Foreign Schemes
S.I. No. 717/2020 –
Occupational Pension Schemes (United Kingdom Members) Regulations 2020
I, HEATHER HUMPHREYS T.D., Minister for Social Protection in exercise of the powers conferred on me by section 5 and section 5A (inserted by Section 44 of the Social Welfare Act, 1993 (No. 5 of 1993)) 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 )), hereby make the following Regulations:
Citation and Commencement
(1) These Regulations may be cited as the Occupational Pension Schemes (United Kingdom Members) Regulations 2020.
(2) These Regulations come into operation on 31 December 2020, at 11PM.
Definitions
2. In these Regulations:-
“the Act” means the Pensions Act, 1990 (No. 25 of 1990);
“UK member” means an external member of a scheme to which the Act applies who remains entitled to any benefit under that scheme in respect of a period of service whilst employed in the United Kingdom;
General Provision as to application of Act to UK members
3. Subject to Regulations 4 and 5, references throughout the Act and any regulations made thereunder to members shall be construed as including UK members.
Application of Part X and Part XII of the Act to UK members
4. References to members in Part X of the Act shall not include UK members.
5. References to members in Part XII of the Act shall not include UK members.
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GIVEN under my Official Seal,
22 December, 2020.
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 retain the protections afforded to UK members under the Pensions Act 1990 (No. 25 of 1990), consequent on the withdrawal of the United Kingdom from membership of the European Union.
S.I. No. 292/2006 –
Occupational Pension Schemes (Cross-Border) Regulations, 2006
S.I. No. 292 of 2006
OCCUPATIONAL PENSION SCHEMES (CROSS-BORDER) REGULATIONS, 2006
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5 (as amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006), 148, 149 151, 152 and 154 (inserted by section 37 of the Social Welfare and Pensions Act, 2005 (No. 4 of 2005)) of the Pensions Act 1990 (No. 25 of 1990) hereby makes the following Regulations:
Citation.
1. These Regulations may be cited as the Occupational Pension Schemes (Cross-Border) Regulations, 2006.
Definitions.
2. In these Regulations—
‘the Act’ means the Pensions Act, 1990 (No.25 of 1990);
‘new scheme’ means a scheme which does not have any members;
‘relevant scheme’ has the meaning assigned by section 40 of the Act.
Revocation.
3. The Occupational Pension Schemes (Cross-Border) Regulations 2005 ( S.I. No. 592 of 2005 ) are revoked.
Relevant statutory requirements.
4. For the purposes of the definition of ‘relevant statutory requirements’ in section 148 of the Act, the statutory provisions prescribed are—
(a) for the purposes of section 154, Parts III and V and sections 59B and 59C of the Act,
and
(b) for the purposes of section 153, Parts III and V and sections 59B and 59C of the Act.
Application for authorisation.
5. (An application for authorisation under section 149(2) of the Act shall include the following information—
(a) for the purposes of satisfying the Board that they comply with section 149(4)(a), a statement signed by the trustees that, where applicable, the requirements relating to —
(i) disclosure of information under Section 54 of the Act and Regulations made thereunder,
(ii) trustees under Section 59A of the Act and Regulations made thereunder,
(iii) remittance of contributions under section 58A of the Act,
are complied with,
(b) where applicable, an actuarial funding certificate as provided for in article 6, and
(c) the Pensions Board registration number.
Conditions of Authorisation.
6. (1) Subject to sub-article (2), the condition of authorisation prescribed in the case of a relevant scheme for the purposes of section 149(4)(b) of the Act is that the scheme is deemed to have satisfied the funding standard in accordance with section 44.
(2) In the case of a relevant scheme which was accepting contributions from an undertaking on 22nd September 2005, and which at the date of application for authorisation is not deemed to have satisfied the funding standard in accordance with section 44 and where the actuary to the scheme has certified, prior to the date of the grant of authorisation –
(a) that the scheme could be reasonably be expected to satisfy the funding standard at the effective date of the next actuarial funding certificate, or
(b) by any later date specified by the Pensions Board under section 49(3),
the condition in sub-article (1) shall not apply until the earlier of the following dates –
(i) where applicable, the effective date referred to in paragraph (a), or
(ii) where applicable, the later date referred to in paragraph (b) or
(iii) the date on which the scheme is deemed to satisfy the funding standard in accordance with section 44.
(3) In the case of a new scheme which is a relevant scheme, the trustees shall provide an actuarial funding certificate under section 42 of the Act by the expiry of the period of two years beginning on the date on which approval is granted under section 151 of the Act.
(4) In the case of a relevant scheme (other than a scheme to which sub-article (2) applies where the most recent annual report prepared under section 55 of the Act does not include a statement required under subsection (3) of that section, or contains the statement but the actuary does not state therein that he is reasonably satisfied that, if he were to prepare an actuarial funding certificate under section 42 of the Act having an effective date of the last day of the period to which the annual report relates, he would certify that the scheme satisfies the funding standard provided for in section 44 of the Act, the trustees shall provide an actuarial funding certificate satisfying the funding standard, with an effective date within the twelve month period prior to the date on which the application for authorisation was made.
Authorisation of small schemes.
7. For the purposes of section 149(3) of the Act, sections 44, 55, 56 and 59(1B of the Act are prescribed.
Application of Act.
8. The provisions of the Act prescribed as relevant statutory requirements for the purposes of section 154, shall not apply to schemes or trustees of schemes with regard to individuals in respect of whom an undertaking makes or proposes to make contributions.
Form of notification.
9. For the purposes of section 151 of the Act, the notification shall—
(a) in addition to the information specified in section 151(2) of the Act, contain the information set out in the Schedule to these Regulations, and
(b) provide the information referred to in paragraph (a) in —
(i) the English language, and
(ii) the language of the host Member State.
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GIVEN under the Official Seal of the Minister for Social and Family Affairs, this 24th day of May 2006.
SÉAMUS BRENNAN
Minister for Social and Family Affairs
SCHEDULE
Article 9
INFORMATION REQUIRED IN NOTIFICATION TO ACCEPT CONTRIBUTIONS FROM UNDERTAKING
1. The date on which authorisation was granted,
2. The name, legal form address, telephone number, fax number, and e-mail address in the host member state of the undertaking,
3. The name, address, telephone number, fax number, and e-mail address of the trustees of the scheme,
4. The Pensions Board registration number,
5. The representative or branch name, legal form, address, telephone number, fax number, and e-mail address of the scheme in the host Member State, if applicable,
6. A list of the Member States in which the scheme is currently operating,
7. A description of the type of scheme to be offered to the undertaking,
8. A description of the categories of benefits to be provided under the scheme,
9. A description of the conditions for payment of benefits under the scheme,
10. A description of any guarantees offered under the scheme and who provides such guarantees,
11. A description of any additional coverage offered and who provides such additional coverage,
12. A description of the types of contributions paid by the undertaking and by the members, and
13. A statement by the trustees that they continue to satisfy the requirements of section 149 of the Act.
14. The most recent actuarial funding certificate for the scheme (where applicable).
15. A statement by the trustees of the estimated number of persons who are likely to become active members of the scheme if approval of the undertaking is granted by the Pensions Board.
16. Number of members (latest available information)
17. A description of the categories of the undertaking’s employees that can be members of the pension scheme (if there are any restrictions).
18. Details of who is responsible for the payment of benefits
19. Is there any external contractual based asset manager?
20. Will the assets and liabilities attributable to the IORP in the host Member State be ringfenced as permitted by the Directive?
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations revoke and replace Regulation 592 of 2005. Recent case law in Ireland has suggested that a provision of domestic legislation cannot be used for the purposes of implementing EC law unless it is clear that such delegated legislation is clearly authorised by the primary legislation.
To this end, section 5 of the Pensions Act 1990 was amended by section 44 of the Social Welfare Law Reform and Pensions Act, 2006 to expressly state that regulations made under the Pensions Act may be used to implement law.
Regulation 592 of 2005 was made under section 3 of the European Communities Act 1972 due to uncertainty with regard to using the powers under the Pensions Act. However, now that those powers have been clarified these regulations are now being re made under the Pensions Act powers.
There are some minor changes to the Regulations as promulgated in 2005 and these are –
• drafting of article 6 in relation to the conditions of authorisation to operate cross border. The condition of authorisation, that a scheme must satisfy the funding standard, was originally provided by way of primary legislation. This condition of authorisation is now being incorporated into secondary legislation to allow for flexibility in relation to the funding standard requirements for certain schemes which require authorisation to operate cross border.
