Funding
GUIDANCE NOTES
Disclaimer
While the Pensions Authority has made every effort to ensure that the information
contained within this guidance document is correct and accurate nevertheless it is
possible that errors or omissions in the content may occur from time to time.
No liability whatsoever is accepted by the Pensions Authority, its servants or agents for
any errors or omissions in the information or data or for any loss or damage occasioned to
any person acting or refraining from acting as a result of the information or data
contained within this guidance document.
To ensure that you have an up-to-date and unaltered copy of this document, you should
download it directly from www.pensionsauthority.ie.
Last updated: October 2005
Please see cover page for disclaimer
Appeal to the High Court on a point of law 18
Last updated: October 2005
Please see cover page for disclaimer
2
Determinations by the Pensions Authority under Sections 38, 53, 58,
64(A) and 81G of the Pensions Act, 1990
General
1. Provision is made, under the Pensions Act, 1990, for the Pensions
Authority to issue formal determinations in respect of certain questions
specified in the Act. These questions include matters such as
whether a scheme is a defined benefit scheme or a defined
contribution scheme for the purposes of a specified Part of the Act,
whether any provision of a specified Part of the Act conflicts with
any rule of a scheme.
A question to be determined by the Authority under the Act must be
determined by it either, in its absolute discretion, without or after an oral
hearing by the Authority (or such member or members of the Authority (or
other person or persons as the Authority may authorise for that purpose).
Determinations are made by the Authority under the Act solely for the
purposes of the relevant Part(s) of the Act and are without prejudice to any
claims that members may have to have their benefits dealt with in any
particular way.
While reference is made throughout the following paragraphs to the
Authority, it should be noted that the Authority has authorised the Chief
Executive to perform the Authority’s function of determining any question
which falls to be determined by the Authority under the Act and deciding,
under Section 26 of the Act, whether an oral hearing is to be held in any
case and the person or persons by whom it is to be held.
s.26
s.38
s.53
s.58
s.64A
s.81G
Last updated: October 2005
Please see cover page for disclaimer
Predetermination Procedure
Persons entitled to apply for a determination
2. The following categories of person are entitled to make an
application (which must be made in writing) for a determination:
the trustees of the scheme;
any employer of persons in relevant employment to which the
scheme applies;
any member or prospective member of the scheme;
an agent to the scheme;
an authorised trade union representing a member or members of
the scheme;
such other persons as the Minister may prescribe.
Request for further information
3. The Authority may, following receipt of the application, ask the applicant
to clarify any matter or furnish any further documentation/information, as
appropriate.
Notice to any person concerned of the application for a determination.
4. Notice that an application for a determination has been made to the
Authority will be given to any other person who appears to be concerned.
The persons likely to be notified by the Authority are those listed in
paragraph 2 who, on the facts of the case, the Authority is aware ought to
be notified.
5. Where possible, notice will be given by post (by pre-paid registered
letter). If notification by post is not practicable the Authority may place a
notice in a daily newspaper published in and circulating throughout the
State notifying persons concerned that an application for a determination
has been received by the Authority.
s.38 (3)
a.10
S.I.445/92
4
Representations
s.26(1)(b) Any person concerned may make representations to the Authority and the
Authority, in reaching its determination, will take into account any such
representations made.
s.26(2) Representations must be made in writing or, if an oral hearing is being
held, at the hearing.
Procedure — Determination
s.26(1)(a) 7. Determination may be made without or after an oral hearing.
As soon as may be after all appropriate enquiries and notifications have
been made and representations considered, the Authority will decide, on
the facts of the case, whether or not an oral hearing is to be held. While the
Pensions Act gives the Authority absolute discretion in deciding whether
an oral hearing is to be held in any case, in practice, the decision will be
made having regard of the rules of natural justice, in particular, the
question of whether it is necessary to hold an oral hearing in order to
resolve a conflict of evidence in relation to any matter essential to the
determination.
s.26(1)(b) 8. Determination without an oral hearing
If a decision is made to determine the matter without an oral hearing, the
matter will be determined by the Authority on the basis of the information
and representations furnished in respect of the application.
The Authority’s determination will be communicated, in writing, to the
applicant, to any other person concerned who has made representations in
connection with the application and to any other person as determined by
the Authority.
9.
Oral hearing
If a decision is made to determine the matter after an oral hearing, the
Authority will either hold a hearing or appoint a Tribunal to hold a
hearing.
10. Notice of oral hearing
S. The Authority/Tribunal will, as soon as may be, fix a time, date and place
for the hearing and give notice of the hearing, not less than 21 days before
the hearing, to
(a) the applicant;
(b) any other person concerned who has made a representation
in writing to the Authority under the Act in connection with
the question to be determined by it and
s.26(1)(a)
a.3
S.I. 77/97
a.4
S.I. 77/97
5
(c) any person (other than a person specified in (a) or (b)
above) whom the Authority or the tribunal requires to
attend to give evidence at the hearing in connection with
the question to be determined.
The Authority or the tribunal may require any of the persons specified at
(a), (b) and (c) above to produce at the hearing any documents in his/her
possession, custody, control or procurement relating to the question to be
determined.
A notice given under this paragraph may be given either by delivering it to
that person or by sending it by post in a prepaid registered letter to the
person at the address at which he/she ordinarily resides.
11. Attendance at hearing
The applicant for a determination must, unless otherwise determined by
the Authority or the tribunal on application to it by the applicant in writing,
appear at the hearing in person and may be accompanied by any other
person with the consent of the Authority or the tribunal. Any other person
who has been notified of the hearing by the Authority or the tribunal may
appear at the hearing.
Any person required to appear at the hearing may, with the prior consent
of the Authority or the tribunal, be represented at the hearing by any other
person including a legal representative.
a.6 S.I.77/97 12. Procedure at hearing
The procedure at the hearing will be such as the Authority or the tribunal
may determine.
The hearing or any part of it, may take place in public or in private, as
determined by the Authority or the tribunal.
The Authority or the tribunal may
proceed with the hearing notwithstanding that any person specified in
paragraph 10 (a), (b) or (c) above has failed to attend the hearing
postpone or adjourn the hearing
admit any document or other material it may consider to be
appropriate to the question for determination.
A record of the proceedings at the hearing will be made by such person
and in such manner as the Authority or the Tribunal may authorise for the
purpose.
a.4(2)
S.I. 77/97
a.2
S.I. 77/97
a.5
S.I. 77/97
6
s.26(3) 13. The Authority or the tribunal may take evidence on oath and for that
purpose may administer oaths to persons attending as witnesses at the
hearing.
a.7 S.I. 77/97 14. The Authority may determine any question referred to it notwithstanding
the failure or neglect of the applicant or any other person to comply with
any requirement of S.I. 77 of 1997.
Notification of determination by Authority after oral hearing
a.8 S.I. 77/97 15. A written notice of a determination by the Authority will be sent as soon as
may be to the persons specified at (a) and (b) of paragraph 10 and to any
other person as determined by the Authority.
Failure to attend an oral hearing
s.26(4)(c) 16. A person to whom a notice requiring his/her attendance or production of
documents has been given and who refuses to give evidence or gives false
evidence at an oral hearing or refuses or wilfully fails to produce any
document to which the notice relates at such a hearing shall be guilty of an
offence under the Act.
Expenses
s.26(5) 17. The Authority or the tribunal may order a person concerned to pay to any
other person concerned a reasonable sum in respect of expenses
occasioned by the person in relation to the hearing.
Appeal to the High Court on a point of law
18. An appeal to the High Court on a point of law from a determination of the
Authority may be made by the person who made or a person who was entitled
under the Act to make the application concerned.
s.38(4)
s.53(3)
s.58(3)
s.64A(3)
s.81G (2)
PRESCRIBED GUIDANCE S. 50 PENSIONS ACT
VERSION 03
DATE: 5 February 2015
1
INDEX
Paragraph Contents Page
1. INTRODUCTION 2
2. GENERAL 4
3. REQUIREMENTS 4
3.1. Scheme Review 4
3.2. Employers 5
3.3. Notification to members and other persons 5
3.4. Contribution Rate 5
3.5. Funding Standard Reserve 5
3.6. Legal Advice 6
3.7. Actuarial Advice 6
4. INFORMATION 6
5. APPLICATION PROCESS 7
2
INTRODUCTION
1.1. Section 50 of the Pensions Act, 1990 (as amended, the Act) (as amended by section 11 of the
Social Welfare and Pensions (No. 2) Act 2013) permits the Pensions Authority, by notice in
writing, following an application by the trustees of a relevant scheme (other than a regulatory
own funds scheme), to direct those trustees to take such measures as may be specified in the
notice or, if no measures are specified, such measures as may be necessary in respect of
1.1.1. members in relevant employment who have not reached normal pensionable
age and members whose service in relevant employment has ceased and who
have not reached normal pensionable age with an entitlement to benefits the
payment of which has not commenced, and
1.1.2. persons receiving benefits under the scheme or persons who have reached
normal pensionable age
to reduce the benefits that would be payable to or in respect of those members or persons from
the scheme. In the case of the persons referred to at paragraph 1.1.2 above, the reduction may
only relate to (a) future increases in benefits payable from the scheme to or in respect of those
persons; and (b) benefits, but only to the extent provided for in section 50(1B) of the Act (as
amended by section 11 of the Social Welfare and Pensions (No. 2) Act 2013).
1.2. The circumstances in which trustees can apply to the Pensions Authority for such a direction
are:
1.2.1 the trustees of the scheme fail to submit an actuarial funding certificate or funding
standard reserve certificate within the period specified in section 43,
1.2.2 the actuarial funding certificate certifies that the scheme does not satisfy the funding
standard or the funding standard reserve certificate certifies that the scheme does not
satisfy the funding standard reserve and the trustees of the scheme have not submitted
a funding proposal in accordance with section 49,
1.2.3 the actuarial funding certificate certifies that the scheme does not satisfy the funding
standard or the funding standard reserve certificate certifies that the scheme does not
satisfy the funding standard reserve and the trustees have submitted a funding
proposal in accordance with section 49, or
1.2.4 the Pensions Authority has consented to the amendment of the scheme in accordance
with section 50A of the Act.
3
1.3. Section 50(4) of the Act provides that the Minister can make Regulations requiring the trustees
to comply with guidance issued by the Pensions Authority in relation to applications by trustees
under section 50. In accordance with section 50(4), this guidance, which is prescribed by the
Minister under the Occupational Pension Schemes (Funding Standard) Regulations 1993 to
2013 (as amended or replaced), sets out
1.3.1. the form by which the trustees may apply to the Pensions Authority for a
direction under section 50, and
1.3.2. the requirements to be met by the trustees in relation to any such application.
1.4. As this guidance has been specified by Regulations made under the Act, it cannot be altered by
the Pensions Authority without the prior consent of the Minister by virtue of Section 7A of the
Act. Any such alteration will be effective when such consent has been given and with effect
from the date specified in the alteration and details will be published by the Pensions Authority
as soon as reasonably practicable after the Minister has given that consent.
1.5. Sections referred to in this guidance are to sections of the Act. Terms used in the guidance but
not defined in this guidance have the meanings given in the Act. The following terms have the
following meanings.
“funding proposal” means a funding proposal submitted or to be submitted in accordance with
Section 49.
“section 50 direction” means a direction given by the Pensions Authority to the trustees of a
scheme pursuant to section 50(1) or (1A) or (1B).
“employer” means the employer who undertakes the role of principal employer under the
scheme for the purposes of the scheme’s approval by the Revenue Commissioners or, where
there is no such employer or it is not possible to identify such employer, such employer or
employers participating in the scheme as the trustees shall deem appropriate in the
circumstances.
representative group” means a group which:
(a) represents at least 50% of members of a scheme whose service in relevant
employment has ceased, who have not reached normal pensionable age and who have an
entitlement to a preserved benefit or any other benefit under the scheme or members who are
receiving benefits under a scheme or who have reached normal pensionable age; and
(b) has notified the trustees that they represent those members.
4
2.
GENERAL
2.1. Trustees are reminded that the Pensions Authority has a discretion as to whether or not it will give a section 50 direction following an application by the trustees of a scheme.
2.2. Trustees are also reminded that an application for a section 50 direction does not relieve trustees from complying with their obligations under Part IV of the Act within the time limits laid down in the Act.
3.
REQUIREMENTS
Before making an application for a section 50 direction, trustees must comply with the requirements set out below. Trustees will be required to confirm as part of the application process that they have complied with each of these requirements. Where an application is made, the Pensions Authority reserves the right to require evidence of compliance with these requirements.
3.1. Scheme Review
Prior to making an application, trustees must have undertaken a comprehensive review of the scheme with a view to the long term stability and sustainability of the scheme. That review must, at a minimum, cover the following matters:
3.1.1. the benefits payable under the scheme, the options available for reductions in benefit and their impact on the different categories of member and other persons,
3.1.2. the contributions required, both in relation to future accruals of benefit and any past service deficit, under the options considered under paragraph 3.1.1 and the options for increasing those contributions should the need arise after any section 50 direction is made, and the employer’s attitude to any request for increased contributions in such circumstances,
3.1.3. the long term investment strategy including, where appropriate, how any transition from the current investment strategy would occur, and 3.1.4. the future risks facing the scheme including the possibility of the scheme proving more expensive than anticipated, whether through investment under performance, improving longevity or other causes, and what measures could be available to the trustees in those circumstances such as contribution increases or changes to discretionary benefits.
5
3.2. Employers
The trustees must have requested from the employer contributions sufficient to ensure the long term stability and sustainability of the scheme without the reductions sought in the application and the employer must have declined to pay those contributions. The trustees must also have carried out the review referred to in paragraph 3.1, where appropriate, in consultation with the employer except to the extent that the employer has failed to engage in that review.
3.3. Notification to members and other persons
The trustees must have complied with the requirements of paragraph 4 of this guidance before making an application for a section 50 direction.
3.4. Contribution Rate
Trustees are required as part of their application to set out the required contribution rate, on the assumption that the application is successful, calculated using a long term gilt yield basis and the most recent mortality projections of the Society of Actuaries in Ireland. Where the proposed contribution rate is less than this, the trustees must provide a detailed explanation of how the proposed contribution rate supports the long term stability and sustainability of the scheme and the factors, if any, which the trustees have taken account of in forming this view. The Pensions Authority considers that a suitable long term gilt yield for these purposes is not more than the long term discount rate set out in Part (A) of Appendix 1 of the Actuarial Standard of Practice PEN-2 issued by the Society of Actuaries in Ireland (4.5% in Version 5.10) or any relevant guidance issued by the Pensions Authority.
3.5. Funding Standard Reserve
Because an application for a section 50 direction should be made with a view to the long term stability and sustainability of a scheme, the application must be such that the scheme satisfies the funding standard reserve set out in Section 44(2) of the Act 3.5.1. immediately following the making of the direction if the application is not made with a funding proposal; and
3.5.2. by the end date of the funding proposal where the application is made with a funding proposal.
3.6. Legal Advice
Trustees are required to have taken legal advice on their powers and duties, on the obligations on employers to contribute to the scheme and the manner in which the benefit reductions envisaged in the application will be effected before making an application for a section 50 direction.
