall –
(a) monitor compliance by the institution with the relevant statutory requirements, and
(b) if the Board becomes aware of any contravention by the institution of any relevant statutory requirement, inform the competent authority of the Member State concerned of the contravention.
(5) If the Board is satisfied that, despite the notification referred to in subsection (4)(b), the contravention persists, the Board may, after informing the competent authority of the Member State concerned, give a direction in writing to the employer or self-employed person –
(a) to take or refrain from taking the steps specified in the direction, or
(b) to cease making further contributions to the institution concerned.
(6) Where the Board gives a direction to an employer or self-employed person under subsection (5), the Board may, if it is satisfied that the direction has not been complied with, apply to the Court and the Court may confirm, vary or set aside the direction on the terms and for the period the Court considers appropriate.
(7) Where the Board gives a direction under subsection (5), the employer or self-employed person may appeal to the Court from the direction within 21 days after the date of the direction and the Court may confirm, vary or set aside the direction on the terms or for the period the Court considers appropriate.
154.
Application of this Act to members in another Member State.
(1) Regulations may provide that any provisions of this Act which are for the time being prescribed as relevant statutory requirements, shall not apply to schemes or trust RACs or trustees of schemes or of trust RACs with regard to individuals in respect of whom an undertaking makes or proposes to make contributions to the scheme or trust RAC concerned.
(2) Save where otherwise provided for by this Act, references in this Act and regulations made under this Act
–
(a) to members, shall be read as including references to individuals in respect of whom an undertaking makes or proposes to make contributions to a scheme,
(b) to a scheme or schemes, shall be read as including references to a scheme which provides or is capable of providing benefits to the individuals referred to in paragraph (a) in another Member State, and
(c) to an employer, shall be read as including references to an undertaking with regard to any individuals in respect of whom an undertaking makes or proposes to make contributions to a scheme.