• In the case of schemes which were already operating cross border on the 22nd September 2005 , the condition of authorisation in relation to the funding standard shall not apply until the earlier of (i the date on which the schemes satisfies the funding standard, (ii) the effective date of the next actuarial funding certificate after the date on which the application to operate cross border was made, or (iii) such later date as may be granted by the Pensions Board under section 49(3) of the Act.
• the consequential insertion of a definition of “relevant scheme” in article 2.
• Additional items of information required in notification to accept contributions from an undertaking.
• Some minor drafting amendments
S.I. No. 204/2012 –
Occupational Pension Schemes (Cross-Border) (Amendment) Regulations, 2012.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by sections 5, and 148, 149, 151, 152 and 154 (inserted by section 37 of the Social Welfare and Pensions Act, 2005 (No. 4 of 2005)) 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 (Cross-Border) (Amendment) Regulations, 2012.
(2) The Occupational Pension Schemes (Cross-Border) Regulations, 2006 ( S.I. No. 292 of 2006 ) and these Regulations shall be construed together as one and may be cited together as the Occupational Pension Schemes (Cross-Border) Regulations, 2006 and 2012.
Amendments.
2. The Occupational Pension Schemes (Cross-Border) Regulations, 2006 ( S.I. No 292 of 2006 ) are amended-
(a) In Article 2 by substituting “section 2” for “section 40” in the definition of “relevant scheme”;
(b) by substituting the following for Article 5(b)—
“(b) where applicable, an actuarial funding certificate and a funding standard reserve certificate as provided for in article 6, and”; and
(c) by substituting the following for Article 6—
“6(1) Subject to sub-articles (2) and (2A), the condition of authorisation prescribed in the case of a relevant scheme for the purposes of section 149(4)(b) of the Act is that the scheme is deemed to have satisfied
(a) the funding standard in accordance with section 44(1), and
(b) on or after 1 January 2016, the funding standard reserve in accordance with section 44(2).
(2) In the case of a relevant scheme which was accepting contributions from an undertaking on 22 September 2005, and which at the date of application for authorisation is not deemed to have satisfied the funding standard in accordance with section 44(1) and where the actuary to the scheme has certified, prior to the date of the grant of authorisation—
(a) that the scheme could reasonably be expected to satisfy the funding standard at the effective date of the next actuarial funding certificate, or
(b) by any later date specified by the Pensions Board under section 49(3),
the condition in paragraph (a) sub-article (1) shall not apply until the earlier of the following dates—
(i) where applicable, the effective date referred to in paragraph (a), or
(ii) where applicable, the later date referred to in paragraph (b) or
(iii) the date on which the scheme is deemed to satisfy the funding standard in accordance with section 44(1).
(2A) In the case of a relevant scheme which is accepting contributions from an undertaking on 31 December 2015, and which at that date is not deemed to have satisfied the funding standard reserve in accordance with section 44(2) and where the actuary to the scheme has certified prior to 1 January 2016—
(a) that the scheme could reasonably be expected to satisfy the funding standard reserve at the effective date of the next funding standard reserve certificate, or
(b) by any later date specified by the Pensions Board under section 49(3B),
the condition in paragraph (b) sub-article (1) shall not apply until the earlier of the following dates—
(i) where applicable, the effective date referred to in paragraph (a), or
(ii) where applicable, the later date referred to in paragraph (b) or
(iii) the date on which the scheme is deemed to satisfy the funding standard reserve in accordance with section 44(2).
(3) In the case of a new scheme which is a relevant scheme, the trustees shall provide—
(a) where approval is granted under section 151 of the Act prior to 1 January 2016 and the new scheme has members before that date, an actuarial funding certificate under section 42 of the Act, and
(b) in any other case, an actuarial funding certificate and a funding standard reserve certificate under section 42 of the Act
by the expiry of the period of two years beginning on the date on which approval is granted under section 151 of the Act.
(4) In the case of a relevant scheme (other than a scheme to which sub-article (2) applies) where the most recent annual report prepared under section 55 of the Act does not include a statement required under subsection (3) of that section in relation to the funding standard, or contains the statement but the actuary does not state therein that he is reasonably satisfied that, if he were to prepare an actuarial funding certificate under section 42 of the Act having an effective date of the last day of the period to which the annual report relates, he would certify that the scheme satisfies the funding standard provided for in section 44(1) of the Act, the trustees shall provide an actuarial funding certificate satisfying the funding standard, with an effective date within the twelve month period prior to the date on which the application for authorisation was made.
(4A) In the case of a relevant scheme (other than a scheme to which sub-article (2A) applies) where the most recent annual report prepared under section 55 of the Act having, as the last day of the period to which it relates, a day falling on or after 1 January 2016 does not include a statement required under subsection (3) of that section in relation to the funding standard reserve, or contains the statement but the actuary does not state therein that he is reasonably satisfied that, if he were to prepare a funding standard reserve certificate under section 42 of the Act having an effective date of the last day of the period to which the annual report relates, he would certify that the scheme satisfies the funding standard reserve provided for in section 44(2) of the Act, the trustees shall provide a funding standard reserve certificate satisfying the funding standard reserve, with an effective date within the twelve month period prior to the date on which the application for authorisation was made.”, and
(d) by inserting the following after paragraph 20 in the Schedule—
“21.On or after 1 June 2012, the most recent funding standard reserve certificate for the scheme (where applicable).”.
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GIVEN under my Official Seal,
12 June 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.)
These Regulations amend the Occupational Pension Schemes (Cross-Border) Regulations, 2006 to provide that in order for a scheme to be authorised to operate as a cross-border scheme, the scheme must comply with the funding standard reserve requirement under the Pensions Act.
S.I. No. 632/2021 –
Occupational Pension Schemes (Cross-Border) (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 148 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)), section 149 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) and section 151 (inserted by section 37 of the Social Welfare and Pensions Act 2005 (No. 4 of 2005)) 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 (Cross-Border) (Amendment) Regulations 2021.
2. The Occupational Pension Schemes (Cross-Border) Regulations 2006 and these Regulations may be cited together as the Occupational Pension Schemes (Cross-Border) Regulations 2006 to 2021 and shall be construed together as one.
Amendments
3. The Occupational Pension Schemes (Cross-Border) Regulations 2006 ( S.I. No. 292 of 2006 ) are amended –
(a) in Regulation 2, by the insertion of the following definition after the definition of “new scheme”:
“ “Regulations of 2021” means the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 );”;
(b) in Regulation 4 by –
(i) in paragraph (a), by the substitution of “the Act and regulations 31 to 37 of the Regulations of 2021;” for “the Act, and”;
(ii) in paragraph (b), by the substitution of “the Act and regulations 31 to 37 of the Regulations of 2021, and” for “the Act.”, and
(iii) by the insertion of the following paragraph after paragraph (b):
“(c) for the purposes of section 151B, Parts III and V and sections 59B and 59C of the Act and regulations 31 to 37 of the Regulations of 2021.”;
(c) in Regulation 5 by –
(i) the deletion of “(”, and
(ii) in paragraph (a)(i), by the insertion of “and regulations 31 – 37 of the Regulations of 2021” after “made thereunder”;
(d) by the insertion of the following regulation after Regulation 5:
“Regulation 5A Notification of compliance with authorisation requirements.
In the case of a receiving scheme referred to in section 151A(13) of the Act where the trustees of such a scheme are deemed, under section 151A(13)(a), authorised under section 149, the trustees of that scheme shall, not later than one month from the date of that deemed authorisation, provide the Pensions Authority with the following information –
(a) for the purposes of satisfying the Pensions Authority that they comply with the conditions of authorisation under section 149(4)(a), a statement signed by the trustees that, where applicable, the requirements relating to –
(i) disclosure of information under section 54 of the Act and Regulations made thereunder and regulations 31 – 37 of the Regulations of 2021,
(ii) trustees under section 59A of the Act and Regulations made thereunder,
(iii) remittance of contributions under section 58A of the Act,
are complied with, and
(b) the Pensions Authority registration number.”;
(e) in Regulation 6, in sub-article (1)(b), by the deletion of “on or after January 2016”;
(f) in Regulation 7, by the substitution of “and 56” for “, 56 and 59(1B)”;
(g) in Regulation 9, in paragraph (a), by the substitution of “Schedule 1” for “the Schedule”;
(h) by the insertion of the following regulation after Regulation 9:
“9A Form of notification for the purposes of section 151A.