3.7. Actuarial Advice
Trustees are required to have obtained actuarial advice on the funding position of the scheme, on the available options considered to address the scheme deficit and on the matters referred to in paragraph 3.4 and 3.5 above before making an application for a section 50 direction.
4.
INFORMATION
4.1. Before making an application for a section 50 direction, the trustees must notify in writing, in the manner set out in paragraph 4.3, all members of the scheme and any other person in receipt of benefits under the scheme, and also notify any authorised trade union representing members, or any representative group of, at a minimum, the matters referred to in paragraph 4.2 (the notification).
4.2. The matters referred to in paragraph 4.1 are as follows
4.2.1. the circumstances giving rise to the proposed application,
4.2.2. the reasons why the trustees believe an application is in compliance with their fiduciary duties,
4.2.3. the proposed benefit reductions which are to apply to each category of member or other person and the reasons for treating one or more categories of member or other person differently to others,
4.2.4. that the trustees have requested additional contributions from the employers to avoid the necessity for a section 50 direction and the response of the employers, 4.2.5. where the application is made under Section 50(1), general examples of the projected impact of the reduction(s) on members using such assumptions as the actuary deems appropriate in the circumstances,
4.2.6. where the application is made under Section 50(1A), general examples of the
7
projected impact of the reduction in future increases on the benefits payable to members and other persons in receipt of benefits using such assumptions as the actuary deems appropriate in the circumstances, and 4.2.7. where the application is made under Section 50(1B), general examples of the projected impact of the reduction(s) on members and other persons in receipt of benefits using such assumptions as the actuary deems appropriate in the circumstances.
4.3. For the purposes of making the notification, the trustees should address the notification to a member, other person or authorised trade union by post at their last known address.
4.4. Where the trustees have made the notification and, prior to making the application, an alteration is proposed to the proposed benefit reductions, the trustees shall form an opinion on whether or not the alteration is material. If the trustees are of the view that the alteration is material, they shall revise the information set out in paragraph 4.2 above and provide the revised information to all members and other persons in receipt of benefits under the scheme.
4.5. The trustees must give members and other persons receiving the notification (or any revised notification under paragraph 4.4) at least one month to make written observations to the trustees on the proposed application.
4.6. The trustees must not make a decision on whether or not to make the application until the expiry of the period given under paragraph 4.5 to make observations and must give due consideration to those observations before making a decision on whether or not to make the application.
5.
APPLICATION PROCESS
5.1. An application for a section 50 direction must be in the form specified by the Pensions Authority from time to time.
5.2. The application must be accompanied by the information required under the form specified by the Pensions Authority. The Pensions Authority may at any time request further information in relation to any application.
5.3. Where the making of a section 50 direction is envisaged as part of a funding proposal to be submitted under section 49, the funding proposal must accompany the application for a section 50 direction. That funding proposal must comply with the requirements of section 49 and be stated to have effect if a reduction in benefits is implemented on foot of a section 50 direction.
5.4. Where an application for a section 50 direction is made with an application for a later date
8
under Section 49(3B), it must be made with the application for a later date under Section
49(3B). The Pensions Authority will notify the trustees of their decision on both applications at the same time.
5.5. While the Pensions Authority will endeavour to deal with the application and notify the trustees of their decision as soon as reasonably practicable, it is a matter for trustees to ensure that their application is made in sufficient time to enable the trustees to comply with their obligations to submit a funding proposal in accordance with section 49.
S.I. No. 419/1993 –
Occupational Pension Schemes (Funding Standard) Regulations, 1993
View SIAmendments
S.I. No. 419 of 1993.
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) REGULATIONS, 1993.
The Minister for Social Welfare, in exercise of the powers conferred on him by sections 5 , 42 , 43 , 47 and 52 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:—
1 Citation.
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) Regulations, 1993.
(2) These Regulations shall come into operation on the 31st day of December, 1993.
2 Revocation.
2. The Occupational Pension Schemes (Funding Standard) Regulations, 1991 (No. 371 of 1991) are hereby revoked.
3 Definitions.
3. In these Regulations—
“the Act” means the Pensions Act, 1990 (No. 25 of 1990);
“active member” in relation to a scheme, means any member who is in reckonable service at the commencement of the relevant scheme year;
“actuarial funding certificate” has the meaning assigned to it in section 42 of the Act;
“affiliate” means another body corporate that is a subsidiary company or a holding company (within the meaning of section 155 of the Companies Act, 1963 ) of the employer or a fellow subsidiary of the employer’s holding company;
“associate” means in relation to any person
( a ) that person’s spouse, parent, brother, sister or minor child, or
( b ) the trustee of any trust, the principal beneficiaries of which are the person, his spouse or any of his minor children or any body corporate which he controls, or
( c ) a partner of that person, or
( d ) a body corporate which is controlled by that person:
For the purposes of (b) and (d) a person shall be deemed to control a body corporate if, but only if, he is alone or together with any of the persons referred to in (a), (b) or (c) above interested in more than one-half of the equity share capital (within the meaning of section 155 of the Companies Act, 1963 ) of that body or entitled to exercise or control the exercise of more than one-half of the voting power at any general meeting of that body. The reference to voting power exercised by a person shall include references to voting power exercised by another body corporate which that person controls;
“concentration of investment”, in relation to a scheme, means investments exceeding a stated percentage of the resources of the scheme in one undertaking and in any associate of it or in one property, other than in the following categories:
( a ) Government securities;
( b ) insurance policies;
( c ) contracts of assurance;
( d ) managed funds;
( e ) unit trusts; and
( f ) cash deposits with authorised deposit taking institutions.
“self-investment”, in relation to a scheme, means investment of all or part of the resources of the scheme in the business of any one or more of the following persons
(i) the employer of any person employed in the relevant employment,
(ii) an affiliate of the employer of any person employed in the relevant employment,
(iii) any director or shadow director (within the meaning of section 27 of the Companies Acts, 1963) of the employer or of an affiliate, or of an associate of any such director or shadow director,
and for this purpose “investment” shall be deemed to include investment in—
( a ) land which is occupied or used by or let to;
( b ) property, other than land, which is used for the purpose of any business carried on by;
( c ) loans to;
( d ) moneys due to the scheme held by
any such person referred to in paragraphs (i), (ii) or (iii) of this definition.
( e ) shares or other securities issued by any such person who is a body corporate,
but shall not include investment in land or buildings used for the purpose of any business carried on by any such person, which is let at full market value and which, for the purpose of calculating the resources of the scheme, is independently valued and is taken into account on the lower of its value on a vacant possession basis and its value subject to the letting;
“small member-controlled scheme” means a scheme with not more than 12 active members, all of whom are trustees of the scheme.
4 Actuarial funding certificates.
4. (1) For the purposes of section 42 of the Act—
( a ) the first actuarial funding certificate in respect of a relevant scheme which came into operation prior to the 1st day of January 1991, shall be in the form set out in Schedule A to these Regulations or, in a form substantially to the like effect, and
( b ) an actuarial funding certificate in respect of a relevant scheme other than a certificate referred to in paragraph (a) above shall be in the form set out in Schedule B to these Regulations or, in a form substantially to the like effect.
(2) Where the effective date of an actuarial funding certificate is a date prior to the 1st day of January, 1992, the said certificate shall be submitted to the Board by the trustees of the scheme within 15 months of such effective date.
5 Limitations on calculation of resources of relevant scheme.
5. In an actuarial funding certificate, any calculation of the resources of a relevant scheme shall exclude—
( a ) in the case of an actuarial funding certificate having an effective date on or before 31 December, 1993,
(i) self-investment in excess of 20 per cent of the resources of the scheme and
(ii) concentration of investment in excess of 20 per cent of the resources of the scheme,
( b ) in the case of an actuarial funding certificate having an effective date after 31 December, 1993 but on or before 30 June, 1997,
(i) self-investment in excess of 10 per cent or, in the case of a small member-controlled scheme, 20 per cent of the resources of the scheme and
(ii) concentration of investment in excess of 20 per cent of the resources of the scheme,
( c ) in the case of an actuarial funding certificate having an effective date after 30 June, 1997 but on or before 31 December, 2000,
(i) self-investment in excess of 5 per cent or, in the case of a small member-controlled scheme, 20 per cent of the resources of the scheme and
(ii) concentration of investment in excess of 15 per cent of the resources of the scheme, and
( d ) in the case of an actuarial funding certificate having an effective date after 31 December, 2000,
(i) self-investment in excess of 5 per cent or, in the case of a small member-controlled scheme, self-investment in excess of 20 per cent of the resources of the scheme and
(ii) concentration of investment in excess of 10 per cent of the resources of the scheme.
6 Exclusion of schemes for Part IV and Third Schedule.
6. (1) The provisions of Part IV of the Act shall not apply in the case of any of the schemes specified in Schedule C to these Regulations.
(2) Reference to a scheme in Schedule C to these Regulations shall be construed as a reference to that scheme as modified, amended or extended.
7 Modification of Part IV in the case of certain schemes.
7. (1) In the case of a scheme established under section 44 of the Forestry Act, 1988 (No. 26 of 1988)—
( a ) Section 44 (a) of the Act is hereby modified by the substitution for “liabilities of the scheme” of “liabilities of the scheme other than the liabilities arising under section 44 (9) and (10) of the Forestry Act, 1988 “,
( b ) Section 45 (2) of the Act is hereby modified by the insertion of the words “other than the benefits referred to in Section 44 (9) of the Forestry Act, 1988 ” after the word “relates” in line 3 of that provision, and
( c ) Section 45 (2) (b) (i) of the Act is hereby modified by the substitution for “liabilities of the scheme” of “liabilities of the scheme other than the liabilities arising under section 44 (9) and (10) of the Forestry Act, 1988 “.
(2) ( a ) In the case of an external scheme section 43 (1) (a) of the Act is hereby modified by the substitution for “not later than 3 years after such commencement” of “not later than 4 years after such commencement”,
( b ) In the case of an external scheme section 43(1) (b) of the Act is hereby modified by the substitution for paragraph (b) of sub-section (1) of section 43 of the following:—
“(b) (i) in the case of a relevant scheme which commenced between 1 January, 1991 and 30 June, 1991, not later than 31 December, 1994 and
(ii) in the case of a relevant scheme which commenced on or after 1 July, 1991, not later than 3½ years after the commencement of the scheme,”.
SCHEDULE A
Article 4
First Actuarial Funding Certificate
This certificate has been prepared under the provisions of Section 42 of the Pensions Act 1990 (“the ACT”) for submission to the Pensions Board by the trustees of the scheme
Scheme Name: …………………………………………………… …………………………………..
Scheme commencement date: …………………………………………………… ……………
Pensions Board Reference No: …………………………………………………… ………….
Effective date of this certificate: …………………………………………………… ………..
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate:—
(1) I hereby state the certified percentage(s) for the above scheme for the purposes of Section 45 of the Act to be:—
Category of Membership
Certified Percentage
………………………………………………….
………………………………………………….
………………………………………………….
………………………………………………….
………………………………………………….
………………………………………………….
(2) I am of the opinion that the resources of the scheme at the effective date of this certificate *would/* would not have been sufficient if the scheme had been wound up at that date to provide for:—
( a ) the liabilities of the scheme determined in accordance with Section 44 (a) of the Act, and
( b ) the estimated expenses of administering the winding up scheme.
I therefore certify that as the effective date of this certificate the scheme *satisfies/* does not satisfy the funding standard provided for in Section 44 of the Act.
*delete whichever not applicable
Signature: …………………………………………….
Date: …………………………………………………… ..
Name: ………………………………………………….
Qualification: ………………………………………..
Name of Actuary’s Employer/Firm: …………………………………………………… …………………………….
SCHEDULE B
Article 4
Actuarial Funding Certificate
This certificate has been prepared under the provisions of Section 42 of the Pensions Act 1990 (“the ACT”) for submission to the Pensions Board by the trustees of the scheme
Scheme Name: …………………………………………………… ………………………………………..
Scheme commencement date: …………………………………………………… …………………
Pensions Board Reference No: …………………………………………………… ……………….
Effective date of:
This certificate: …………………………………………………… ……………………………..
Previous certificate: …………………………………………………… ………………………..
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate I am of the opinion that the resources of the scheme at the effective date of this certificate *would/* would not have been sufficient if the scheme had been wound up at that date to provide for:—
( a ) the liabilities of the scheme determined in accordance with section 44 (a) of the Act, and
( b ) the estimated expenses of administering the winding up of the scheme.
I therefore certify that as the effective date of this certificate the scheme *satisfies/* does not satisfy the funding standard provided for in Section 44 of the Act.
* delete whichever not applicable
Signature: ………………………………………………….
Date: …………………………………………………… .
Name: …………………………………………………… …
Qualification: …………………………………………
Name of Actuary’s Employer/Firm: …………………………………………………… ………………………………
SCHEDULE C
Article 6
Schemes excluded from the provisions of Part IV of the Act
PART I
Agency for Personal Service Overseas Staff Superannuation Scheme (No. 2)
Agricultural Colleges Staff Superannuation Scheme, 1985
An Post Main Superannuation Scheme, 1990
An Bord Pleanála Staff Superannuation Scheme, 1986
An Bord Pleanála (Chairperson and Members) Superannuation Scheme, 1986
An Chomhairle Ealaoin Staff Superannuation Scheme, 1976
An tUdaras um Ard-Oideachas Superannuation Scheme, 1980
Bord na gCapall Staff Superannuation Scheme
Bord Iascaigh Mhara Staff Superannuation Scheme
Bord Iascaigh Mhara Craft and Manual Employees Superannuation Scheme
Central Bank of Ireland Superannuation Scheme
Central and Regional Fisheries Boards’ Staff Superannuation Scheme, 1983
CERT Superannuation Scheme
Civil Service (Established Staff) Superannuation Acts, 1834 to 1963 and Superannuation and Pensions Act, 1976
Civil Service (Unestablished Staff) Non-contributory Pension Scheme for Non-established State employees
Colleges of Education Pension Scheme, 1954
Contributory Pension Scheme for Clerical Staff serving in National and Secondary Schools
Contributory Pension Scheme for Non-teaching Staff of Comprehensive and Community Schools
Crafts Council of Ireland Ltd. Staff Superannuation Scheme, 1986
Defence Forces (Pension) Scheme, 1937
Dublin Institute for Advanced Studies (Superannuation) Scheme, 1947
Dublin City University Superannuation Scheme
Dublin Institute for Advanced Studies Non-Established Employees (Superannuation) Scheme, 1983
Dublin Transport Authority Staff Superannuation Scheme, 1987
Economic and Social Research Institute Staff Superannuation Scheme
Economic and Social Research Institute Supervisors, Clerical and other Administrative Staffs Superannuation Scheme
Foyle Area (Pension) Regulation, 1963
Garda Síochána Pensions Orders, 1925 to 1981
Industrial Development Authority Staff Superannuation Scheme, 1970
Instiliúd Teangeolaoíchta Éireann Staff Superannuation Scheme, 1986
Institute of Public Administration Staff Superannuation Scheme, 1983
Irish Lights Pension Scheme
Labour Court (Members) Superannuation Scheme, 1971
Law Reform Commission Superannuation Scheme, 1982
Lay Land Commissioners Superannuation Scheme, 1979
Legal Aid Board Staff Superannuation Scheme, 1981
Local Government (Superannuation Revision) (Consolidation) Scheme, 1986
Local Government (Superannuation Revision) Act, 1956 (Consolidation) Scheme, 1987
National Institute for Physical Planning and Construction Research Limited (An Foras Forbartha Teoranta) Superannuation Scheme, 1975
National Safety Council Staff Superannuation Scheme, 1991
National Concert Hall Co. Staff Superannuation Scheme, 1987
National Schools Teachers’ Superannuation Scheme, 1934
National College of Art and Design Staff Superannuation Scheme, 1984
National University of Ireland General Pension Scheme
National Council for Educational Awards Staff Superannuation Scheme, 1987
Nominated Health Agencies Superannuation Scheme, 1981
Nuclear Energy Board (An Bord Fuinnimh Nuicleigh) Staff Superannuation Scheme, 1985
Ombudsman Superannuation Scheme, 1987
Pension Scheme for the Staff of Colleges of Home Economics, 1987
Pensions Board Staff Superannuation Scheme, 1993
Regional Tourism Organisations Pension and Life Assurance Scheme
Restrictive Practices Commission (Members) Superannuation Scheme, 1981
Royal Irish Academy of Music Staff Superannuation Scheme, 1989
Scéim Aoisliúntas Fhoireann Bhord na Gaeilge, 1982
Scéim Aoisliúntas Fhoireann Údarás na Gaeltachta, 1991
Secondary Teachers’ Superannuation Scheme, 1929
Shannon Free Airport Development Company Limited (General Employees) Superannuation Scheme, 1966
Special Schools Superannuation Scheme, 1980
St. Patrick’s College, Maynooth, Non-contributory Pension Plan
Superannuation Scheme for officers employed under the scheme for the provision of (Oireachtas) secretarial assistance
Telecom Éireann Main Superannuation Scheme, 1988
Thomond College of Education Limerick Superannuation Scheme, 1984
Tourist Traffic Act 1952 (General Employees) Consolidating and Amending Scheme, 1991
Trinity College Dublin Pension Scheme
University College, Cork Pension Scheme Statute LXXIX
University College, Dublin Pension Scheme Statute XCVI
University College, Galway Pension Scheme Statute XVII Chapter XXV
University of Limerick Superannuation Scheme
Voluntary Hospitals Superannuation Scheme, 1969
Voluntary Hospitals (Non-Officers) Superannuation Scheme, 1985
Any scheme established under Section 9 of the Agriculture (Research, Training and Advice) Act, 1988
Any scheme established under Section 17 of the Bord Glas Act, 1990
Any scheme established under Section 14 of the Combat Poverty Agency Act, 1986
Any scheme established under Section 33 of the Environmental Protection Agency Act, 1992
Any scheme established under Article 5 of the Environmental Research Unit (Establishment) Order, 1988, ( S.I. No. 20 of 1988 )
Any scheme established under Section 15 of the Export Promotion Act, 1959
Any scheme established under Section 35 of the Industrial Research and Standards Act, 1961
Any scheme established under Section 8 of the Labour Services Act, 1987
PART II
Schemes for the purpose of providing benefits to the spouses and children of members of any of the schemes specified in Part I in the event of the death of a member.
GIVEN under the Official Seal of the Minister for Social Welfare, this 23rd day of December, 1993.
MICHAEL WOODS,
Minister for Social Welfare
The Minister for Finance hereby consents to the making of these Regulations.
GIVEN under the Official Seal of the Minister for Finance, this 30th day of December, 1993.
BERTIE AHERN,
Minister for Finance.
EXPLANATORY NOTE
These Regulations deal with a number of matters with regard to the implementation of the funding standard requirements set down in Part IV of the Pensions Act, 1990 .
The funding standard applies to defined benefit schemes and will ensure that, over a period, sufficient assets are held within the scheme to meet liabilities in the event of the scheme being wound up. Trustees of schemes are required to submit actuarial funding certificates to the Pensions Board at regular intervals for the purpose of certifying whether or not the scheme satisfies the funding standard at the effective date.
The Regulations prescribe the form and content of the actuarial funding certificates and extend the time-limit for submission of the certificate in the case of certain schemes.
They also provide that any self-investment or concentration of investment shall be reduced on a phased basis from the present level of 20 per cent of the assets of the scheme to 5 per cent in the case of self-investment (from July 1997) and 10 per cent in the case of concentration of investment (from January 2001). Any such investment above these levels shall not be taken into account for the purpose of certifying the adequacy of the assets to meet the minimum liabilities under the funding standard.
Provision is also made for the exclusion of certain public service schemes from the application of the funding standard and for certain modifications of the relevant provisions in the case of a scheme established under the Forestry Act, 1988 and in relation to external schemes.
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1995.
S.I. No. 273 of 1995.
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 1995.
The Minister for Social Welfare, in exercise of the powers conferred on him by sections 5 , 5A and 52 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:—
1 Citation and construction.
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1995.
(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 1995.
2 Commencement.
2. These Regulations shall come into operation on the 29th day of September, 1995.
3 Modification of Part IV in the case of certain schemes.
3. Article 7 of the Occupational Pension Schemes (Funding Standard) Regulations 1993 are hereby amended by the substitution for sub-article (2) of the following sub-article:
“(2) ( a ) In the case of an external scheme section 43 (1) (a) of the Act is hereby modified by the substitution for ‘not later than 3 years after such commencement’ of ‘not later than 4 years after such commencement or such later date not being later than 1 January 1998 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme’,
( b ) In the case of an external scheme section 43 (1) (b) of the Act is hereby modified by the substitution for paragraph (b) of subsection (1) of section 43 of the following:
‘(b) (i) in the case of a relevant scheme which commenced between 1 January 1991 and 30 June 1991, not later than 31 December 1994 or such later date not being later than 1 January 1998 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme and
(ii) in the case of a relevant scheme which commenced on or after 1 July 1991, not later than 3½ years after the commencement of the scheme or such later date not being later than 1 January 1998 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme,’ “.
GIVEN under the Official Seal of the Minister for Social Welfare,
this 27th day of September, 1995.
PROINSIAS DE ROSSA,
Minister for Social Welfare.
The Minister for Finance hereby consents to the making of these Regulations.
GIVEN under the Official Seal of the Minister for Finance,
this 27th day of September, 1995.
RUAIR ? QUINN,
Minister for Finance.
EXPLANATORY NOTE.
These Regulations amend the Funding Standard Regulations made under the Pensions Act, insofar as they relate to United Kingdom defined benefit pension schemes (external schemes) with members in this State.
It allows that the period for the submission of an actuarial funding certificate in relation to such schemes may be extended up to 1 January 1998 where the scheme applies to and receives the approval of the Pensions Board for such an extension. It also provides that in considering such an application the Board must be satisfied that granting an extension will not be contrary to the interests of the members of the scheme.
S.I. No. 568/1998 –
Occupational Pension Schemes (Funding Standard) (Amendment) (No. 2) Regulations, 1998
View SIAmendments
S.I. No. 568 of 1998.
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) (NO. 2) REGULATIONS, 1998
The Minister for Social, Community & Family Affairs, in exercise of the powers conferred on him by sections 5 , 47 and 52 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:-
1 Citation and Construction
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) (No. 2) Regulations, 1998.
(2) These Regulations, the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) and the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1998 ( S.I. No. 320 of 1998 ) shall be construed together as one and may be cited together as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 1998.
2 Definitions
2. In these Regulations:
“the Act” means the Pensions Act, 1990 (No. 25 of 1990);
“scheme” has the meaning assigned to it by section 2(1) of the Act;
“the Scheme” means the Construction Federation Operatives’ Pension Scheme established under irrevocable trusts by a Deed dated the 17th day of February 1965 and made between Dublin Glass and Paint Company Limited and A. J. Jennings & Company Limited of the one part and the trustees therein named of the other part and approved by the Revenue Commissioners for the purposes of Chapter II of Part I of the Finance Act, 1972 on the 27th day of March 1985 and reference to the Scheme shall be construed as reference to the Scheme as modified, amended or extended.
3 Self investment
3. Article 3 of the Occupational Pension Schemes (Funding Standard) Regulations, 1993 is hereby amended by the substitution for the definition of “self-investment” of the following definition:
“self-investment”, in relation to a scheme, means investment of all or part of the resources of the scheme in the business of any one or more of the following persons
(i) the employer of any person employed in the relevant employment,
(ii) an affiliate of the employer of any person employed in the relevant employment,
(iii) any director or shadow director (within the meaning of section 27 of the Companies Act, 1990 (No. 33 of 1990) of the employer or of an affiliate, or of an associate of any such director or shadow director, and for this purpose “investment” shall be deemed to include investment in –
(a) land which is occupied or used by or let to;
(b) property, other than land, which is used for the purpose of any business carried on by;
(c) loans to;
(d) moneys due to the scheme held by any such person referred to in paragraphs (i), (ii) or (iii) of this definition;
(e) shares or other securities issued by any such person who is a body corporate,
but shall not include
(I) investment in land or buildings used for the purpose of any business carried on by any such person, which is let at full market value and which, for the purpose of calculating the resources of the scheme, is independently valued and is taken into account on the lower of its value on a vacant possession basis and its value subject to the letting; or
(II) investment in a cash deposit with any such person who is an authorised deposit taking institution; or
(III) investment in
(A) an insurance policy or contract of assurance issued by any such person who is the holder of an authorisation within the meaning of article 2 of the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 );
(B) a segregated fund or a managed fund or other collective investment fund, managed by any such person who is the holder of an authorisation issued by the Central Bank of Ireland pursuant to the Investment Intermediaries Act, 1995 (No. 11 of 1995) or any other appropriate authorisation;
(C) a unit trust scheme authorised by the Central Bank of Ireland under the Unit Trusts Act, 1990 (No. 37 of 1990) and managed by any such person;
(D) an investment company authorised by the Central Bank of Ireland under Part XIII of the Companies Act, 1990 (No. 33 of 1990);
(E) a collective investment scheme authorised by the Central Bank of Ireland under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ); or
(F) a collective investment scheme established in another Member State of the European Communities that has been authorised in accordance with Council Directive 85/611/EEC of 20 December 1985
Provided that “investment” shall be deemed to include the proportion attributable to the resources of the scheme (whether directly or through any intervening fund) of any investment in the business of any such person –
(aa) by the manager of a segregated fund or a managed fund or other collective investment fund or by a unit trust scheme, an investment company or a collective investment scheme or
(bb) which is comprised in an investment fund to which an insurance policy or contract of assurance falling within Class III or Class VII of the classes of insurance specified in Annex I to the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 ) is linked;”
4 Modification of the Third Schedule in the case of the Scheme
4. In the case of the Scheme paragraph 4 of the Third Schedule to the Act is hereby modified by the substitution for sub-paragraph (b) of the following sub-paragraph:
“(b) a benefit payable to or in respect of a member then in relevant employment whose reckonable service commenced before the commencement of Part IV being the greater of:
(i) the long service benefit payable on the basis of the rules of the Scheme in force at the effective date of the certificate, and
(ii) the long service benefit payable on the basis of the rules of the Scheme in force on the commencement of Part IV,
in respect of reckonable service completed before the 1st day of January, 1991, together with any other benefits payable on the death of the member entitled to long service benefit in respect of such period of reckonable service and on the basis of such rules, less, where under paragraph 3 the amount of benefits calculated in accordance with sub-paragraph (b)(i) of that paragraph exceeds the amount calculated in accordance with sub-paragraph (b)(ii) of that paragraph, the difference between these two amounts.”
GIVEN under the Official Sea1 of the Minister for
Social, Community & Family Affairs, this _____
day of ____________, 1998
DERMOT AHERN
Minister for Social, Community & Family Affairs.
CHARLIE MCCREEVY
The Minister for Finance hereby consents to the making of the foregoing Regulations.
GIVEN under the Official Sea1 of the Minister for Finance, this _____ day of ____________, 1998.
Minister for Finance.
EXPLANATORY NOTE
These Regulations amend the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) in relation to self investment by occupational pension schemes and the Third Schedule of the Pensions Act, 1990 , in relation to the Construction Federation Operatives’ Pension Scheme.
The effect of the Regulations in relation to self investment is to clarify the Regulations of 1993 by incorporating into their Article 3 an amended definition of self investment; this amended definition excludes from being regarded as self investment a number of categories of investment relevant to schemes whose sponsoring employer is in the financial sector.
The effect of the Regulations in relation to the Construction Federation Operatives’ Pension Scheme is to modify, in its case, the method by which certain liabilities are calculated for the purpose of meeting the funding standard requirements under Part IV of the Pensions Act.
S.I. No. 278/2002 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2002
The Minister for Social, Community and Family Affairs, in exercise of the powers conferred on him by sections 5 , 42 and 47 of the Pensions Act, 1990 (No. 25 of 1990) hereby makes the following Regulations:-
Citation and Commencement
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2002.
(2) These Regulations, the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ), the Occupational Pension Schemes (Funding Standard) (Amendment) (No. 2) Regulations, 1998 ( S.I. No. 568 of 1998 ) and the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2000 ( S.I. No. 337 of 2000 ) shall be construed together as one and may be cited together as the Occupational Pension Schemes (Funding Standard) Regulations, 1993 to 2002.
(3) These Regulations shall come into operation on the 2nd day of June, 2002.
Definitions
2. In these Regulations —
“the 1993 Regulations” means the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ).
Amendment of the 1993 Regulations
3. The 1993 Regulations are hereby amended-
(a) in article 4 by the substitution for sub-article (1) of the following sub-article:
“(1) For the purposes of section 42 of the Act –
(a) the first actuarial funding certificate in respect of a relevant scheme which came into operation prior to the 1st day of January 1991, shall be in the form set out in Schedule A to these Regulations or in a form substantially to the like effect,
(b) an actuarial funding certificate having an effective date on or before the 1st day of June 2002 in respect of a relevant scheme which came into operation prior to the 1st day of January 1991 other than a certificate referred to in paragraph (a) above shall be in the form set out in Schedule B to these Regulations or in a form substantially to the like effect,
(c) the first actuarial funding certificate having an effective date after the 1st day of June 2002 in respect of a relevant scheme which came into operation prior to the 1st day of June 2002, shall be in the form set out in Schedule BA to these Regulations or in a form substantially to the like effect,
(d) an actuarial funding certificate in respect of a relevant scheme other than a certificate referred to in paragraphs (a) (b), or (c) above shall be in the form set out in Schedule BB to these Regulations or in a form substantially to the like effect.”,
(b) in article 5 by –
(i) the substitution for sub-article (c) of the following sub-article:
“(c) in the case of an actuarial funding certificate having an effective date after 30 June 1997 but on or before 31 December 2000,
(i) self-investment in excess of 5 per cent. or, in the case of a small member-controlled scheme, 20 per cent. of the resources of the scheme and
(ii) concentration of investment in excess of 15 per cent. of the resources of the scheme,”,
(ii) the substitution for sub-article (d) of the following sub-article:
“(d) in the case of an actuarial funding certificate having an effective date after 31 December 2000 but on or before 31 December 2002,
(i) self-investment in excess of 5 per cent. or, in the case of a small member-controlled scheme, self-investment in excess of 20 per cent. of the resources of the scheme and
(ii) concentration of investment in excess of 10 per cent. of the resources of the scheme,”, and
(iii) the insertion after sub-article (d) of the following sub-articles:
“(e) in the case of an actuarial funding certificate having an effective date after 31 December 2002 but on or before 31 December 2003,
(i) self-investment in excess of 2.5 per cent. or, in the case of a small member-controlled scheme, self-investment in excess of 20 per cent. of the resources of the scheme and
(ii) concentration of investment in excess of 10 per cent. of the resources of the scheme, and
(f) in the case of an actuarial funding certificate having an effective date after 31 December 2003,
(i) any self-investment or, in the case of a small member-controlled scheme, self-investment in excess of 20 per cent. of the resources of the scheme and
(ii) concentration of investment in excess of 10 per cent. of the resources of the scheme.”, and
(c) the insertion after Schedule B of the following Schedules:
“SCHEDULE BA
Article 4.