In the case of a receiving scheme referred to in section 151A(13) of the Act where approval under section 151 has been deemed to have been granted under section 151A(13)(b), the trustees of that scheme shall, not later than one month from the date on which that approval is deemed to have been granted, notify the Pensions Authority of the information set out in Schedule 2 to these Regulations.”;
(i) in the Schedule –
(i) by the designation of the Schedule as Schedule 1;
(ii) in paragraph 2 –
(I) by the substitution of “legal form, address,” for “legal form address,”;
(II) by the deletion of “fax number,”, and
(III) by the insertion of “and, in the case of the address, that shall be the location of the main administration of the undertaking” after “the host member state of the undertaking”;
(iii) in paragraph 3, by the deletion of “fax number,”;
(iv) in paragraph 5, by the deletion of “fax number,”;
(v) in paragraph 6, by the insertion of “which, in the case of host Member States, shall be identified by the sponsoring undertaking, where applicable” after “the scheme is currently operating”;
(vi) in paragraph 12, by the deletion of “and” after “members,”;
(vii) by the substitution of the following paragraph for paragraph 19:
“Details of any external contractual based asset manager appointed,”;
(viii) by the deletion of paragraph 20, and
(ix) in paragraph 21, by the substitution of “The” for “On or after 1 June 2012, the”;
(j) by the insertion of the following Schedule:
“Schedule 2 – Information required of schemes referred to in section 151A(13) where approval under section 151 has been deemed to have been granted under section 151A(13)(b).
Article 9A
1. The date on which authorisation was deemed to have been granted under section 151A(13)(b),
2. The name, legal form, address, telephone number and email address in the host member state of the undertaking and, in the case of the address, that shall be the location of the main administration of the undertaking,
3. The name, address, telephone number and email address of the trustees of the scheme,
4. The Pensions Authority registration number,
5. The representative or branch name, legal form, address, telephone number and email address of the scheme in the host Member State, if applicable,
6. A list of the Member States in which the scheme is currently operating which, in the case of host Member States, shall be identified by the sponsoring undertaking, where applicable,
7. A description of the type of scheme offered to the undertaking,
8. A description of the categories of benefits provided under the scheme,
9. A description of the conditions for payment of benefits under the scheme,
10. A description of any guarantees offered under the scheme and who provides such guarantees,
11. A description of any additional coverage offered and who provides such additional coverage,
12. A description of the types of contributions paid by the undertaking and by the members,
13. A statement by the trustees that they continue to satisfy the requirements of section 149 of the Act,
14. The most recent actuarial funding certificate for the scheme (where applicable),
15. A statement by the trustees of the number of persons who have, and estimated number of persons who are likely to, become active members of the scheme as a result of approval deemed to have been granted under section 151A(13)(b),
16. Number of members (latest available information),
17. A description of the categories of the undertaking’s employees that can be members of the pension scheme (if there are any restrictions),
18. Details of who is responsible for the payment of benefits,
19. Details of any external contractual based asset manager appointed, and
20. The most recent funding standard reserve certificate for the scheme (where applicable).”
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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. 292 of 2006 in order to give further effect to Directive (EU) 2016/2341 and to take account of obligations imposed on schemes that operate on a cross-border basis by the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 ) by –
– prescribing the relevant statutory requirements for the purposes of sections 151B of the Pensions Act 1990 ;
– specifying additional compliance requirements in respect of statements to be signed by trustees for the purposes of satisfying the Pensions Authority that they comply with section 149(4)(a) of the Act;
– inserting a new Regulation 5A to specify the information to be provided to the Pensions Authority by the trustees of a scheme, who are deemed, under section 151A(13)(a), authorised under section 149, for the purposes of satisfying the Pensions Authority that they comply with the conditions of authorisation under section 149(4)(a);
– amending the sections of the Pensions Act 1990 that are prescribed for the purposes of section 149(3) of the Act;
– inserting a new Regulation 9A to require trustees of a receiving scheme referred to in section 151A(13) of the Act, where approval under section 151 has been deemed to have been granted under section 151(13)(b), to notify the Pensions Authority of the information set out in Schedule 2;
– making textual and technical amendments to the existing Schedule;
– inserting a new Schedule 2 to specify the information to be provided to the Pensions Authority by schemes referred to in section 151A(13), where approval under section 151 has been deemed to have been granted under section 151A(13)(b), and
– making a number of other technical amendments.
1 OJ No. L 354, 23.12.2016, p.37
S.I. No. 184/2007 –
Trust RACS (Cross-Border) Regulations 2007
TRUST RACS (CROSS-BORDER) REGULATIONS 2007
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 4th May, 2007.
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 148, 149, 151, 152 and 154 (all as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990) hereby makes the following Regulations:
Citation and Commencement.
1. (1) These Regulations may be cited as the Trust RACs (Cross Border) Regulations 2007.
(2) These Regulations come into operation on 27 April 2007.
Definitions.
2. In these Regulations—
“the Act” means the Pensions Act 1990 (No. 25 of 1990).
Relevant statutory requirements.
3. For the purposes of the definition of ‘relevant statutory in section 148 of the Act, the statutory provisions prescribed relevant to the field of trust RACs are, for the purposes of section 154 of the Act, Part V of the Act.
Application for authorisation.
4. An application by the trustees of a trust RAC for authorisation under section 149(2) of the Act shall include the following information—
(a) for the purposes of satisfying the Board that they comply with section 149(4)(a), a statement signed by the trustees that, where applicable, the requirements relating to-
(i) disclosure of information under Section 54 of the Act and Regulations made thereunder,
(ii) trustees under Section 59A of the Act and Regulations made thereunder
are complied with, and
(b) the Pensions Board registration number.
Authorisation of small trust RACs.
5. For the purposes of section 149(3) of the Act, sections 55, 56 and 59(1B) of the Act are prescribed in respect of small trust RACs.
Application of Act.
6. The provisions of the Act prescribed as relevant statutory requirements for the purposes of section 154 of the Act, shall not apply to trust RACs or trustees of trust RACs with regard to individuals in respect of whom an undertaking makes or proposes to make contributions.
Form of notification.
7. For the purposes of section 151 of the Act, the notification by the trustees of a trust RAC shall—
(a) in addition to the information specified in section 151(2) of the Act, contain the information set out in the Schedule to these Regulations, and
(b) provide the information referred to in paragraph (a) in—
(i) the English language, and
(ii) the language of the host Member State.
Article 7.
SCHEDULE INFORMATION REQUIRED IN NOTIFICATION TO ACCEPT CONTRIBUTIONS FROM UNDERTAKING
1. The date on which authorisation was granted.
2. The name, legal form, address, telephone number, fax number, and email address in the host Member State of the undertaking.
3. The name, address, telephone number, fax number, and email address of the trustees of the trust RAC.
4. The Pensions Board registration number.
5. The representative or branch name, legal form, address, telephone number, fax number and email address of the trust RAC in the host Member State, if applicable.
6. A list of the Member States in which the trust RAC is currently operating.
7. A description of the type of trust RAC to be offered to the undertaking.
8. A description of the categories of benefits to be provided under the trust RAC.
9. A description of the conditions for payment of benefits under the trust RAC.
10. A description of any guarantees offered under the trust RAC and who provides such guarantees.
11. A description of any additional coverage offered and who provides such additional coverage.
12. A description of the types of contributions paid by the undertaking and by the members.
13. A statement by the trustees that they continue to satisfy the requirements of section 149 of the Act.
14. A statement by the trustees of the estimated number of persons who are likely to become members of the trust RAC if approval in relation to the undertaking is granted by the Pensions Board.
15. Number of members (latest available information).
16. A description of the categories of the undertaking’s employees that can be members of the trust RAC (if there are any restrictions).
17. Details of who is responsible for the payment of benefits.
18. Is there any external contractual based asset manager?
19. Will the assets and liabilities attributable to the IORP in the host Member State be ring-fenced as permitted by the Directive?
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GIVEN under my Official Seal,
25 April 2007
SÉAMUS BRENNAN
Minister for Social and Family Affairs
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
Under the terms of Article 20 of Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (IORPs), undertakings based in Ireland must be allowed to make contributions to IORPs based in other European States and equally IORPs registered in Ireland must be allowed to accept contributions from undertakings located in other European States.
Section 37 of the Social Welfare and Pensions Act 2005 inserted a new Part XII into the Pensions Act to deal with such cross border schemes. Part XII deals with conditions for prior authorisation to operate as a cross border scheme and the conditions for approval to accept contributions when authorised to operate as a cross border scheme. Part XII has now been amended by the Social Welfare and Pensions Act 2007 so as to apply also to trust RACs, which are another form of IORP.
These regulations provide for—
•The disclosure of information provisions of the Pensions Act to be applied to Irish-based members of overseas trust RACs;
•The information required when an application for authorisation of a trust RAC to operate cross-border is submitted to the Board;
•Additional conditions of authorisation for trust RACs;
•The information required to be submitted to the Pensions Board once a trust RAC proposes to accept contributions from a foreign employer.