FIRST ACTUARIAL FUNDING CERTIFICATE AFTER 1 JUNE 2002
THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT 1990 (“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME:________________________________________________
SCHEME COMMENCEMENT DATE:________________________________
PENSIONS BOARD REFERENCE NO.:_______________________________
EFFECTIVE DATE OF
THIS CERTIFICATE: ________________________________________
PREVIOUS CERTIFICATE: ___________________________________
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate: –
(1) (a) * I hereby state the certified percentage for the above scheme for the purposes of Section 45 of the Act to be____________%
(b) * I hereby state that the certified percentage for the above scheme for the purposes of Section 45 of the Act is not applicable as there are no benefits which are described in paragraph 5 of the Third Schedule.
(2) I am of the opinion that the resources of the scheme at the effective date of this certificate * would/* would not have been sufficient if the scheme had been wound up at that date to provide for:-
(a) the liabilities of the scheme determined in accordance with Section 44(a) of the Act, and
(b) the estimated expenses of administering the winding up of the scheme.
I therefore certify that as at the effective date of this certificate the scheme * satisfies/* does not satisfy the funding standard provided for in Section 44 of the Act. I further certify that I am qualified for appointment as actuary to the scheme for the purposes of Section 51 of the Act.
Signature:_________________________ Date:____________________
Name:____________________________________ Qualification:_______________
Name of Actuary’s Employer/Firm:_____________ Scheme Actuary Certificate No:. __
SCHEDULE BB
Article 4
ACTUARIAL FUNDING CERTIFICATE
THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT 1990 (“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME:________________________________________________
SCHEME COMMENCEMENT DATE:________________________________
PENSIONS BOARD REFERENCE NO.:_______________________________
EFFECTIVE DATE OF
THIS CERTIFICATE: ________________________________________
PREVIOUS CERTIFICATE: ___________________________________
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate:-
(1) (a) * I hereby state the specified percentage for the above scheme for the purposes of Section 44 of the Act to be______________%
(b) * I hereby state that the specified percentage for the above scheme for the purposes of Section 44 of the Act is not applicable as there are no benefits which are described in paragraph 5 of the Third Schedule.
(2) I am of the opinion that the resources of the scheme at the effective date of this certificate * would/* would not have been sufficient if the scheme had been wound up at that date to provide for:-
(a) the liabilities of the scheme determined in accordance with Section 44(a) of the Act, and
(b) the estimated expenses of administering the winding up of the scheme.
I therefore certify that as at the effective date of this certificate the scheme * satisfies * does not satisfy the funding standard provided for in Section 44 of the Act. I further certify that I am qualified for appointment as actuary to the scheme for the purposes of Section 51 of the Act.
Signature:__________________________________ Date:_______________________
Name:_____________________________________ Qualification:_________________
Name of Actuary’s Employer/Firm:______________ Scheme Actuary Certificate No:. __
Given under the Official Seal of the Minister for Social, Community and Family Affairs this 2nd day of June 2002
/images/seal.jpg
DERMOT AHERN
Minister for Social, Community and Family Affairs
The Minister for Finance hereby consents to the making of the foregoing Regulations
/images/seal.jpg
Given under the Official Seal of the Minister for Finance this 6th day of June 2002.
CHARLIE MCCREEVY
Minister for Finance.
EXPLANATORY NOTE
[This note is not part of the Instrument and does not purport to be a legal interpretation.]
Arising, mainly, out of amendments to Funding Standard in Part IV of the Pensions Act 1990 (by Chapter 4, Part 4 of the Pensions (Amendment) Act, 2002 ) the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) have been amended by the Occupational Pension Schemes (Funding Standard) (Amendment Regulations, 2002. The amending Regulations:
■ provide for new forms of Actuarial Funding Certificates in line with the amendments to the Funding Standard, and
■ change the percentages of self-investment and concentration of investment which must be excluded for the purpose of meeting the Funding Standard.
The (self-investment and concentration of investment) exclusions, in the case of schemes other than small self-controlled schemes, are as follows:
▶ self-investment in excess of 20 per cent up to 31 December 1993, 10 per cent up to 30 June 1997, 5 per cent up to 31 December 2002, 2 1/2 per cent up to 31 December 2003 and any self-investment after 31 December 2003;
▶ concentration of investment in excess of 20 per cent up to 30 June 1997 15 per cent up to 31 December 2000 and 10 per cent after 31 December 2000.
The exclusions in the case of small self-controlled scheme are:
▶ self-investment in excess of 20 per cent, and
▶ concentration of investment in excess of 20 per cent up to 30 June 1997 15 per cent up to 31 December 2000 and 10 per cent after 31 December 2000.
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
*please delete which ever is not applicable
*Please delete whichever is not applicable
*Please delete whichever is not applicable
S.I. No. 595/2005 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2005
View SIAmendments
S.I. No. 595 of 2005 .
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 2005.
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 42 (as amended by section 28 of the Pensions (Amendment) Act 2002 (No. 18 of 2002)) and 49 (as amended by section 31 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. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard (Amendment) Regulations, 2005.
(2) These Regulations and the Occupational Pensions Schemes (Funding Standard) Regulations 1993 to 2002 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2005.
Commencement.
2. These regulations come into operation on 23 September 2005.
Amendment to Regulations.
3. The Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) are amended-
(a) in article 3, by inserting the following before the definition of “self-investment”:
“ ‘relevant period’ means the period since the scheme last satisfied the funding standard provided for in section 44 of the Act.”,
(b) in article 4(1) by substituting the following for paragraph (d):
“(d) an actuarial funding certificate having an effective date on or before 22 September 2005 in respect of a relevant scheme other than a certificate referred to in paragraphs (a), (b), or (c) above shall be in the form set out in Schedule BB to these Regulations or in a form substantially to the like effect,
(e) an actuarial funding certificate in respect of a relevant scheme other than a certificate referred to in paragraphs (a) (b), (c), or (d) above shall be in the form set out in Schedule BC to these Regulations or in a form substantially to the like effect.”,
(c) by inserting the following after article 5:
“Compliance with guidance.
5A. (1) In completing an actuarial funding certificate under section 42 of the Act, the actuary must comply with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of actuarial funding certificates in accordance with section 42 of the Act.
(2) In certifying a funding proposal under section 49(2) of the Act or the failure of the scheme to satisfy the funding standard in accordance with section 49(3) of the Act, the actuary must comply with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of funding proposals in accordance with section 49 of the Act.
Funding proposals.
5B. For the purposes of section 49(3)(b) of the Act the factors and circumstances are as follows-
(a) adverse experience relating to price inflation or rates of interest underlying the actuarial values over the relevant period,
(b) adverse experience relating to increases in pensionable earnings,
(c) adverse experience relating to the payment of benefits other than long service benefits.”, and
(d) by inserting the following after Schedule BB:
“SCHEDULE BC
Article 4
ACTUARIAL FUNDING CERTIFICATE
THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT 1990 (“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME: ________________________________
SCHEME COMMENCEMENT DATE:_____________
PENSIONS BOARD REFERENCE NO. :__________
EFFECTIVE DATE OF
THIS CERTIFICATE:_______________________
PREVIOUS CERTIFICATE:________________
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate:-
(1) I am of the opinion that at the effective date of this certificate the resources of the scheme, which are calculated for the purposes of section 44 of the Act to be_______,*would/*would not have been sufficient if the scheme had been wound up at that date to provide for the liabilities of the scheme determined in accordance with section 44 of the Act which, including the estimated expenses of administering the winding up of the scheme, amount to________
(2) I am of the opinion that at the effective date of this certificate the resources of the scheme, calculated for the purposes of section 44 of the Act, would have been sufficient, after allowance for the estimated expenses of administering the winding up of the scheme, to provide for the discharge of the liabilities of the scheme determined in accordance with section 44 of the Act as follows:
(a) _____% of the benefits as set out in section 44(a)(i) of the Act
(b) _____% of the benefits as set out in section 44(a)(ii) of the Act
(c) _____% of the benefits as set out in sections 44(a)(iii) and 44(a)(iv) of the Act
(d) _____% of the benefits, other than those referred to in subparagraphs (a) to (c) of this paragraph, to which paragraph 5 of the Third Schedule of the Act relates.
(3) *I hereby state the specified percentage for the above scheme for the purpose of section 44 of the Act to be
*I hereby state that the specified percentage for the above scheme for the purposes of section 44 of the Act is not applicable as there are no benefits which are described in paragraph 5 of the Third Schedule.
I therefore certify that as at the effective date of this certificate the scheme *satisfies/*does not satisfy the funding standard provided for in section 44 of the Act. I further certify that I am qualified for appointment as actuary to the scheme for the purposes of section 51 of the Act.
Signature:__________
Date:__________________
Name:_______________
Qualification:____________
Name of Actuary’s Employer/Firm:______
Scheme Actuary Certificate No:_____.
* Please delete whichever is not applicable.”.
/images/seal.jpg
GIVEN under the Official Seal of the Minister for Social and Family Affairs, this 21st day of September, 2005.
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.)
Following a review of the Funding Standard by the Pensions Board, one of the recommendations was that the grounds on which extensions can be allowed should be expanded to encompass difficulties arising from increased liabilities.
These regulations provide for the additional grounds under which an extended funding period may be allowed i.e.-
• adverse experience relating to price inflation or rates of interest underlying the actuarial values;
• adverse experience relating to increases in pensionable earnings;
• adverse experience relating to the payment of benefits other than long service benefits.
In addition, these regulations also provide-
• that in completing an Actuarial Funding Certificate or a funding proposal where a scheme fails to satisfy the funding standard, the scheme actuary must comply with the guidance notes issued by the Society of Actuaries in Ireland, and
• for an amendment to the content of the Actuarial Funding Certificate to require disclosure of the assets and liabilities of the scheme.
S.I. No. 295/2006 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2006
S.I. No. 295 of 2006
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 2006
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5, 42 (as amended by section 28 of the Pensions (Amendment) Act 2002 (No. 18 of 2002)) and 49 (as amended by section 31 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. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2006.
(2) These Regulations and the Occupational Pensions Schemes (Funding Standard Regulations 1993 to 2002 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2006.
Revocation.
2. The Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2005 (S.I. 595 of 2005) are revoked.
Amendment to Regulations.
3. The Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) are amended –
(a) in article 3, by inserting the following before the definition of “self-investment”:
“‘relevant period’ means the period since the scheme last satisfied the funding standard provided for in section 44 of the Act.”,
(b) in article 4(1) by substituting the following for paragraph (d):
“(d) an actuarial funding certificate having an effective date on or before 22 September 2005 in respect of a relevant scheme other than a certificate referred to in paragraphs (a) (b), or (c) above shall be in the form set out in Schedule BB to these Regulations or in a form substantially to the like effect,
(e) an actuarial funding certificate in respect of a relevant scheme other than a certificate referred to in paragraphs (a), (b), (c), or (d above shall be in the form set out in Schedule BC to these Regulations or in a form substantially to the like effect.”,
(c) by inserting the following after article 5:
“Compliance with guidance.
5A. (1) In completing an actuarial funding certificate under section 42 of the Act, the actuary must comply with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of actuarial funding certificates in accordance with section 42 of the Act.
(2) In certifying a funding proposal under section 49(2) of the Act or the failure of the scheme to satisfy the funding standard in accordance with section 49(3) of the Act, the actuary must comply with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of funding proposals in accordance with section 49 of the Act.
Funding proposals.
5B. For the purposes of section 49(3)(b) of the Act the factors and circumstances are as follows –
(a) adverse experience relating to price inflation or rates of interest underlying the actuarial values over the relevant period,
(b) adverse experience relating to increases in pensionable earnings,
(c) adverse experience relating to the payment of benefits other than long service benefits.”, and
(d) by inserting the following after Schedule BB:
“SCHEDULE BC
ACTUARIAL FUNDING CERTIFICATE
Article 4
THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT 1990 (“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME: __________________________________________________
SCHEME COMMENCEMENT DATE: _________________________________
PENSIONS BOARD REFERENCE NO.: ________________________________
EFFECTIVE DATE OF
THIS CERTIFICATE: ___________________________________
PREVIOUS CERTIFICATE: ______________________________
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate:-
(1) I am of the opinion that at the effective date of this certificate the resources of the scheme, which are calculated for the purposes of section 44 of the Act to be __________,*would/*would not have been sufficient if the scheme had been wound up at that date to provide for the liabilities of the scheme determined in accordance with section 44 of the Act which including the estimated expenses of administering the winding up of the scheme, amount to ____________
(2) I am of the opinion that at the effective date of this certificate the resources of the scheme, calculated for the purposes of section 44 of the Act, would have been sufficient, after allowance for the estimated expenses of administering the winding up of the scheme, to provide for the discharge of the liabilities of the scheme determined in accordance with section 44 of the Act as follows:
(a) ____% of the benefits as set out in section 44(a)(i) of the Act
(b) ____% of the benefits as set out in section 44(a)(ii) of the Act
(c) ____% of the benefits as set out in sections 44(a)(iii) and 44(a)(iv) of the Act
(d) ____% of the benefits, other than those referred to in subparagraphs (a) to (c) of this paragraph, to which paragraph 5 of the Third Schedule of the Act relates..
(3) *I hereby state the specified percentage for the above scheme for the purpose of section 44 of the Act to be
*I hereby state that the specified percentage for the above scheme for the purposes of section 44 of the Act is not applicable as there are no benefits which are described in paragraph 5 of the Third Schedule.
I therefore certify that as at the effective date of this certificate the scheme *satisfies/*does not satisfy the funding standard provided for in section 44 of the Act. I further certify that I am qualified for appointment as actuary to the scheme for the purposes of section 51 of the Act.
Signature:_______________________________________________________________________
Date:__________________________
Name:__________________________________________________________________________
Qualification:____________________
Name of Actuary’s Employer/Firm:_____________________________________________________
Scheme Actuary Certificate No:.__
* Please delete whichever is not applicable.”.
/images/seal.jpg
/images/seal.jpg
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.
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 595 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.
As these Regulations implement some aspects of Directive 2003/41 on the activities and supervision of occupational pensions, they are now being re made under the appropriate Pensions Act powers including the amended section 5.