These regulations apply to trust RACs. Similar regulations have already been made in relation to occupational pension schemes.
S.I. No. 436/2011 –
Trust RACs (Disclosure of Information) (Amendment) Regulations 2011.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by sections 5 (amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), 54 (amended by section 36 of the Social Welfare and Pensions Act 2011 (No. 9 of 2011)), 55 (amended by section 37 of the Social Welfare and Pensions Act 2011 ) and 56 (amended by section 38 of the Social Welfare and Pensions Act 2011 ) of the Pensions Act 1990 (No. 25 of 1990), with the consent of the Minister for Public Expenditure and Reform, hereby make the following regulations:
Citation
1. (1) These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2011.
(2) The Trust RACs (Disclosure of Information) Regulations 2007 and 2008 and these Regulations may be cited together as the Trust RACs (Disclosure of Information) Regulations 2007 to 2011.
Amendment of Trust RACs (Disclosure of Information) Regulations 2007
2. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended—
(a) by substituting the following article for article 4:
“4.(1) The trustees of a regulatory own funds Trust RAC shall, in accordance with section 56 of the Act, cause—
(a) the resources and liabilities of the Trust RAC to be valued by the actuary of the Trust RAC at a date referred to in these Regulations as the ‘effective date’, and
(b) the actuary’s report to be prepared on the valuation as soon as reasonably practicable after the effective date.
(2) The effective date of the first valuation to be prepared under section 56(1) of the Act shall be—
(a) in the case of a Trust RAC which on 23 September 2010 was a regulatory own funds trust RAC, not later than 29 June 2014,
(b) in the case of a Trust RAC which commences after 23 September 2010 and which from the Trust RAC’s commencement is a regulatory own funds trust RAC not later than 3 years after the date of its commencement,
(c) in the case of a Trust RAC which at its commencement was not a regulatory own funds trust RAC but becomes a regulatory own funds trust RAC after 23 September 2010 not later than 3 years from the date of it becoming a regulatory own funds trust RAC,
and thereafter while the Trust RAC remains a regulatory own funds trust RAC each subsequent actuarial valuation shall have an effective date not later than 3 years after the effective date of the immediately preceding valuation.
(3) The trustees of a trust RAC, other than a Trust RAC which is a regulatory own funds trust RAC, shall, in accordance with section 56(2A) of the Act—
(a) cause the liabilities of the trust RAC to be valued as at the last day of each trust RAC year commencing on or after 1 June 2006, and
(b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each trust RAC year.”,
(b) in article 5, by substituting the following sub-article for sub-article (5):
“(5)(a) The annual report in respect of a relevant trust RAC shall contain the following:
(i) a copy of the audited accounts in respect of the trust RAC year;
(ii) a copy of the auditor’s report on the accounts as specified in sub-article (4) of article (3) and where the auditor’s report is qualified the trustees should state whether the matter has been resolved;
(iii) where applicable, a copy of the valuation report prepared in accordance with sub-article (4) of article 4 in relation to that trust RAC year; and
(iv) such other information as is specified in paragraphs 1 to 16 of Schedule B in so far as it applies to the relevant trust RAC.
(b) In respect of a relevant trust RAC which is a regulatory own funds trust RAC on the last day of the period to which the annual report relates, the annual report for that trust RAC shall contain the following information in addition to the information specified in sub-article (5)(a):
(i) a statement that the trust RAC is a regulatory own funds trust RAC to which the regulatory own funds requirement applies;
(ii) the date from which it became a regulatory own funds trust RAC;
(iii) where applicable, a copy of the most recent regulatory own funds trust RAC technical provisions certificate prepared under section 53F of the Act;
(iv) where applicable, a copy of the most recent regulatory own funds certificate;
(v) details of the measures proposed in any regulatory own funds proposal prepared in accordance with section 53H of the Act which relate to the trust RAC year in respect of which the annual report is being prepared; and
(vi) details of any directions issued by the Board pursuant to section 53H of the Act which relate to the trust RAC year in respect of which the annual report is being prepared.”,
(c) in article 6—
(i) by substituting the following sub-article for sub-article (1):
“(1)(a) A copy of the latest audited accounts and annual report prepared under articles (3) and (5) shall be made available by the trustees of the relevant Trust RAC not later than 9 months after the end of the Trust RAC year to which they relate, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons,
(b) where applicable, a copy of the latest valuation report prepared under sub-article (1) of article 4 shall be made available by the trustees of the relevant scheme not later than 9 months after the effective date, or such later date as may be approved by the Board, in the manner specified by sub-article (3), to the relevant persons.”,
(ii) by inserting the following sub-article after sub-article (2):
“(2A) A copy of the latest valuation report prepared in accordance with article 4(1) shall be—
(a) made available for inspection free of charge, on request, to any of the relevant persons, not later than 4 weeks after the request is made, and
(b) furnished on request and on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.”,
(iii) in sub-article (3), by substituting “audited accounts, valuations or annual reports” for “audited accounts or annual reports”,
(d) in article 8 by substituting the following sub-article for sub-article (4):
“(4)(a) The trustees of a trust RAC shall notify the members of the trust RAC of any material alteration in the information specified in Schedule C within 4 weeks of the date of making of any such alteration.
(b) The trustees of a trust RAC which is a regulatory own funds trust RAC shall notify the members of the trust RAC of any direction issued by the Board pursuant to section 53L of the Act within 4 weeks of the date of the notice to the trustees giving that direction.”, and
(e) in Schedule C by inserting the following paragraph after paragraph 10:
“11.Where a trust RAC is a regulatory own funds trust RAC this shall be stated and full details any guarantees relating to investment performance or benefits or underwriting of any liability by the trust RAC shall be provided.”.
The Minister for Public Expenditure and Reform hereby consents to the making of the foregoing Regulations.
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GIVEN under the Official Seal of the Minister for Public Expenditure and Reform,
29 August 2011.
BRENDAN HOWLIN,
Minister for Public Expenditure and Reform.
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GIVEN under my Official Seal,
30 August 2011.
JOAN BURTON,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations prescribe certain additional disclosure requirements on trust RACs which are regulatory own funds trust RACs to provide that:
• their resources and liabilities are valued every 3 years;
• an actuary’s report is prepared on the valuation;
• certain information is disclosed in the annual report;
• members are notified that a scheme is a regulatory own funds scheme and of any changes in its status;
• members are notified of any direction issued by the Board pursuant to Part IVB of the Pensions Act where a regulatory own funds trust RAC has failed to satisfy the technical provisions or the regulatory own funds requirement.
S.I. No. 633/2021 –
Trust RACs (Cross-Border) (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 148 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)), section 149 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) and section 151 (inserted by section 37 of the Social Welfare and Pensions Act 2005 (No. 4 of 2005)) 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 Trust RACs (Cross-Border) (Amendment) Regulations 2021.
2. The Trust RACs (Cross-Border) Regulations 2007 and these Regulations may be cited together as the Trust RACs (Cross-Border) Regulations 2007 to 2021 and shall be construed together as one.
Amendments
3. The Trust RACs (Cross-Border) Regulations 2007 ( S.I. No. 184 of 2007 ) are amended –
(a) in Regulation 2 by –
(i) in the definition of “the Act”, by the substitution of “;” for “.”, and
(ii) by the insertion of the following definition after the definition of “the Act”:
“ “Regulations of 2021” means the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 ).”;
(b) in Regulation 3 by –
(i) the insertion of “requirements’” after “‘relevant statutory”, and
(ii) the substitution of “sections 151B and 154 of the Act, Part V of the Act and regulations 31 to 37 of the Regulations of 2021.” for “section 154 of the Act, Part V of the Act.”;
(c) in Regulation 4, in paragraph (a)(i), by the insertion of “and regulations 31 – 37 of the Regulations of 2021” after “made thereunder”;
(d) by the insertion of the following regulation after Regulation 4:
“Regulation 4A Notification of compliance with authorisation requirements.
In the case of a receiving trust RAC referred to in section 151A(13) of the Act where the trustees of such a trust RAC are deemed, under section 151A(13)(a), authorised under section 149, the trustees of that trust RAC shall, not later than one month from the date of that deemed authorisation, provide the Pensions Authority with the following information –
(a) for the purposes of satisfying the Pensions Authority that they comply with the conditions of authorisation under section 149(4)(a), a statement signed by the trustees that, where applicable, the requirements relating to –
(i) disclosure of information under section 54 of the Act and Regulations made thereunder and regulations 31 – 37 of the Regulations of 2021,
(ii) trustees under section 59A of the Act and Regulations made thereunder,
are complied with, and
(b) the Pensions Authority registration number.”;
(e) by the substitution of the following Regulation for Regulation 5:
“For the purposes of section 149(3) of the Act, and in the case of a small trust RAC which seeks to accept contributions from an undertaking prior to the 31st December 2021, section 55 of the Act is prescribed in respect of any such small trust RAC.”;
(f) in Regulation 7, in paragraph (a), by the substitution of “Schedule 1” for “the Schedule”;
(g) by the insertion of the following regulation after Regulation 7:
“7A Form of notification for the purposes of section 151A.