S.I. No. 295/2006 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2006
View SIAmendments
S.I. No. 295 of 2006
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 2006
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5, 42 (as amended by section 28 of the Pensions (Amendment) Act 2002 (No. 18 of 2002)) and 49 (as amended by section 31 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. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2006.
(2) These Regulations and the Occupational Pensions Schemes (Funding Standard Regulations 1993 to 2002 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2006.
Revocation.
2. The Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2005 (S.I. 595 of 2005) are revoked.
Amendment to Regulations.
3. The Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) are amended –
(a) in article 3, by inserting the following before the definition of “self-investment”:
“‘relevant period’ means the period since the scheme last satisfied the funding standard provided for in section 44 of the Act.”,
(b) in article 4(1) by substituting the following for paragraph (d):
“(d) an actuarial funding certificate having an effective date on or before 22 September 2005 in respect of a relevant scheme other than a certificate referred to in paragraphs (a) (b), or (c) above shall be in the form set out in Schedule BB to these Regulations or in a form substantially to the like effect,
(e) an actuarial funding certificate in respect of a relevant scheme other than a certificate referred to in paragraphs (a), (b), (c), or (d above shall be in the form set out in Schedule BC to these Regulations or in a form substantially to the like effect.”,
(c) by inserting the following after article 5:
“Compliance with guidance.
5A. (1) In completing an actuarial funding certificate under section 42 of the Act, the actuary must comply with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of actuarial funding certificates in accordance with section 42 of the Act.
(2) In certifying a funding proposal under section 49(2) of the Act or the failure of the scheme to satisfy the funding standard in accordance with section 49(3) of the Act, the actuary must comply with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of funding proposals in accordance with section 49 of the Act.
Funding proposals.
5B. For the purposes of section 49(3)(b) of the Act the factors and circumstances are as follows –
(a) adverse experience relating to price inflation or rates of interest underlying the actuarial values over the relevant period,
(b) adverse experience relating to increases in pensionable earnings,
(c) adverse experience relating to the payment of benefits other than long service benefits.”, and
(d) by inserting the following after Schedule BB:
“SCHEDULE BC
ACTUARIAL FUNDING CERTIFICATE
Article 4
THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT 1990 (“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME: __________________________________________________
SCHEME COMMENCEMENT DATE: _________________________________
PENSIONS BOARD REFERENCE NO.: ________________________________
EFFECTIVE DATE OF
THIS CERTIFICATE: ___________________________________
PREVIOUS CERTIFICATE: ______________________________
On the basis of information supplied to me and having regard to such financial and other assumptions as I consider to be appropriate:-
(1) I am of the opinion that at the effective date of this certificate the resources of the scheme, which are calculated for the purposes of section 44 of the Act to be __________,*would/*would not have been sufficient if the scheme had been wound up at that date to provide for the liabilities of the scheme determined in accordance with section 44 of the Act which including the estimated expenses of administering the winding up of the scheme, amount to ____________
(2) I am of the opinion that at the effective date of this certificate the resources of the scheme, calculated for the purposes of section 44 of the Act, would have been sufficient, after allowance for the estimated expenses of administering the winding up of the scheme, to provide for the discharge of the liabilities of the scheme determined in accordance with section 44 of the Act as follows:
(a) ____% of the benefits as set out in section 44(a)(i) of the Act
(b) ____% of the benefits as set out in section 44(a)(ii) of the Act
(c) ____% of the benefits as set out in sections 44(a)(iii) and 44(a)(iv) of the Act
(d) ____% of the benefits, other than those referred to in subparagraphs (a) to (c) of this paragraph, to which paragraph 5 of the Third Schedule of the Act relates..
(3) *I hereby state the specified percentage for the above scheme for the purpose of section 44 of the Act to be
*I hereby state that the specified percentage for the above scheme for the purposes of section 44 of the Act is not applicable as there are no benefits which are described in paragraph 5 of the Third Schedule.
I therefore certify that as at the effective date of this certificate the scheme *satisfies/*does not satisfy the funding standard provided for in section 44 of the Act. I further certify that I am qualified for appointment as actuary to the scheme for the purposes of section 51 of the Act.
Signature:_______________________________________________________________________
Date:__________________________
Name:__________________________________________________________________________
Qualification:____________________
Name of Actuary’s Employer/Firm:_____________________________________________________
Scheme Actuary Certificate No:.__
* Please delete whichever is not applicable.”.
/images/seal.jpg
/images/seal.jpg
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.
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 595 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.
As these Regulations implement some aspects of Directive 2003/41 on the activities and supervision of occupational pensions, they are now being re made under the appropriate Pensions Act powers including the amended section 5.
S.I. No. 295/2008 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2008
View SIAmendments
S.I. No. 295 of 2008
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 2008
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 29th July, 2008.
The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5 and 52 of the Pensions Act 1990 (No. 25 of 1990), hereby makes the following Regulations:
Citation and construction
1. (1) These Regulations may by cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2008.
(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2006 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2008.
Commencement
2. These Regulations come into operation on 1st August 2008.
Revocation
3. Article 7 of the Occupational Pension Schemes (Funding Standard) Regulations, ( S.I. No. 419 of 1993 ) is hereby revoked.
Amendment to regulations
4. The Occupational Pension Schemes (Funding Standard) Regulations, ( S.I. No. 419 of 1993 ) are amended by substituting the following for Schedule C:
Article 6.
“ SCHEDULE C SCHEMES EXCLUDED FROM THE PROVISIONS OF PART IV OF THE ACT
PART I
Agency for Personal Service Overseas Staff Superannuation (No.2) Scheme 1996
Agricultural Colleges Staff Superannuation Scheme 1985
An Bord Bia Superannuation Scheme
An Chomhairle Ealaíon Superannuation Scheme 1976
An tUdarás um Ard-Oideachas (Higher Education Authority) Staff Superannuation Scheme 1980
Bord Iascaigh Mhara Craft and Manual Employees Superannuation Scheme
Bord Iascaigh Mhara Staff Superannuation Scheme 1990
Bord na gCapall Superannuation Scheme 1980
Bord Scannán na hÉireann Superannuation Scheme
Central Bank of Ireland Superannuation Scheme
CERT Superannuation Plan
Chester Beatty Library Staff Superannuation Scheme 1995
Civil Service (Established Staff) Superannuation Acts, 1834 to 1963 and Superannuation and Pensions Act 1976
Civil Service (Unestablished Staff) — Non-Contributory Pension Scheme for Non-Established State Employees
Coillte Teo No. 2 Fund
Colleges of Education Pension Scheme 1954
Colleges of Education Pension Scheme 1988
Combat Poverty Agency Superannuation Scheme 1997
Commission for Taxi Regulation
Competition Authority (Chairman and Members’) Superannuation Scheme 1996
Contributory Pension Scheme for Clerical Staff serving in National and Secondary Schools
Contributory Pension Scheme for Non-Teaching Staff of Comprehensive and Community Schools
Contributory Superannuation Scheme for Members of Staff in Special Schemes under the Department of Education 1980 [Now under the aegis of the Department of Justice, Equality and Law Reform]
Crafts Council of Ireland Limited Staff Superannuation Scheme 1986
Crisis Pregnancy Agency Employee Superannuation Scheme 2007
Custom House Docks Development Authority Chairman’s Superannuation Scheme 1990
Custom House Docks Development Authority Superannuation Scheme 1996
Data Protection Commissioner Superannuation Scheme 1993
Dublin Institute for Advanced Studies Scheme 1947, as amended
Dublin Institute for Advanced Studies Non-Established Employees Scheme 1983
Education Sector Superannuation Scheme 2001
Eircom No. 2 Pension Fund
Environmental Research Unit Staff Superannuation Scheme 1993
Eolas — The Irish Science and Technology Agency Staff Superannuation (Amendment) No. 1 Scheme 1994
Eolas — The Irish Science and Technology Agency Staff Superannuation (Amendment) No. 2 Scheme 1994
Fáilte Ireland
F ?S Superannuation (Amendment) Scheme 2000 in respect of the Director General Dr John Lynch
F ?S (Closed) Superannuation Scheme 1998
F ?S Superannuation Scheme 1998
Food Safety Authority of Ireland Staff Superannuation Scheme 2000
Foyle Area Pension Amendment Scheme
Health and Social Care Professionals Council Superannuation Scheme
Industrial Development Authority Staff Superannuation Scheme 1970 to 1981
Institiúid Teangeolaíochta Éireann Staff Superannuation Scheme 1986
Irish Lights Pension Scheme
Irish Museum of Modern Art Superannuation Scheme
Irish Sports Council Superannuation Scheme
Labour Court (Members) Superannuation Scheme 1971 to 1998
Labour Relations Commission Main Superannuation Scheme 1991 for the Chief Executive
Law Reform Commission Superannuation Scheme 1982
Lay Land Commissioners Superannuation Scheme 1979
Legal Aid Board Staff Superannuation Scheme 1981
Marine Institute Staff Superannuation Scheme 1998
Moorepark Technology Limited Superannuation Scheme
National College of Art and Design Staff Superannuation Scheme 1984
National Concert Hall Company Staff Superannuation Scheme 1987
National Council for Education Awards Staff Superannuation Scheme 1985
National Institute for Physical Planning and Construction Research Limited (An Foras Forbartha Teoranta) Superannuation Scheme 1975
National Library of Ireland
National Milk Agency Staff Superannuation Scheme 1997
National Museum of Ireland
National Roads Authority Superannuation Scheme 2002
National Safety Council Staff Superannuation Scheme 1991
National School Teachers Superannuation Scheme 1934
National Standards Authority of Ireland Superannuation Scheme 1996
National Treasury Management Agency Pension Scheme
National University of Ireland Maynooth Pension Plan
National University of Ireland General Pension Scheme
New Model Scheme, on Pay As You Go basis, for Stewarts Hospital in respect of new entrants with effect from 1 January 2007
NIHE Dublin Superannuation Scheme 1985
NIHE Limerick Superannuation Scheme 1982
Nominated Health Agencies Superannuation Schemes 1981 and 1985
North/South Pension Scheme
Nuclear Energy Board (An Bord Fuinnimh Nuicleigh) Staff Superannuation Scheme 1985
Ombudsman Superannuation Scheme 1987
Pension Scheme for the Directors/Deputy Directors in Special Schools under the Department of Education and Science [Now under the aegis of the Department of Justice, Equality and Law Reform]
Pension Scheme for the Staff of Colleges of Home Economics 1987
Regional Tourism Organisations Pension and Life Assurance Scheme
Restrictive Practices Commission (Members) Superannuation Scheme 1981 to 1986
Road Safety Authority
Royal Irish Academy Staff Scheme 1997
Royal Irish Academy Pension & Life Assurance Scheme 1964
Royal Irish Academy of Music Staff Superannuation Scheme 1989
Salmon Research Agency Pension Scheme
Scéim Aoisliúntas Fhoireann Bhord na Gaeilge 1982
Scéim Aoisliúntas Fhoireann Udarás na Gaeltachta 1991
Secondary Teachers Superannuation Scheme 1929
Shannon Free Airport Development Company Limited (General Employees) Superannuation Scheme 1966
St Laurence’s Hospital Superannuation Scheme 1945
Superannuation (Education) Scheme 2004
Superannuation Scheme for officers employed under the scheme for the provision of (Oireachtas) secretarial assistance
Teagasc Staff Superannuation Scheme
Temple Bar Properties Limited Staff Superannuation Scheme 1999
The Central and Regional Fisheries Boards’ Staff Superannuation Scheme 1983
The Irish Goods Council Contributory Pension and Life Assurance Scheme
The Pensions Board Staff Superannuation Scheme 1993
Thomond College of Education Limerick Superannuation Scheme 1984
Tourist Traffic Act 1952 (General Employees) Consolidating and Amending Superannuation Scheme 1992 [Bord Fáilte]
Trinity College Dublin Pension Scheme
University College Cork Pension Scheme Statute LXXIX
University College Dublin Pension Scheme Statute XCVI
University College Dublin Pre-1978 Pension Scheme
University College Galway Pension Scheme Statute XVII Chapter XXV
University College Galway Pension Scheme Statute LXI
University College Galway Pension Scheme Statute CLXI
Vocational Teachers’ Superannuation Scheme 1998
Voluntary Hospitals (Officers) Superannuation Scheme 1969 (as amended in 1977 and 1995)
Voluntary Hospitals (Non-Officers) Superannuation Scheme 1985 (as amended in 1995)
Any defined benefit scheme established under article 7(8) of the Affordable Homes Partnership (Establishment) Order 2005
Any defined benefit scheme established, or continuing, under paragraph 3 of the Second Schedule of the Industrial Development Act 1993 (as amended under section 39(3) of Part IV of the Industrial Development (Enterprise Ireland) Act 1998 )
Any defined benefit scheme established under sections 4 and 5 of schedule 7 of the Central Bank Act 1942 as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004
Any defined benefit scheme established under section 4 of the European Assembly (Irish Representatives) Act 1979
Any defined benefit scheme established under section 5 of the Ombudsman for Children Act 2002
Any defined benefit scheme established under section 6 of the second schedule of the Official Languages Act 2003
Any defined benefit scheme established under section 6A of the Oireachtas (Allowance to Members) Act 1938 (as inserted by section 5 of the Oireachtas (Allowance to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1960)
Any defined benefit scheme established under section 9(1)(a) of the Local Government (Planning and Development) Act 1983 or section 119 of the Planning and Development Act 2000
Any defined benefit scheme established under section 11 of the Local Government (Planning and Development) Act 1976 or section 121 of the Planning and Development Act 2000
Any defined benefit scheme established under section 11 of the Schedule to the Radio and Television Act 1988
Any defined benefit scheme established under section 12 of the Private Security Services Act 2004
Any defined benefit scheme established under section 13 of the Radiological Protection Act 1991
Any defined benefit scheme established under section 17 of the Sustainable Energy Act 2002
Any defined benefit scheme established under section 14 of the Teaching Council Act 2001
Any defined benefit scheme established under section 15 of the Comhairle Act 2000
Any defined benefit scheme established under section 17 of the Ordnance Survey Ireland Act 2001
Any defined benefit scheme established under section 17 of the Family Support Agency Act 2001
Any defined benefit scheme established under section 20 of the Companies (Auditing and Accounting) Act 2003
Any defined benefit scheme established under section 20 of the Heritage Act 1995
Any defined benefit scheme established under section 20 or section 38 of the Industrial Development (Enterprise Ireland) Act 1998
Any defined benefit scheme established under section 20 of the Human Rights Commission Act 2000
Any defined benefit scheme established under section 21 of the Digital Hub Development Agency Act 2003
Any defined benefit scheme established under section 21 of the Industrial Development (Science Foundation Ireland) Act 2003
Any defined benefit scheme established under section 23 of the Health Act 2004
Any defined benefit scheme established under section 25 of the Grangegorman Development Agency Act 2005
Any defined benefit scheme established under section 25(7) of, and the fifth schedule to, the Universities Act 1997
Any defined benefit scheme made under section 27 of the Health Act 2007
Any defined benefit scheme established under section 28 of the Health Insurance Authority Act 1994
Any defined benefit scheme established under section 28 of the National Disability Authority Act 1999
Any defined benefit scheme established under section 29 of the Western Development Commission Act 1998
Any defined benefit scheme established under section 32 of the Public Health (Tobacco) Act 2002
Any defined benefit scheme established under section 33 or section 34 of the Environmental Protection Agency Act 1992
Any defined benefit scheme established under section 35 of the Dublin Docklands Development Authority Act 1997
Any defined benefit scheme established under section 36 of the Consumer Protection Act 2007
Any defined benefit scheme established under section 40 of the Mental Health Act 2001
Any defined benefit scheme established under section 41 of the Education (Welfare) Act 2000
Any defined benefit scheme established under section 44 of the Competition Act 2002
Any defined benefit scheme established under section 52 of the Qualifications (Education and Training) Act 1999
Any defined benefit scheme established or continuing under section 56 of the Safety, Health and Welfare at Work Act 2005
Any defined benefit scheme established under section 68 of the Personal Injuries Assessment Board Act 2003
Any defined benefit scheme established under section 59 or section 60 of the Sea-Fisheries and Maritime Jurisdiction Act 2006
Any defined benefit scheme established under section 130 of the Pensions Act 1990 (inserted by section 5 of the Pensions (Amendment) Act 2002 )
Any defined benefit scheme established under section 163 of the Residential Tenancies Act 2004
Any defined benefit scheme established under section 184 or section 239 of the Children Act 2001
Any defined benefit scheme established under the Courts and Courts Officers Acts 1926 to 2003
Any defined benefit scheme established under the Defence Forces (Pensions) Acts 1932 to 2004
Any defined benefit scheme established under the Garda Síochána Act 1924, the Police Forces Amalgamation Act 1925 and the Garda Síochána Acts 2005 to 2007
Any defined benefit scheme or regulation made under the Local Government (Superannuation) Act 1980
Any defined benefit scheme established under the Oireachtas (Allowance to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1992
Any defined benefit scheme or pension established or made under sections 13 and 14 of the Ministerial and Parliamentary Offices Act 1938
Any defined benefit scheme established under the National Treatment Purchase Fund Board (Establishment) Order 2004
PART II
Schemes for the purpose of providing benefits to the spouses and children of members of any of the schemes specified in Part I in the event of the death of a member.”