In the case of a receiving trust RAC referred to in section 151A(13) of the Act, where approval under section 151 has been deemed to have been granted under section 151A(13)(b), the trustees of that trust RAC shall, not later than one month from the date on which that approval is deemed to have been granted, notify the Pensions Authority of the information set out in Schedule 2 to these Regulations.”;
(h) in the Schedule –
(i) by the designation of the Schedule as Schedule 1;
(ii) in paragraph 2 –
(I) by the deletion of “fax number,”, and
(II) by the insertion of “and, in the case of the address, that shall be the location of the main administration of the undertaking” after “the host member state of the undertaking”;
(iii) in paragraph 3, by the deletion of “fax number,”;
(iv) in paragraph 5, by the deletion of “fax number,”;
(v) in paragraph 6, by the insertion of “which, in the case of host Member States, shall be identified by the sponsoring undertaking, where applicable” after “the scheme is currently operating”;
(vi) by the substitution of the following paragraph for paragraph 18:
“Details of any external contractual based asset manager appointed.”, and
(vii) by the deletion of paragraph 19;
(i) by the insertion of the following Schedule:
“Schedule 2 – Information required of trust RACs referred to in section 151A(13) where approval under section 151 has been deemed to have been granted under section 151A(13)(b).
Article 7A
1. The date on which authorisation was deemed to have been granted under section 151A(13)(b),
2. The name, legal form, address, telephone number and email address in the host member state of the undertaking and, in the case of the address, that shall be the location of the main administration of the undertaking,
3. The name, address, telephone number and email address of the trustees of the trust RAC,
4. The Pensions Authority registration number,
5. The representative or branch name, legal form, address, telephone number and email address of the trust RAC in the host Member State, if applicable,
6. A list of the Member States in which the trust RAC is currently operating which, in the case of host Member States, shall be identified by the sponsoring undertaking, where applicable,
7. A description of the type of trust RAC offered to the undertaking,
8. A description of the categories of benefits provided under the trust RAC,
9. A description of the conditions for payment of benefits under the trust RAC,
10. A description of any guarantees offered under the trust RAC and who provides such guarantees,
11. A description of any additional coverage offered and who provides such additional coverage,
12. A description of the types of contributions paid by the undertaking and by the members,
13. A statement by the trustees that they continue to satisfy the requirements of section 149 of the Act,
14. A statement by the trustees of the number of persons who have, and estimated number of persons who are likely to, become members of the trust RAC as a result of approval deemed to have been granted under section 151A(13)(b),
15. Number of members (latest available information),
16. A description of the categories of the undertaking’s employees that can be members of the trust RAC (if there are any restrictions),
17. Details of who is responsible for the payment of benefits, and
18. Details of any external contractual based asset manager appointed.”
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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. 184 of 2007 in order to give further effect to Directive (EU) 2016/2341 and to take account of obligations imposed on trust RACs that operate on a cross-border basis by the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 ) by –
– prescribing the relevant statutory requirements for the purposes of sections 151B and 154 of the Pensions Act 1990 ;
– specifying additional compliance requirements in respect of statements to be signed by trustees for the purposes of satisfying the Pensions Authority that they comply with section 149(4)(a) of the Act;
– inserting a new Regulation 4A to specify the information to be provided to the Pensions Authority by the trustees of a trust RAC, who are deemed, under section 151A(13)(a), authorised under section 149, for the purposes of satisfying the Pensions Authority that they comply with the conditions of authorisation under section 149(4)(a);
– prescribing, in the case of a trust RAC which seeks to accept contributions from an undertaking prior to 31st December 2021, the relevant sections of the Act for the purposes of section 149(3);
– inserting a new Regulation 7A to require trustees of a receiving trust RAC referred to in section 151A(13) of the Act, where approval under section 151 has been deemed to have been granted under section 151(13)(b), to notify the Pensions Authority of the information set out in Schedule 2;
– making textual and technical amendments to the existing Schedule;
– inserting a new Schedule 2 to specify the information to be provided to the Pensions Authority by trust RACs referred to in section 151A(13) where approval under section 151 has been deemed to have been granted under section 151A(13)(b), and
– making a number of other technical amendments.
1 OJ No. L 354, 23.12.2016, p.37
S.I. No. 292/2006 –
Trust RACs (Disclosure of Information) (Amendment) Regulations 2011.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by sections 5 (amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), 54 (amended by section 36 of the Social Welfare and Pensions Act 2011 (No. 9 of 2011)), 55 (amended by section 37 of the Social Welfare and Pensions Act 2011 ) and 56 (amended by section 38 of the Social Welfare and Pensions Act 2011 ) of the Pensions Act 1990 (No. 25 of 1990), with the consent of the Minister for Public Expenditure and Reform, hereby make the following regulations:
Citation
1. (1) These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2011.
(2) The Trust RACs (Disclosure of Information) Regulations 2007 and 2008 and these Regulations may be cited together as the Trust RACs (Disclosure of Information) Regulations 2007 to 2011.
Amendment of Trust RACs (Disclosure of Information) Regulations 2007
2. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended—
(a) by substituting the following article for article 4:
“4.(1) The trustees of a regulatory own funds Trust RAC shall, in accordance with section 56 of the Act, cause—
(a) the resources and liabilities of the Trust RAC to be valued by the actuary of the Trust RAC at a date referred to in these Regulations as the ‘effective date’, and
(b) the actuary’s report to be prepared on the valuation as soon as reasonably practicable after the effective date.
(2) The effective date of the first valuation to be prepared under section 56(1) of the Act shall be—
(a) in the case of a Trust RAC which on 23 September 2010 was a regulatory own funds trust RAC, not later than 29 June 2014,
(b) in the case of a Trust RAC which commences after 23 September 2010 and which from the Trust RAC’s commencement is a regulatory own funds trust RAC not later than 3 years after the date of its commencement,
(c) in the case of a Trust RAC which at its commencement was not a regulatory own funds trust RAC but becomes a regulatory own funds trust RAC after 23 September 2010 not later than 3 years from the date of it becoming a regulatory own funds trust RAC,
and thereafter while the Trust RAC remains a regulatory own funds trust RAC each subsequent actuarial valuation shall have an effective date not later than 3 years after the effective date of the immediately preceding valuation.
(3) The trustees of a trust RAC, other than a Trust RAC which is a regulatory own funds trust RAC, shall, in accordance with section 56(2A) of the Act—
(a) cause the liabilities of the trust RAC to be valued as at the last day of each trust RAC year commencing on or after 1 June 2006, and
(b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each trust RAC year.”,
(b) in article 5, by substituting the following sub-article for sub-article (5):
“(5)(a) The annual report in respect of a relevant trust RAC shall contain the following:
(i) a copy of the audited accounts in respect of the trust RAC year;
(ii) a copy of the auditor’s report on the accounts as specified in sub-article (4) of article (3) and where the auditor’s report is qualified the trustees should state whether the matter has been resolved;
(iii) where applicable, a copy of the valuation report prepared in accordance with sub-article (4) of article 4 in relation to that trust RAC year; and
(iv) such other information as is specified in paragraphs 1 to 16 of Schedule B in so far as it applies to the relevant trust RAC.