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GIVEN under the Official Seal of the Minister for Social and Family Affairs,
24 July 2008
MARY HANAFIN.
Minister for Social and Family Affairs
The Minister for Finance hereby consents to the making of these Regulations.
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GIVEN under the Official Seal of the Minister for Finance,
24 July 2008
BRIAN LENIHAN.
Minister for Finance.
EXPLANATORY NOTE
(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation).
These Regulations revise the list of schemes exempt from the funding standard requirements set down in Part IV if the Pensions Act 1990 .
The funding standard applies to defined benefit schemes and will ensure that, over a period, sufficient assets are held within a scheme to meet liabilities in the event of the scheme being wound up. Trustees of schemes are required to submit actuarial funding certificates to the Pensions Board at regular intervals for the purpose of certifying whether or not the scheme satisfies the funding standard at the effective date.
Provision for exemption from the funding standard requirements is provided for in Section 52 of the Pensions Act, 1990 and in EU Directive 2003/41/EC.
This regulation provides for the revision of the list of schemes excluded under S.I. 419 of 1993.
Provision is also made for the revocation of Article 7 of the Occupational Pensions Scheme (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ). This Article provided for modifications of the relevant provisions in the case of a scheme established under the Forestry Act,
1988S.I. No. 188/2012 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2012.
“Iris Oifigiúil” of 12th June, 2012.
I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by section 5, and by sections 42, 47, 49 and 50 (as amended by the Social Welfare and Pensions Act, 2012 (No. 12 of 2012)) of the Pensions Act 1990 (No. 25 of 1990) hereby make the following regulations:
Citation and Commencement
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2012.
(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2009 together may be cited as the Occupational Pension Schemes (Funding Standard and Funding Standard Reserve) Regulations 1993 to 2012 and shall be construed together as one.
(3) These Regulations shall come into operation on 1 June 2012.
Amendment to Regulations
2. The Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) are amended—
(a) in article 3, by substituting “section 44(1)” for “section 44” in the definition of “relevant period”,
(b) in article 4(1), by substituting the following for paragraph (e):
“(e) an actuarial funding certificate in respect of a relevant scheme other than a certificate referred to in paragraphs (a), (b), (c), or (d) above or (f) below shall be in the form set out in Schedule BC to these Regulations (but, for the avoidance of doubt, where the certificate is completed on or after 1 June 2012, as if references therein to section 44 of the Act were construed as references to the provisions of section 44 of the Act in force at the effective date of the certificate) or in a form substantially to the like effect,
(f) an actuarial funding certificate in respect of a relevant scheme having an effective date on or after the 1 June 2012 shall be in the form set out in Schedule BD to these Regulations or in a form substantially to the like effect,
(g) a funding standard reserve certificate in respect of a relevant scheme shall be in the form set out in Schedule BE to these Regulations or in a form substantially to the like effect.”,
(c) in article 5, by substituting “shall, except to the extent (if any) otherwise permitted under the guidance referred to in article 5A(2), exclude” for “shall exclude”,
(d) by substituting the following for article 5A:
“5A.(1) In completing an actuarial funding certificate or funding standard reserve certificate under section 42 of the Act, the actuary must comply with—
(a) the professional guidance issued by the Society of Actuaries in Ireland, and
(b) the guidance issued by the Board,
in relation to the preparation of actuarial funding certificates or funding standard reserve certificates in accordance with section 42 of the Act. In the event of any conflict between the professional guidance issued by the Society of Actuaries in Ireland and the guidance issued by the Board, the guidance issued by the Board shall prevail.
(2) In determining whether or not resources or investments shall be included for the purposes of any calculation made for the purposes of Part IV of the Act, the trustees shall comply with the guidance issued by the Board in relation to including certain resources or investments in accordance with section 47 of the Act.
(3) In certifying a funding proposal under section 49(2) of the Act or the failure of a scheme to satisfy the funding standard in accordance with section 49(3) of the Act, the actuary must comply with—
(a) the professional guidance issued by the Society of Actuaries in Ireland, and
(b) the guidance issued by the Board,
in relation to the preparation of funding proposals in accordance with section 49 of the Act. In the event of any conflict between the professional guidance issued by the Society of Actuaries in Ireland and the guidance issued by the Board, the guidance issued by the Board shall prevail.
(4) The trustees of a scheme shall comply with the guidance issued by the Board setting out the requirements with which a funding proposal shall comply and with which the trustees must ensure compliance.
(5) The terms on and circumstances in which the Board, on application to it in that behalf by the trustees of a scheme, may specify a date later than—
(a) for the purposes of subsection (2)(a)(i) of section 49 of the Act, the effective date of the next actuarial funding certificate, and
(b) for the purposes of subsection (2)(a)(ii) of section 49 of the Act, the effective date of the next actuarial funding certificate or funding standard reserve certificate,
shall be set out in the guidance issued by the Board in relation to funding proposals in accordance with section 49 of the Act.
(6) The terms on and circumstances in which the trustees of a scheme are not required to submit a funding proposal shall be set out in the guidance issued by the Board in relation to funding proposals in accordance with section 49 of the Act.
(7) The trustees of a scheme shall comply with the guidance issued by the Board setting out the terms on and the circumstances in which the trustees are required to notify the Board of a failure by any person to comply with a term of a funding proposal submitted under section 49 of the Act.
(8) The terms on and circumstances in which the Board may declare that a funding proposal is no longer a valid funding proposal shall be set out in the guidance issued by the Board in relation to funding proposals in accordance with section 49 of the Act.
(9) The form by which trustees of a scheme may apply to the Board for a direction under section 50 of the Act and the requirements to be met by the trustees in relation to any such application shall be set out in the guidance issued by the Board in accordance with section 50 of the Act.”, and
(e) by inserting the following after Schedule BC:
“Schedule BD — Actuarial Funding Certificate
Article 4
THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42(1) OF THE PENSIONS ACT 1990 (the ACT) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME: …………..
SCHEME COMMENCEMENT DATE: …………..
PENSIONS BOARD REFERENCE NO.: …………..
EFFECTIVE DATE OFTHIS CERTIFICATE: …………..
EFFECTIVE DATE OFPREVIOUS CERTIFICATE (IF ANY): …………..
On the basis of information supplied to me, having complied with any guidance prescribed under section 42(4)(b) of the Act and, subject thereto, having regard to such financial and other assumptions as I consider to be appropriate, I am of the opinion that at the effective date of this certificate:—
(1) the resources of the scheme, which are calculated for the purposes of section 44(1) of the Act to be [ ], *would/*would not have been sufficient if the scheme had been wound up at that date to provide for the liabilities of the scheme determined in accordance with section 44(1) of the Act which, including the estimated expenses of administering the winding up of the scheme, amount to [ ], and
(2) [ ] of the resources of the scheme referred to in paragraph (1) comprise contingent assets, in accordance with and within the meaning of the guidance issued by the Board and prescribed under section 47 of the Act.
I, therefore, certify that as at the effective date of this certificate the scheme *satisfies/*does not satisfy the funding standard provided for in section 44(1) of the Act.
I further certify that I am qualified for appointment as actuary to the scheme for the purposes of section 51 of the Act.
Signature: …………..
Date: …………..
Name: …………………………………………………. Qualification: ………………………
Name of Actuarys Employer/Firm: …………..
Scheme Actuary Certificate No.: …………..
* Please delete whichever is not applicable.
Schedule BE — Funding Standard Reserve Certificate
Article 4
THIS CERTIFICATE HAS BEEN PREPARED PURSUANT TO SECTION 42(1A) OF THE PENSIONS ACT, 1990 (the ACT) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME
SCHEME NAME: …………..
SCHEME COMMENCEMENT DATE: …………..
PENSIONS BOARD REFERENCE NO.: …………..
EFFECTIVE DATE OFTHIS CERTIFICATE: …………..
EFFECTIVE DATE OFPREVIOUS CERTIFICATE (IF ANY): …………..
On the basis of information supplied to me, having complied with any guidance prescribed under section 42(4)(b) of the Act and, subject thereto, having regard to such financial and other assumptions as I consider to be appropriate, I am of the opinion that at the effective date of this certificate:
(1) the funding standard liabilities (as defined in the Act) of the scheme amount to [ ],
(2) the resources of the scheme (other than resources which relate to contributions or a transfer of rights to the extent that the benefits provided are directly related to the value of those contributions or amount transferred (DC resources)), calculated for the purposes of section 44(1) of the Act amount to [ ],
(3) [ ] of the amount referred to in paragraph (2) (subject to a maximum of an amount equal to the funding standard liabilities) is invested in securities issued under section 54 (1) of the Finance Act 1970 (and known as bonds), securities issued under the laws of a Member State (other than the State) that correspond to securities issued under section 54 (1) of the Finance Act 1970 , cash deposits with one or more credit institutions and such other assets (if any) as are prescribed under section 44(2)(a)(iv) of the Act,
(4) the amount provided for in section 44(2)(a) of the Act (15% x ((1) minus (3)) is [ ],
(5) the amount provided for in section 44(2)(b) of the Act, being the amount by which the funding standard liabilities of the scheme would increase if the interest rate or interest rates assumed for the purposes of determining the funding standard liabilities were one half of one per cent less than the interest rate or interest rates (as appropriate) assumed for the purposes of determining the funding standard liabilities less the amount by which the resources of the scheme (other than DC resources) would increase as a result of the same change in interest rate or interest rates is [ ],
(6) the aggregate of (4) and (5) above amounts to [ ], and
(7) the additional resources (as defined in the Act) of the scheme amount to [ ] of which, in accordance with and within the meaning of the guidance issued by the Board and prescribed under section 47 of the Act, [ ] comprises contingent assets and [ ] of such contingent assets comprise an unsecured undertaking.
I therefore certify that as at the effective date of the funding standard reserve certificate the scheme-
*does/*does not hold sufficient additional resources to satisfy the funding standard reserve as provided in section 44(2) of the Act.
I further certify that I am qualified for appointment as actuary to the scheme for the purposes of section 51 of the Act.
Signature: …………..
Date: …………..
Name: …………………………………………………. Qualification: ………………………
Name of Actuarys Employer/Firm: …………..
Scheme Actuary Certificate No.: …………..
* Please delete whichever is not applicable.”.
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GIVEN under my Official Seal
31 May 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.)
Part 3 of the Social Welfare and Pensions Act 2012 provides for a number of amendments to the Pensions Act 1990 . These amendments include the introduction of a risk reserve and provisions permitting the Minister to prescribe guidance issued in relation to various matters provided for in Part IV of the Act.
These Regulations prescribe guidance issued by the Pensions Board and/or the Society of Actuaries in Ireland. Separate guidance has issued in respect of the following matters:
1. Completion of an actuarial funding certificate or funding standard reserve certificate in accordance with section 42 of the Act taking into account and giving credit to schemes who hold sovereign annuities and/or sovereign bonds. (Section 42 Guidance)
2. What resources or investments shall be included for the purposes of calculating the Funding standard or the funding standard reserve requirements; (Section 47 Guidance)
3. Certification of a funding proposal by the scheme actuary under section 49(2) of the Act (Section 49 Guidance), in relation to the requirements which a funding proposal must comply with and with which the trustees must ensure compliance and setting out the terms on and circumstances in which
• The Pensions Board may specify a later date by which a scheme must satisfy the funding requirements.
• the trustees of a scheme are not required to submit a funding proposal under section 49 of the Act;
• the trustees of a scheme are required to notify the Pensions Board of a failure to comply with a term of a funding proposal submitted under section 49 of the Act;
• the Pensions Board may declare that a funding proposal is no longer a valid funding proposal for the purposes of section 49 of the Act; and
4. the form by which trustees of a scheme may apply to the Pensions Board for a direction under section 50 of the Act (Section 50 Guidance) and the requirements to be met by trustees in relation to any such application which will require the trustees to:
• carry out a comprehensive review of the scheme with a view to the long term stability and sustainability of the scheme;
• Confirm that a request was made to the employer for contributions sufficient to ensure the long term stability and sustainability of the scheme without the reduction sought in the application;
• seek legal and actuarial advice on the proposal;
• notify members of the scheme and any person receiving benefits under the scheme of the proposals to reduce scheme benefits.
In addition, these Regulations also prescribe the form of actuarial funding certificate and funding standard reserve certificate to be used where the certificate has an effective date on or after 1 June 2012.
S.I. No. 268/2014 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2014.
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 20th June, 2014.
The Minister for Social Protection with the consent of the Minister for Public Expenditure and Reform, in exercise of the powers conferred on her by sections 5 and 52 of the Pensions Act 1990 (No. 25 of 1990), hereby makes the following Regulations:
Citation and construction
1.(1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2014.
(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2013 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2014.
Amendment to regulations
2.The Occupational Pension Schemes (Funding Standard) Regulations, ( S.I. No. 419 of 1993 ): as amended by article 4 of the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations No. 135 of 2013 are amended by substituting the following for Schedule C:
“SCHEDULE C
Article 6.