(b) In respect of a relevant trust RAC which is a regulatory own funds trust RAC on the last day of the period to which the annual report relates, the annual report for that trust RAC shall contain the following information in addition to the information specified in sub-article (5)(a):
(i) a statement that the trust RAC is a regulatory own funds trust RAC to which the regulatory own funds requirement applies;
(ii) the date from which it became a regulatory own funds trust RAC;
(iii) where applicable, a copy of the most recent regulatory own funds trust RAC technical provisions certificate prepared under section 53F of the Act;
(iv) where applicable, a copy of the most recent regulatory own funds certificate;
(v) details of the measures proposed in any regulatory own funds proposal prepared in accordance with section 53H of the Act which relate to the trust RAC year in respect of which the annual report is being prepared; and
(vi) details of any directions issued by the Board pursuant to section 53H of the Act which relate to the trust RAC year in respect of which the annual report is being prepared.”,
(c) in article 6—
(i) by substituting the following sub-article for sub-article (1):
“(1)(a) A copy of the latest audited accounts and annual report prepared under articles (3) and (5) shall be made available by the trustees of the relevant Trust RAC not later than 9 months after the end of the Trust RAC year to which they relate, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons,
(b) where applicable, a copy of the latest valuation report prepared under sub-article (1) of article 4 shall be made available by the trustees of the relevant scheme not later than 9 months after the effective date, or such later date as may be approved by the Board, in the manner specified by sub-article (3), to the relevant persons.”,
(ii) by inserting the following sub-article after sub-article (2):
“(2A) A copy of the latest valuation report prepared in accordance with article 4(1) shall be—
(a) made available for inspection free of charge, on request, to any of the relevant persons, not later than 4 weeks after the request is made, and
(b) furnished on request and on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.”,
(iii) in sub-article (3), by substituting “audited accounts, valuations or annual reports” for “audited accounts or annual reports”,
(d) in article 8 by substituting the following sub-article for sub-article (4):
“(4)(a) The trustees of a trust RAC shall notify the members of the trust RAC of any material alteration in the information specified in Schedule C within 4 weeks of the date of making of any such alteration.
(b) The trustees of a trust RAC which is a regulatory own funds trust RAC shall notify the members of the trust RAC of any direction issued by the Board pursuant to section 53L of the Act within 4 weeks of the date of the notice to the trustees giving that direction.”, and
(e) in Schedule C by inserting the following paragraph after paragraph 10:
“11.Where a trust RAC is a regulatory own funds trust RAC this shall be stated and full details any guarantees relating to investment performance or benefits or underwriting of any liability by the trust RAC shall be provided.”.
The Minister for Public Expenditure and Reform hereby consents to the making of the foregoing Regulations.
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GIVEN under the Official Seal of the Minister for Public Expenditure and Reform,
29 August 2011.
BRENDAN HOWLIN,
Minister for Public Expenditure and Reform.
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GIVEN under my Official Seal,
30 August 2011.
JOAN BURTON,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations prescribe certain additional disclosure requirements on trust RACs which are regulatory own funds trust RACs to provide that:
• their resources and liabilities are valued every 3 years;
• an actuary’s report is prepared on the valuation;
• certain information is disclosed in the annual report;
• members are notified that a scheme is a regulatory own funds scheme and of any changes in its status;
• members are notified of any direction issued by the Board pursuant to Part IVB of the Pensions Act where a regulatory own funds trust RAC has failed to satisfy the technical provisions or the regulatory own funds requirement.
S.I. No. 717/2021 –
Trust RACs (Disclosure of Information) (Amendment) Regulations 2021
I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 5 (as amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), section 54 (as amended by section 36 of the Social Welfare and Pensions Act 2011 (No. 9 of 2011)), section 55 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) and section 56 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990) (as adapted by the Employment Affairs and Social Protection (Alteration of Name of Department and Title of Minister) Order 2020 ( S.I. No. 447 of 2020 )) and for the purposes of giving further effect to Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 20161 , hereby make the following Regulations:
Citation
1. These Regulations may be cited as the Trust RACs (Disclosure of Information) (Amendment) Regulations 2021.
Amendment to regulations
2. The Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. No. 182 of 2007 ) are amended –
(a) in Regulation 2 by –
(i) by the insertion of the following definition after the definition for “designated benefit”:
“ “Directive of 2016” has the meaning assigned to it in section 2 of the Act;”;
(ii) by the insertion of the following definition after the definition for “reckonable service”:
“ “Regulations of 2021” means the European Union (Occupational Pension Schemes) Regulations 2021 ( S.I. No. 128 of 2021 );”;
(iii) by the insertion of the following definition after the definition for “relevant person”:
“ “representative” means a person authorised by a member or beneficiary of the trust RAC to represent the member or beneficiary, as the case may be, in so far as the information to be provided to the member or beneficiary in accordance with these Regulations is relevant to the rights of such a member or beneficiary of the trust RAC;”;
(b) in Regulation 3, in sub-article (5)(a), by the substitution of “in the case of a sole trustee which is a body corporate, by two directors of that body corporate” for “if there is only one trustee, by that trustee”;
(c) in Regulation 5 –
(i) in sub-article (5)(a)(iii), by the substitution of “sub-article (3)” for “sub-article (4)”;
(ii) in sub-article (5)(b)(iii), by the substitution of “section 53G” for “section 53F”;
(iii) in sub-article (5)(b)(v), by the substitution of “section 53L” for “section 53H”, and
(iv) in sub-article (5)(b)(vi), by the substitution of “section 53L” for “section 53H”;
(d) in Regulation 6 –
(i) in sub-article (1)(a), by the insertion of “and shall be publicly disclosed” after “to the relevant persons”;
(ii) in sub-article (1)(b), by the substitution of “specified by sub-article (2A)” for “specified by sub-article (3)”;
(iii) in sub-article (2), by the insertion of “, or a representative,” after “to any of the relevant persons”, and
(iv) in sub-article (3) –
(I) in paragraph (a), by the insertion of “, or, except in the case of valuation reports, a representative,” after “any of the relevant persons”, and
(II) by the substitution of the following paragraph for paragraph (b):
“(b) furnished on request, and –
(i) in the case of valuation reports, on payment of a reasonable charge (unless the trustees decide otherwise), and
(ii) in the case of audited accounts or annual reports, free of charge,
to any of the relevant persons, or in the case of the matters referred to in subparagraph (ii), a representative, not later than 4 weeks after the request is made.”;
(e) in Regulation 7 –
(i) in sub-article (1), by substituting “specified in sub-articles (1B), (2), (3) and (3A) below” for “specified in sub-articles (2) and (3) below”;
(ii) by the insertion of the following sub-articles after sub-article (1):
“(1A) The trustees of a trust RAC shall notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the trust RAC rules, not later than 4 weeks from the date of any such changes and shall, with that notification, provide –
(a) the contents of any document which amends or supplements or wholly or partly supersedes the documents referred to in sub-article (1)(a) to (c), and
(b) the notification referred to in Article 8(4)(a), if applicable.
(1B) A copy of the documents specified in paragraphs (a) to (d) of sub-article (1) shall be furnished, free of charge, to every member or beneficiary, within 2 months, as the case may be, of the person becoming a member of the trust RAC or benefits becoming payable to the beneficiary under the trust RAC.”;
(iii) in sub-article (3), by the deletion of “on payment of a reasonable charge”, and
(iv) by the insertion of the following sub-article for sub-article (3):
“(3A) A copy of the documents specified in sub-article (1) shall be furnished, free of charge, to any prospective members who are not automatically enrolled in the trust RAC, before they become a member of the trust RAC.”;
(f) by the insertion of the following Regulation after Regulation 7:
“Disclosure of Information in relation to trust RACs – General requirements
7A. (1) Where the trustees of a trust RAC are required to provide information under these Regulations to members, beneficiaries, a representative or prospective members, the trustees of the trust RAC shall ensure that the information is maintained, presented and provided in the manner set out in sub-article (2).