Schemes excluded from the provisions of Part IV of the Act
PART I
Agency for Personal Service Overseas Staff Superannuation (No.2) Scheme 1996
Agricultural Colleges Staff Superannuation Scheme 1985
An Bord Bia Superannuation Scheme 1999
An Chomhairle Ealaíon Staff Superannuation (Amendment) Scheme 2009
An tUdarás um Ard-Oideachas (Higher Education Authority) Staff Superannuation Scheme 1980
Bord Iascaigh Mhara Craft and Manual Employees Superannuation Scheme
Bord Iascaigh Mhara Staff Superannuation Scheme 1990
Bord na gCapall Superannuation Scheme 1980
Bord Scannán na hÉireann Superannuation Scheme
Superannuation Provisions listed in Schedule to S.I. No. 525/2009 – Financial Measures (Miscellaneous Provisions) Act 2009 (Fáilte Ireland Contributory Pension and Death Benefits Scheme Fund (formerly known as CERT)) Transfer Order 2009
Chester Beatty Library Staff Superannuation Scheme 1995
Civil Service (Established Staff) Superannuation Acts, 1834 to 1963 and Superannuation and Pensions Act 1976
Civil Service (Unestablished Staff) — Non-Contributory Pension Scheme for Non-Established State Employees
Coillte Teo No.2 Fund
Colleges of Education Pension Scheme 1954
Colleges of Education Pension Scheme 1988
Combat Poverty Agency Superannuation Scheme 1997
Commission for Taxi Regulation
Competition Authority (Chairman and Members’) Superannuation Scheme 1996
Contributory Pension Scheme for Clerical Staff serving in National and Secondary Schools
Contributory Pension Scheme for Non-Teaching Staff of Comprehensive and Community Schools
Contributory Superannuation Scheme for Members of Staff in Special Schemes under the Department of Education 1980. (Now under the aegis of the Department of Justice Equality and Law Reform)
Crafts Council of Ireland Limited Staff Superannuation Scheme 1986
Crisis Pregnancy Agency Employee Superannuation Scheme 2007
Custom House Docks Development Authority Chairman’s Superannuation Scheme 1990
Custom House Docks Development Authority Superannuation Scheme 1996
Data Protection Commissioner Superannuation Scheme 1993
Dublin Institute for Advanced Studies Scheme 1947, as amended
Dublin Institute for Advanced Studies Non-Established Employees Scheme 1983
Education Sector Superannuation Scheme 2001
Eircom No.2 Pension Fund
Environmental Research Unit Staff Superannuation Scheme 1993
Eolas — The Irish Science and Technology Agency Staff Superannuation (Amendment) No.1 Scheme 1994
Eolas — The Irish Science and Technology Agency Staff Superannuation (Amendment) No.2 Scheme 1994
F ?S Superannuation (Amendment) Scheme 2000 in respect of the Director General Dr John Lynch
An Foras Aiseanna Saothair (Closed) Superannuation Scheme 1998
F ?S Superannuation Scheme 1998
Food Safety Authority of Ireland Staff Superannuation Scheme 2000
Foyle Area Pension Amendment Scheme
Health and Social Care Professionals Council Superannuation Scheme
Industrial Development Authority Staff Superannuation Scheme 1970
Institiúid Teangeolaiochta Éireann Staff Superannuation Scheme 1986
Irish Lights Pension Scheme
Irish Museum of Modern Art Superannuation Scheme
Irish Sports Council Superannuation Scheme
Labour Court (Members) Superannuation Scheme 1971 — 1998
Labour Relations Commission Main Superannuation Scheme 1991 for the Chief Executive
Law Reform Commission Superannuation Scheme 1982
Lay Land Commissioners Superannuation Scheme 1979
Legal Aid Board Staff Superannuation Scheme 1981
Marine Institute Staff Superannuation Scheme 1998
Moorepark Technology Limited Superannuation Scheme
National College of Art and Design Staff Superannuation Scheme 1984
National Concert Hall Company Staff Superannuation Scheme 1987
National Council for Education Awards Staff Superannuation Scheme 1985
National Institute for Physical Planning and Construction Research Limited (An Foras Forbartha Teoranta) Superannuation Scheme 1975
National Library of Ireland
National Milk Agency Staff Superannuation Scheme 1997
National Museum of Ireland
National Roads Authority Superannuation Scheme
National Safety Council Staff Superannuation Scheme 1991
National Standards Authority of Ireland Superannuation Scheme 1996
National Treasury Management Agency Pension Scheme
National University of Ireland Maynooth (Closed) Pension Scheme 2009
National University of Ireland (Closed) Pension Scheme 2010
New model Scheme, on Pay As You Go basis, for Stewart’s Hospital in respect of new entrants with effect from 1 January 2007
NIHE Dublin Superannuation Scheme 1985
NIHE Limerick Superannuation Scheme 1982
Nominated Health Agencies Superannuation Scheme 1981 and 1985
North/South Pension Scheme
Nuclear Energy Board (An Bord Fuinnimh Nuicleigh) Staff Superannuation Scheme 1985
Ombudsman Superannuation Scheme 1987
Pension Scheme for the Staff of Colleges of Home Economics 1987
Pension Scheme for the Directors/Deputy Directors in Special Schools under the Department of Education and Science (Now under the aegis of the Department of Justice, Equality and Law Reform)
Primary School Teachers Pension Scheme 2009
Superannuation Provisions listed in Schedule to S.I. No. 524/2009 – Financial Measures (Miscellaneous Provisions) Act 2009 (Regional Tourism Pension Scheme Fund) Transfer Order 2009
Restrictive Practices Commission (Members) Superannuation Scheme 1981-1986
Road Safety Authority
Salmon Research Agency Pension Scheme
Scéim Aoisliúntas Fhoireann Bhord na Gaeilge 1982
Scéim Aoisliúntas Fhoireann Udarás na Gaeltachta 1991
Secondary, Community and Comprehensive School Teachers Pension Scheme 2009
Shannon Free Airport Development Company Limited (General Employees) Superannuation Scheme 1966
St Laurence’s Hospital Superannuation Scheme 1945
Superannuation (Education) Scheme 2004
Superannuation Scheme for officers employed under the scheme for the provision of (Oireachtas) secretarial assistance
Teagasc Staff Superannuation Scheme
Temple Bar Properties Limited Staff Superannuation Scheme 1999
The Central and Regional Fisheries Boards’ Staff Superannuation Scheme 1983
Pension and Superannuation Provisions listed in Schedule to S.I. 285/2010 – Financial Measures (Miscellaneous Provisions) Act 2009 (The Economic and Social Research Institute) Transfer Order 2010
Pension Scheme for Staff employed in the National Centre for Technology in Education (NCTE) 2010
Superannuation Provisions listed in Schedule to S.I. 284/2010 – Financial Measures (Miscellaneous Provisions) Act 2009 (Institute of Public Administration) Transfer Order 2010
Superannuation Provisions listed in Schedule to S.I. 530/2009 – Financial Measures (Miscellaneous Provisions) Act 2009 (Irish Goods Council Pension Fund) Transfer Order 2009
The Pensions Board Staff Superannuation Scheme 1993
The Royal Irish Academy Staff Scheme 1997
Thomond College of Education Limerick Superannuation Scheme 1984
Tourist Traffic Act 1952 (General Employees) Consolidating and Amending Superannuation Scheme 1992 [Bord Fáilte]
University of Dublin Trinity College (Closed) Pensions Scheme 2009
The superannuation provisions listed in Schedule to S.I. 124/2010 – Financial Measures (Miscellaneous Provisions) Act 2009 (University College Cork – National University of Ireland, Cork) Transfer Order 2010
University College Dublin National University of Ireland, Dublin (Closed) Pension Scheme 2010
National University of Ireland, Galway Ollscoil na hÉireann, Gallimh (Closed) Pensions Scheme 2010
Vocational Teachers’ Superannuation Scheme 1998
Voluntary Hospitals (Officers) Superannuation Scheme 1969 (as amended in 1977 and 1995)
Voluntary Hospitals (Non-Officers) Superannuation Scheme 1985 (as amended in 1995)
Any defined benefit scheme established under article 7(8) of the Affordable Homes Partnership (Establishment) Order 2005
Any defined benefit scheme established, or continuing, under paragraph 3 of the Second Schedule of the Industrial Development Act 1993 (as amended under ISection 39 (3) of Part IV of the Industrial Development (Enterprise Ireland) Act 1998 )
Any defined benefit scheme established under sections 4 and 5 of schedule 7 of the Central Bank Act 1942 as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004
Any defined benefit scheme established under section 4 of the European Assembly (Irish Representatives) Act 1979
Any defined benefit scheme established under section 5 of the Ombudsman for Children’s Act 2002
Any defined benefit scheme established under section 6 of the second schedule of the Official Languages Act 2003
Any defined benefit scheme under section 6A of the Oireachtas (Allowance to Members) Act 1938 (as inserted by section 5 of the Oireachtas (Allowance to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1960
Any defined benefit scheme established under section 9 (1)(a) of the Local Government (Planning and Development) Act 1983 or section 119 of the Planning and Development Act 2000
Any defined benefit scheme established under section 11 of the Local Government (Planning and Development) Act 1976 (No.20 of 1976) or section 121 of the Planning and Development Act 2000
Any defined benefit scheme established under section 11 of the Schedule to the Radio and Television Act 1988
Any Defined Benefit Scheme established under section 12 of the Private Security Services Act, 2004
Any defined benefit scheme established under section 13 of the Radiological Protection Act 1991
Any defined benefit scheme established under section 17 of the Sustainable Energy Act 2002
Any defined benefit scheme established under section 14 of the Teaching Council Act 2001
Any defined benefit scheme established under section 15 of the Comhairle Act 2000
Any defined benefit scheme established under section 17 of the Ordnance Survey Ireland Act 2001
Any defined benefit scheme established under section 17 of the Family Support Agency Act 2001
Any defined benefit scheme established under section 20 of the Companies (Auditing and Accounting) Act, 2003
Any defined benefit scheme established under section 20 of the Heritage Act 1995
Any defined benefit scheme established under section 20 or section 38 of the Industrial Development (Enterprise Ireland) Act 1998
Any defined benefit scheme established under section 20 of the Human Rights Commission Act 2000
Any defined benefit scheme established under section 21 of the Digital Hub Development Agency Act 2003
Any defined benefit scheme established under section 21 of the Industrial Development (Science Foundation Ireland) Act, 2003
Any defined benefit scheme established under section 23 of the Health Act 2004
Any defined benefit scheme established under section 25 of the Grangegorman Development Agency Act 2005
Any defined benefit scheme established under section 25(7) of, and the fifth schedule to the Universities Act 1997
Any defined benefit scheme made under section 27 of the Health Act 2007
Any defined benefit scheme established under section 28 of the Health Insurance Authority Act 1994
Any defined benefit scheme established under section 28 of the National Disability Authority Act 1999
Any defined benefit scheme established under section 29 of the Western Development Commission Act 1998
Any defined benefit scheme established under section 32 of the Public Health (Tobacco) Act 2002
Any defined benefit scheme established under section 33 of the Environmental Protection Agency Act 1992
Any defined benefit scheme established under section 34 of the Environmental Protection Agency Act 1992
Any defined benefit scheme established under section 35 of the Dublin Docklands Development Authority Act 1997
Any defined benefit scheme made under section 36 of the National Tourism Development Authority Act 2003
Any defined benefit scheme established under section 36 of the Consumer Protection Act 2007
Any defined benefit scheme established under section 40 of the Mental Health Act 2001
Any defined benefit scheme established under section 41 of the Education (Welfare) Act 2000
Any defined benefit scheme established under section 44 of the Competition Act 2002
Any defined benefit scheme established under section 52 of the Qualifications (Education and Training) Act 1999
Any defined benefit scheme established or continuing under section 56 of the Safety, Health and Welfare at Work Act 2005
Any defined benefit scheme established under section 68 of the Personal Injuries Assessment Board Act 2003
Any defined benefit scheme established under section 59 or section 60 of the Sea-Fisheries and Maritime Jurisdiction Act 2006
Any defined benefit scheme established under section 130 of the Pensions Act 1990 (inserted by section 5 of the Pensions (Amendment) Act 2002 )
Any defined benefit scheme established under section 163(1) of the Residential Tenancies Act 2004
Any defined benefit scheme established under section 184 and section 239 of the Children Act 2001
Any defined benefit scheme under established and Courts Officers Acts 1926 to 2003
Any defined benefit scheme established under the Defence Forces (Pensions) Acts 1932 to 2004
Any defined benefit scheme established under the Garda Síochána Act 1924, the Police Forces Amalgamation Act 1925 and the Garda Síochána Acts 2005 to 2007
Any defined benefit scheme or regulation made under the Local Government (Superannuation) Act 1980
Any defined benefit scheme established under the Oireachtas (Allowance to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1992
Any defined benefit scheme established under the National Treatment Purchase Fund Board(establishment) order 2004
Any defined benefit scheme established under sections 13 and 14 of the Ministerial and Parliamentary Offices Act 1938
PART II
Schemes for the purpose of providing benefits to the spouses and children of members of any of the schemes specified in Part I in the event of the death of a member.”
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GIVEN under the Official Seal of the Minister for Social Protection,
16 June 2014.
JOAN BURTON,
Minister for Social Protection.
The Minister for Public Expenditure and Reform hereby consents to the making of these Regulations.
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GIVEN under the Official Seal of the Minister for Public Expenditure and Reform,
16 June 2014.
BRENDAN HOWLIN,
Minister for Public Expenditure and Reform.
EXPLANATORY NOTE
(This does not form part of the Instrument and does not purport to be a legal interpretation.)
These Regulations revise the list of schemes exempt from the funding standard requirements set down in Part IV of the Pensions Act 1990 .
The funding standard applies to defined benefit schemes and will ensure that, over a period, sufficient assets are held within the scheme to meet liabilities in the event of the scheme being wound up. Trustees of schemes are required to submit actuarial funding certificates and funding standard reserve certificates to the Pensions Board at regular intervals for the purpose of certifying whether or not the scheme satisfies the funding standard and funding standard reserve at the effective date.
Provision for exemption from the funding standard and the funding standard reserve requirements is provided for in Section 52 of the Pensions Act, 1990 and in EU Directive 2003/41/EC.
These regulations provide for the revision of the list of schemes specified in Schedule C of S.I. 419 of 1993 as previously revised by S.I. 135 of 2013.
S.I. No. 39/2019 –
Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 2019
“Iris Oifigiúil” of 15th February, 2019.
I, Regina Doherty, Minister for Employment Affairs and Social Protection (as adapted by the Social Protection (Alteration of Name of Department and Title of Minister) Order 2017 (S.I. No. 366 of 2017)), with the consent of the Minister for Public Expenditure and Reform (as adapted by the Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 ( S.I. No. 418 of 2011 )), in exercise of the powers conferred on me by sections 5 and 52 of the Pensions Act 1990 (No. 25 of 1990), hereby make the following Regulations:
Citation and Construction
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2019.
(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2014 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2019.