(2) The information referred to in sub-article (1) shall be:
(i) updated;
(ii) written in a clear manner, using clear, succinct and comprehensible language, avoiding the use of jargon and avoiding technical terms where everyday words can be used instead;
(iii) not misleading, and consistency shall be ensured in the vocabulary and content;
(iv) presented in a way that is easy to read;
(v) available in the English language, and
(vi) made available to members, beneficiaries and prospective members free of charge through electronic means, including on a durable medium or by means of a website, or on paper.”;
(g) in Regulation 8 –
(i) in sub-article (1), by the substitution of “(2), (3) and (3A)” for “(2) and (3)”;
(ii) by the substitution of the following sub-article for sub-article (2):
“(2) Subject to sub-article (3A)(b), the information specified in paragraphs 1 to 11 and 13 of Schedule C, where applicable, shall be furnished to every person who becomes a member of a trust RAC within 2 months of becoming a member.”;
(iii) by the insertion of the following sub-article after sub-article (3):
“(3A) The information specified in paragraphs 1 to 12 of Schedule C, where applicable, and, in the case of the persons referred to in paragraph (b) of this sub-article, paragraph 13, shall be furnished to any prospective members –
(a) who are not automatically enrolled in a trust RAC, before they become a member of the trust RAC,
(b) who are automatically enrolled in a trust RAC, promptly after becoming a member of the trust RAC.”;
(iv) in sub-article (4), by the substitution of the following paragraph for paragraph (a):
“(a) The trustees of a trust RAC shall notify the members and beneficiaries of the trust RAC, or a representative, of any material alteration in the information specified in paragraphs 1 to 11 and 13 of Schedule C within four weeks of the date of making any such alteration.”, and
(v) by the insertion of the following sub-article after sub-article (5):
“(6) The trustees of a trust RAC shall make available to members and beneficiaries of the trust RAC, or representatives, an explanation of the impact on members and beneficiaries of significant changes to technical provisions, where applicable.”;
(h) in Regulation 10 –
(i) in sub-article (1)(a), by the substitution of “Subject to sub-article (3), such information as is” for “Such information as is”;
(ii) in sub-article (1)(b), by the substitution of “Subject to sub-article (3), such information as is” for “Such information as is”;
(iii) in sub-article (2) –
(I) by the substitution of “Subject to sub-article (3), in addition to” for “In addition to”, and
(II) in paragraph (b), by the deletion of “on payment of a reasonable charge (unless the trustees decide otherwise)”, and
(iv) by the insertion of the following sub-article after sub-article (2) –
“(3) Sub-articles (1) and (2) shall no longer apply to a trust RAC from the date on which the trustees of the trust RAC make available, to the members of the trust RAC, the first Pension Benefit Statement in accordance with Chapter 1 of Part 6 of the Regulations of 2021.”;
(i) in Regulation 11 –
(i) in sub-article (2), by the substitution of “Subject to sub-article (3), the information” for “The information”, and
(ii) by the insertion of the following sub-article after sub-article (2):
“(3) Sub-article (2) shall no longer apply to a trust RAC from the date on which the trustees of the trust RAC make available, to the members of the trust RAC, the first Pension Benefit Statement in accordance with Chapter 1 of Part 6 of the Regulations of 2021.”;
(j) in Regulation 12 –
(i) in sub-article (1), by the insertion of “ except in the case of a member of a trust RAC referred to in sub-article (1A),” after “persons specified in sub-article (3)”, and
(ii) by the insertion of the following sub-articles after sub-article (1):
“(1A) In the case of a member referred to in sub-article (3)(a), the trustees of the trust RAC shall furnish to such a member, in due time prior to benefits becoming payable to the member from the trust RAC, or on request by the member, the information specified in paragraphs 1 to 5 of Schedule F.
(1B) The trustees of a trust RAC shall –
(a) where a benefit under the trust RAC has become payable or is to become payable, periodically provide the information specified in paragraphs 1 to 5 of Schedule F to persons specified in sub-article (3), and
(b) when a significant level of investment risk is borne by persons specified in sub-article (3) in respect of whom a benefit under the trust RAC has become payable or is about to become payable, provide such persons with appropriate information regularly.”;
(k) in Regulation 15, by the insertion of “or beneficiary, as the case may be,” after “furnished on request to a member”;
(l) by the insertion of the following Regulation after Regulation 15:
“Information to be made available – where members bear investment risk
15A. (1) In the case of a trust RAC in which members bear an investment risk and which provides for more than one option with different investment profiles, the trustees of the trust RAC shall furnish, in the manner specified in sub-articles (2), (3) and (4), the members of the trust RAC with information in relation to –
(a) the conditions regarding the range of investment options available;
(b) the default investment option, where applicable, and
(c) the rules of the trust RAC to allocate a particular member to an investment option.
(2) The trustees of a trust RAC referred to in sub-article (1) shall furnish the information referred to in sub-article (1) to a member of the trust RAC within 2 months of becoming a member.
(3) The trustees of a trust RAC referred to in sub-article (1) shall furnish the information referred to in sub-article (1), on request, to a member of the trust RAC not later than 4 weeks after the request is made.
(4) The trustees of a trust RAC referred to in sub-article (1) shall notify the members of the trust RAC of any material alteration in the information specified in sub-article (1) within 4 weeks of the date of making of any such alteration.”;
(m) in Regulation 16, by the insertion of “or by means of any electronic method” after “by ordinary post at the last address known to the trustees”;
(n) in Regulation 17, in paragraph (a), by the deletion of “, other than a small trust RAC,”;
(o) in Schedule A, by the substitution of the following paragraph for 1:
“1. Accounts of the trust RAC shall –
(a) show a true and fair view of –
(i) the financial transactions of the trust RAC during the trust RAC year,
and
(ii) the assets and liabilities at the end of the trust RAC year,
and
(b) include disclosure of significant investment holdings.”
(p) in Schedule C –
(i) by the insertion of following paragraphs after paragraph 11:
“12. In the case of prospective members referred to in Article 8(3A) –
(a) information on any relevant options available including investment options,
(b) information on whether and how environmental, climate, social and corporate governance factors are considered in the investment approach, and
(c) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the trust RAC for a minimum of five years, or for all the years that the trust RAC has been operating where this is less than five years and information on the costs borne by members and beneficiaries.
13. A statement outlining –
(a) the mechanisms protecting accrued entitlements or the benefit reduction mechanisms, if any;
(b) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the trust RAC for a minimum of five years, or for all the years that the trust RAC has been operating where this is less than five years, and
(c) the structure of costs borne by members and beneficiaries, for trust RACs which do not provide for a given level of benefits.”;
(q) in Schedule H, by the insertion of the following paragraph after paragraph (9):
“10. Where members bear investment risk or can take investment decisions, information on the past performance of investments related to the trust RAC for a minimum of five years, or for all the years that the trust RAC has been operating where this is less than five years.”.
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GIVEN under my Official Seal,
15 December, 2021.
HEATHER HUMPHREYS,
Minister for Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations amend S.I. No. 182 of 2007 in order to, amongst other things, give further effect to Directive (EU) 2016/2341 by –
– in Regulation 2, by inserting a number of definitions;
– by amending Regulation 3 relating to Audited Accounts;
– by amending Regulation 5 relating to Annual Reports;
– in Regulation 6, by providing that a copy of the latest audited accounts and annual report shall be publicly disclosed and made available free of charge on request within 4 weeks of a request being made and making a number of technical amendments;
– in Regulation 7, to oblige the trustees of a trust RAC to –
• notify members and beneficiaries, or a representative, of any relevant information in respect of changes to the trust RAC rules, within a specified time period, and to provide, with that notification, copies of the relevant documentation;
• furnish copies of the documents relating to the constitution of a trust RAC, free of charge, to every member or beneficiary within 2 months of the person becoming a member or benefits becoming payable from the trust RAC to the person concerned, and
• provide copies of the documents relating to the constitution of a trust RAC to prospective members before they become members of the trust RAC;
– inserting a new Regulation 7A to specify the manner in which information shall be provided under these Regulations by the trustees to members of a trust RAC;
– in Regulation 8, by amending the disclosure of information requirements in relation to basic information about the trust RAC and specifying when the relevant information shall be provided to members, beneficiaries, representatives or prospective members of a trust RAC;
– in Regulation 10, by providing that sub-articles (1) & (2) shall no longer apply to a trust RAC from the date on which the trustees of the trust RAC make available, to the members of the trust RAC, the first Pension Benefit Statement;
– in Regulation 11 in respect of the information to be made available to a member on termination of contributions;
– in Regulation 12, by amending the information to be made available on retirement or death of a member or beneficiary;
– in Regulation 15, by specifying that the information to be made available in relation to the investment strategy shall also be made available on request to a beneficiary;
– the insertion of a new Regulation 15A to specify the information to be made available where members bear an investment risk and when such information shall be furnished;
– in Regulation 16, by providing that information and documents may be served by electronic means as well as by ordinary post, and
– by making a number of amendments in respect of the information to be provided under Schedules A, C and H.
1 OJ No. L 354, 23.12.2016, p. 37
S.I. No. 435/2022 –
European Union (Pan – European Personal Pension Product) Regulations 2022
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I, Paschal Donohue, Minister for Finance, 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) No 2019/1238 of the European Parliament and Council of 20 June 20191 , hereby make the following regulations:
Citation
1. These Regulations may be cited as the European Union (Pan-European Personal Pension Product) Regulations 2022.
Interpretation
2. (1) In these Regulations—
“Act of 1942” means the Central Bank Act 1942 (No. 22 of 1942);
“Bank” means the Central Bank of Ireland;
“contravention” includes, in relation to any provision of the PEPP Regulation, a failure to comply with that provision, and also includes—
(a) attempting to commit a contravention,
(b) aiding, abetting, counselling or procuring a person to commit a contravention,
(c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention,
(d) being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and
(e) conspiring with others to commit a contravention;
“enactment” has the same meaning as it has in the Interpretation Act 2005 (No. 23 of 2005);
“PEPP Regulation” means Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20192 .
(2) A word or expression which is used in these Regulations and is also used in the PEPP Regulation has, unless the context otherwise requires, the same meaning in these Regulations as it has in the PEPP Regulation.
Designation of Bank as competent authority
3. The Bank is designated as the competent authority in the State responsible for supervising PEPP providers and PEPP distributors and for carrying out the functions of a competent authority provided for in the PEPP Regulation.
Power of Bank to issue directions to relevant person
4. (1) Where the Bank considers it necessary to do so for the purposes of its functions under the PEPP Regulation or these Regulations, it may issue a direction in writing to a relevant person to take, or refrain from taking or to prohibit, such actions as are specified in the direction for the purpose of—
(a) ensuring compliance by the relevant person with the PEPP Regulation or these Regulations, or
(b) preventing any person from contravening or continuing to contravene a provision of the PEPP Regulation or these Regulations.
(2) Where the Bank considers it necessary to do so for the purposes of paragraph (1), the Bank may, on or after the date on which a direction issued under that paragraph ceases to have effect, issue another direction to the relevant person concerned to take, or refrain from taking or to prohibit, such actions as are specified in the direction.
(3) A direction issued under paragraph (1) or (2) shall—
(a) subject to subparagraph (b), take effect on and after such date, or the occurrence of such event, as is specified in the direction for the purpose,
(b) cease to have effect—
(i) on such date, or the occurrence of such event, as is specified in the direction for the purpose, or
(ii) on the expiration of the period of 12 months, if not otherwise specified, immediately following the day on which the direction takes effect,
and
(c) be complied with by any relevant person to whom a direction is given under paragraph (1) or (2) within such reasonable period as may be specified in the direction.
(4) A relevant person may apply to the Court for, and the Court may, if it considers it appropriate to do so, grant an order affirming, setting aside or varying a direction issued under paragraph (1) or (2).
(5) An application under paragraph (4) shall be made not later than 14 days after the date of receipt, by the applicant, of the notification of the direction or within such extended period as the Court allows.
(6) Where a direction under this Regulation is not or has not been complied with or is, in the opinion of the Bank, unlikely to be complied with, the Bank may apply to the Court in a summary manner for an order enforcing the direction.
(7) At the hearing of an application made under paragraph (4) or (6), the Court may make such order as it considers appropriate in the circumstances (including an order dismissing the application).
(8) The Court may direct the hearing together of applications made under paragraphs (4) and (6) that relate to the same direction.
(9) Where the Court is satisfied that it is desirable, because of the nature or the circumstances of the case, or having regard to the interests of justice, then the whole or any part of proceedings relating to an application under paragraphs (4) or (6) before it may be heard otherwise than in public.
(10) In this Regulation—
(a) “Court” means the High Court;
(b) “relevant person” means an undertaking referred to in point (c) of Article 6(1) of the PEPP Regulation.
Co-operation between Pensions Authority and Bank
5. (1) The Pensions Authority shall, where requested in writing by the Bank to provide assistance or information in relation to a relevant IORP, provide the Bank with such assistance and information as is necessary to enable the Bank to perform its functions under the PEPP Regulation and these Regulations.
(2) In paragraph (1), “relevant IORP” means an institution for occupational retirement provision authorised or registered in accordance with Directive (EU) 2016/2341 which, pursuant to national law in the Member State in which it is registered, is authorised to provide, and is supervised in relation to the provision of, personal pension products.
Administrative sanctions
6. (1) Where the provisions of the Act of 1942 are invoked in relation to a contravention of the PEPP Regulation, any of the sanctions referred to in Article 67(3) of that Regulation may be imposed by the Bank—
(a) following an inquiry under section 33AO of the Act of 1942, or
(b) in accordance with section 33AR or section 33AV of the Act of 1942.
(2) Subject to subsection (3), the power of the Bank to impose any of the sanctions referred to in Article 67(3) of the PEPP Regulation is in addition to and not in substitution for its power to impose any of the sanctions specified in section 33AQ of the Act of 1942.
(3) Where the sanction imposed by the Bank is a direction to a legal person to pay a monetary penalty under section 33AQ(3)(c) of the Act of 1942, the amount of that penalty shall not exceed the amount of the maximum administrative fine calculated in accordance with Article 67(3)(e) of the PEPP Regulation.
(4) For the purposes of a contravention of the PEPP Regulation, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the sanctions referred to in Article 67(3) of the PEPP Regulation.
Appealable decisions
7. (1) A decision of the Bank to refuse to grant registration of a PEPP under Article 6 of the PEPP Regulation is an appealable decision for the purposes of Part VIIA of the Act of 1942.
(2) Where the State is the home Member State of a PEPP provider, a refusal or failure to reply (referred to in the second sentence of the second subparagraph of Article 15(2) of the PEPP Regulation), on the Part of the Bank, shall be an appealable decision for the purposes of Part VIIA of the Act of 1942.
Decumulation phase
8. (1) Subject to paragraphs (2) and (3), the decumulation phase in respect of a PEPP account shall not commence before the date on which the PEPP beneficiary concerned attains the age of 60 years.
(2) The decumulation phase in respect of a PEPP account may commence on or after the date on which the PEPP saver concerned attains the age of 50 years where—
(a) the PEPP saver has retired from employment, or
(b) the PEPP saver’s occupation is one in which individuals customarily retire before attaining the age of 60 years.
(3) The decumulation phase in respect of a PEPP account may commence before the date on which the PEPP saver concerned attains the age of 60 years where the PEPP saver has become permanently incapable through infirmity of mind or body of carrying on the PEPP saver’s own occupation or any occupation of a similar nature for which the PEPP saver is trained or fitted.
(4) The decumulation phase for a PEPP account shall commence no later than the first to occur of—
(a) the date on which the PEPP saver concerned attains the age of 75 years, and
(b) the date on which the PEPP beneficiary concerned attains the age of 75 years.
Information in possession of Revenue Commissioners
9. (1) Notwithstanding section 851A of the Taxes Consolidation Act 1997 (No. 39 of 1997) a Revenue officer (within the meaning of that section) may disclose to the Bank information in relation to a PEPP which is required by the Bank for the purpose of, or in connection with, the performance by it of its functions under the PEPP Regulation or these Regulations.
(2) Information disclosed to the Bank under paragraph (1) may only be used for the purpose of, or in connection with, the performance by the Bank of its functions under the PEPP Regulation or these Regulations.
Amendment of Act of 1942
10. The Act of 1942 is amended—
(a) in section 2(2A)—
(i) in paragraph (bf), by the substitution of “2020;” for “2020.”, and
(ii) by the insertion of the following paragraph after paragraph (bf):
“(bg) Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20193 .”,
(b) by the insertion of the following section after section 33ANF:
“Application of Part under PEPP Regulation
33ANFA. (1) This Part applies in relation to the commission or suspected commission by a relevant person of a contravention of —
(a) a relevant provision,
(b) any direction given to a relevant person under a relevant provision or Regulation 4 of the Regulations of 2022,
(c) any direction given under financial services legislation to a relevant person pursuant to a relevant provision,
(d) any requirement imposed on a relevant person under—
(i) a relevant provision,
(ii) any direction given to a relevant person under a relevant provision or Regulation 4 of the Regulations of 2022, or
(iii) any direction given under financial services legislation to a relevant person pursuant to a relevant provision, or
(e) any obligation imposed on a relevant person by this Part or imposed by the Bank pursuant to a power exercised under this Part.
(2) For the purposes of this section—
(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to a relevant person,
(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by a relevant person, of a relevant provision.
(3) Nothing in this section limits the application of this Part in relation to matters other than those referred to in subsection (1).
(4) In this section—
(a) ‘PEPP Regulation’ means Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20194 ;
(b) ‘Regulations of 2022’ means the European Union (Pan-European Personal Pension Product) Regulations 2022 (S.I. No. [435] of 2022);
(c) ‘relevant person’ means an undertaking referred to in point (c) of Article 6(1) of the PEPP Regulation;
(d) ‘relevant provision’ means a provision of the PEPP Regulation.”,
(c) in section 33BC, by the insertion of the following subsection after subsection (18):
“(19) This section does not apply where Article 69 of Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20195 applies.”, and
(d) in Part 2 of Schedule 2, by the insertion of the following item:
“
82
S.I. No. [435] of 2022
European Union (Pan-European Personal Pension Product) Regulations 2022
The whole instrument
”.
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GIVEN under my Official Seal,
28 August, 2022.
PASCHAL DONOHOE,
Minister for Finance.
1 OJ No. L. 198, 25.7.2019, p.1.
2 OJ No. L. 198, 25.7.2019, p.1.
3 OJ No. L. 198, 25.7.2019, p.1.
4 OJ No. L. 198, 25.7.2019, p.1.
5 OJ No. L. 198, 25.7.2019, p.1.