Amendment to regulations
2. The Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No 419 of 1993 ), as amended by article 2 of the Occupational Pension Schemes (Funding Standard)(Amendment) Regulations 2014 ( S.I. No. 268 of 2014 ), are amended by substituting the following for Schedule C:
“SCHEDULE C
Article 6.
Schemes excluded from the provisions of Part IV of the Act
PART I
Agency for Personal Service Overseas Staff Superannuation (No.2) Scheme 1996
Agricultural Colleges Staff Superannuation Scheme 1985
An Bord Bia Superannuation Scheme 1999
An Chomhairle Eala[html]on Staff Superannuation (Amendment) Scheme 2009
An tUdar[html]s um Ard-Oideachas (Higher Education Authority) Staff Superannuation Scheme 1980
Bord Iascaigh Mhara Craft and Manual Employees Superannuation Scheme
Bord Iascaigh Mhara Staff Superannuation Scheme 1990
Bord na gCapall Superannuation Scheme 1980
Bord Scann[html]n na hÉireann Superannuation Scheme
Superannuation Provisions listed in Schedule to S.I. No. 525/2009 – Financial Measures (Miscellaneous Provisions) Act 2009 (F[html]ilte Ireland Contributory Pension and Death Benefits Scheme Fund (formerly known as CERT)) Transfer Order 2009
Chester Beatty Library Staff Superannuation Scheme 1995
Civil Service (Established Staff) Superannuation Acts, 1834 to 1963 and
Superannuation and Pensions Act 1976
Civil Service (Unestablished Staff) — Non-Contributory Pension Scheme for Non-Established State Employees
Coillte Teo No.2 Fund
Colleges of Education Pension Scheme 1954
Colleges of Education Pension Scheme 1988
Combat Poverty Agency Superannuation Scheme 1997
Commission for Taxi Regulation
Competition and Consumer Protection Commission Staff Superannuation Scheme 2016
Competition Authority (Chairman and Members’) Superannuation Scheme 1996
Contributory Pension Scheme for Clerical Staff serving in National and Secondary Schools
Contributory Pension Scheme for Non-Teaching Staff of Comprehensive and Community Schools
Contributory Superannuation Scheme for Members of Staff in Special Schemes under the Department of Education 1980. (Now under the aegis of the Department of Justice Equality and Law Reform)
Crafts Council of Ireland Limited Staff Superannuation Scheme 1986
Crisis Pregnancy Agency Employee Superannuation Scheme 2007
Custom House Docks Development Authority Chairman’s Superannuation Scheme 1990
Custom House Docks Development Authority Superannuation Scheme 1996
Data Protection Commissioner Superannuation Scheme 1993
Dublin Institute for Advanced Studies Scheme 1947, as amended
Dublin Institute for Advanced Studies Non-Established Employees Scheme 1983
Education Sector Superannuation Scheme 2001
Eircom No.2 Pension Fund
Environmental Research Unit Staff Superannuation Scheme 1993
Enterprise Ireland Superannuation Scheme 2016
Eolas — The Irish Science and Technology Agency Staff Superannuation (Amendment) No.1 Scheme 1994
Eolas — The Irish Science and Technology Agency Staff Superannuation (Amendment) No.2 Scheme 1994
F[html]S Superannuation (Amendment) Scheme 2000 in respect of the Director General Dr John Lynch
An Foras Aiseanna Saothair (Closed) Superannuation Scheme 1998
F[html]S Superannuation Scheme 1998
Food Safety Authority of Ireland Staff Superannuation Scheme 2000
Foyle Area Pension Amendment Scheme
Health and Social Care Professionals Council Superannuation Scheme
Industrial Development Agency (Ireland) Superannuation Scheme 2017
Institiúid Teangeolaiochta Éireann Staff Superannuation Scheme 1986
Irish Lights Pension Scheme
Irish Museum of Modern Art Superannuation Scheme
Irish Sports Council Superannuation Scheme
Labour Court (Members) Superannuation Scheme 1971 — 1998
Law Reform Commission Superannuation Scheme 1982
Lay Land Commissioners Superannuation Scheme 1979
Legal Aid Board Staff Superannuation Scheme 1981
Marine Institute Staff Superannuation Scheme 1998
Moorepark Technology Limited Superannuation Scheme
National College of Art and Design Staff Superannuation Scheme 1984
National Concert Hall Company Staff Superannuation Scheme 1987
National Council for Education Awards Staff Superannuation Scheme 1985
National Institute for Physical Planning and Construction Research Limited (An Foras Forbartha Teoranta) Superannuation Scheme 1975
National Library of Ireland
National Milk Agency Staff Superannuation Scheme 1997
National Museum of Ireland
National Roads Authority Superannuation Scheme
National Safety Council Staff Superannuation Scheme 1991
National Standards Authority of Ireland Superannuation Scheme 1996
National Treasury Management Agency Pension Scheme
National University of Ireland Maynooth (Closed) Pension Scheme 2009
National University of Ireland (Closed) Pension Scheme 2010
New model Scheme, on Pay As You Go basis, for Stewart’s Hospital in respect of new entrants with effect from 1 January 2007
NIHE Dublin Superannuation Scheme 1985
NIHE Limerick Superannuation Scheme 1982
Nominated Health Agencies Superannuation Scheme 1981 and 1985 North/South Pension Scheme
Nuclear Energy Board (An Bord Fuinnimh Nuicleigh) Staff Superannuation Scheme 1985
Ombudsman Superannuation Scheme 1987
Pension Scheme for the Staff of Colleges of Home Economics 1987
Pension Scheme for the Directors/Deputy Directors in Special Schools under the Department of Education and Science (Now under the aegis of the Department of Justice, Equality and Law Reform)
Primary School Teachers Pension Scheme 2009
Superannuation Provisions listed in Schedule to S.I. No. 524/2009 – Financial Measures (Miscellaneous Provisions) Act 2009 (Regional Tourism Pension Scheme Fund) Transfer Order 2009
Restrictive Practices Commission (Members) Superannuation Scheme 1981-1986
Road Safety Authority
Salmon Research Agency Pension Scheme
Scéim Aoisliúntas Fhoireann Bhord na Gaeilge 1982
Scéim Aoisliúntas Fhoireann Udar[html]s na Gaeltachta 1991
Science Foundation Ireland Superannuation Scheme 2016
Secondary, Community and Comprehensive School Teachers Pension Scheme 2009
Shannon Free Airport Development Company Limited (General Employees) Superannuation Scheme 1966
Single Public Service Pension Scheme
St Laurence’s Hospital Superannuation Scheme 1945
Superannuation (Education) Scheme 2004
Superannuation Scheme for officers employed under the scheme for the provision of (Oireachtas) secretarial assistance
Teagasc Staff Superannuation Scheme
Temple Bar Properties Limited Staff Superannuation Scheme 1999
The Central and Regional Fisheries Boards’ Staff Superannuation Scheme 1983
Pension and Superannuation Provisions listed in Schedule to S.I. 285/2010 –
Financial Measures (Miscellaneous Provisions) Act 2009 (The Economic and Social Research Institute) Transfer Order 2010
Pension Scheme for Staff employed in the National Centre for Technology in Education (NCTE) 2010
Superannuation Provisions listed in Schedule to S.I. 284/2010 – Financial Measures (Miscellaneous Provisions) Act 2009 (Institute of Public Administration) Transfer Order 2010
Superannuation Provisions listed in Schedule to S.I. 530/2009 – Financial Measures (Miscellaneous Provisions) Act 2009 (Irish Goods Council Pension Fund) Transfer Order 2009
The Pensions Board Staff Superannuation Scheme 1993
The Royal Irish Academy Staff Scheme 1997
Thomond College of Education Limerick Superannuation Scheme 1984
Tourist Traffic Act 1952 (General Employees) Consolidating and Amending Superannuation Scheme 1992 [Bord F[html]ilte]
University of Dublin Trinity College (Closed) Pensions Scheme 2009
The superannuation provisions listed in Schedule to S.I. 124/2010 – Financial Measures (Miscellaneous Provisions) Act 2009 (University College Cork – National University of Ireland, Cork) Transfer Order 2010
University College Dublin National University of Ireland, Dublin (Closed) Pension Scheme 2010
National University of Ireland, Galway Ollscoil na hÉireann, Gallimh (Closed) Pensions Scheme 2010
Vocational Teachers’ Superannuation Scheme 1998
Voluntary Hospitals (Officers) Superannuation Scheme 1969 (as amended in 1977 and 1995)
Voluntary Hospitals (Non-Officers) Superannuation Scheme 1985 (as amended in 1995)
Workplace Relations Commission Director General Superannuation Scheme 2016
Any defined benefit scheme established under article 7(8) of the Affordable Homes Partnership (Establishment) Order 2005
Any defined benefit scheme established under sections 4 and 5 of schedule 7 of the Central Bank Act 1942 as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004
Any defined benefit scheme established under section 4 of the European Assembly (Irish Representatives) Act 1979
Any defined benefit scheme established under section 5 of the Ombudsman for Children’s Act 2002
Any defined benefit scheme established under section 6 of the second schedule of the Official Languages Act 2003
Any defined benefit scheme under section 6A of the Oireachtas (Allowance to Members) Act 1938 (as inserted by section 5 of the Oireachtas (Allowance to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1960
Any defined benefit scheme established under section 9(1)(a) of the Local Government (Planning and Development) Act 1983 or section 119 of the Planning and Development Act 2000
Any defined benefit scheme established under section 11 of the Local Government (Planning and Development) Act 1976 (No.20 of 1976) or section 121 of the Planning and Development Act 2000
Any defined benefit scheme established under section 11 of the Schedule to the Radio and Television Act 1988
Any Defined Benefit Scheme established under section 12 of the Private Security Services Act, 2004
Any defined benefit scheme established under section 13 of the Radiological Protection Act 1991
Any defined benefit scheme established under section 17 of the Sustainable Energy Act 2002
Any defined benefit scheme established under section 14 of the Teaching Council Act 2001
Any defined benefit scheme established under section 15 of the Comhairle Act 2000
Any defined benefit scheme established under section 17 of the Ordnance Survey Ireland Act 2001
Any defined benefit scheme established under section 17 of the Family Support Agency Act 2001
Any defined benefit scheme established under section 20 of the Companies (Auditing and Accounting) Act, 2003
Any defined benefit scheme established under section 20 of the Heritage Act 1995
Any defined benefit scheme established under section 20 of the Human Rights Commission Act 2000
Any defined benefit scheme established under section 21 of the Digital Hub Development Agency Act 2003
Any defined benefit scheme established under section 23 of the Health Act 2004
Any defined benefit scheme established under section 25 of the Grangegorman Development Agency Act 2005
Any defined benefit scheme established under section 25(7) of, and the fifth schedule to the Universities Act 1997
Any defined benefit scheme made under section 27 of the Health Act 2007 Any defined benefit scheme established under section 28 of the Health Insurance Authority Act 1994
Any defined benefit scheme established under section 28 of the National Disability Authority Act 1999
Any defined benefit scheme established under section 29 of the Western Development Commission Act 1998
Any defined benefit scheme established under section 32 of the Public Health (Tobacco) Act 2002
Any defined benefit scheme established under section 33 of the Environmental Protection Agency Act 1992
Any defined benefit scheme established under section 34 of the Environmental Protection Agency Act 1992
Any defined benefit scheme established under section 35 of the Dublin Docklands Development Authority Act 1997
Any defined benefit scheme made under section 36 of the National Tourism Development Authority Act 2003
Any defined benefit scheme established under section 36 of the Consumer Protection Act 2007
Any defined benefit scheme established under section 40 of the Mental Health Act 2001
Any defined benefit scheme established under section 41 of the Education (Welfare) Act 2000
Any defined benefit scheme established under section 44 of the Competition Act 2002
Any defined benefit scheme established under section 52 of the Qualifications (Education and Training) Act 1999
Any defined benefit scheme established or continuing under section 56 of the Safety, Health and Welfare at Work Act 2005
Any defined benefit scheme established under section 68 of the Personal Injuries Assessment Board Act 2003
Any defined benefit scheme established under section 59 or section 60 of the Sea-Fisheries and Maritime Jurisdiction Act 2006
Any defined benefit scheme established under section 130 of the Pensions Act 1990 (inserted by section 5 of the Pensions (Amendment) Act 2002 )
Any defined benefit scheme established under section 163(1) of the Residential Tenancies Act 2004
Any defined benefit scheme established under section 184 and section 239 of the Children Act 2001
Any defined benefit scheme under established and Courts Officers Acts 1926 to 2003
Any defined benefit scheme established under the Defence Forces (Pensions) Acts 1932 to 2004
Any defined benefit scheme established under the Garda S[html]och[html]na Act 1924, the Police Forces Amalgamation Act 1925 and the Garda S[html]och[html]na Acts 2005 to 2007
Any defined benefit scheme or regulation made under the Local Government (Superannuation) Act 1980
Any defined benefit scheme established under the Oireachtas (Allowance to Members) and Ministerial and Parliamentary Offices (Amendment) Act 1992
Any defined benefit scheme established under the National Treatment Purchase Fund Board(establishment) order 2004
Any defined benefit scheme established under sections 13 and 14 of the Ministerial and Parliamentary Offices Act 1938
PART II
Schemes for the purpose of providing benefits to the spouses and children of members of any of the schemes specified in Part I in the event of the death of a member.”
The Minister for Public Expenditure and Reform 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,
11 February 2019
PASCHAL DONOHOE
Minister for Public Expenditure and Reform.
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GIVEN under the Official Seal of the Minister for Employment Affairs and Social Protection,
12 February 2019
REGINA DOHERTY,
Minister for Employment Affairs and Social Protection.
EXPLANATORY NOTE
(This does not form part of the Instrument and does not purport to be a legal interpretation.)
These Regulations revise the list of schemes exempt from the funding standard requirements set down in Part IV of the Pensions Act 1990 .
The funding standard applies to defined benefit schemes and will ensure that, over a period, sufficient assets are held within the scheme to meet liabilities in the event of the scheme being wound up. Trustees of schemes are required to submit actuarial funding certificates and funding standard reserve certificates to the Pensions Authority at regular intervals for the purpose of certifying whether or not the scheme satisfies the funding standard and funding standard reserve at the effective date.
Provision for exemption from the funding standard and the funding standard reserve requirements is provided for in Section 52 of the Pensions Act 1990 .
These regulations provide for the revision of the list of schemes specified in Schedule C of S.I. 419 of 1993 as previously revised by S.I. 268 of 2014.
S.I. No. 635/2021 – Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2021
View SIAmendments
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 30th November, 2021.
I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 5, section 42 (as amended by section 27 of the Social Welfare and Pensions Act 2012 (No. 12 of 2012)), section 43 (as amended by section 28 of the Social Welfare and Pensions Act 2012 (No. 12 of 2012)) and section 47 (as amended by section 32 of the Social Welfare and Pensions Act 2012 (No. 12 of 2012)) 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 Construction
1. These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2021.
2. These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2019 shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2021.
Amendments
3. The Occupational Pension Schemes (Funding Standard) Regulations 1993 ( S.I. No. 419 of 1993 ) are amended –
(a) in Article 3 by –
(i) in the definition of “affiliate”, by the substitution of “(within the meaning of sections 7 and 8 of the Companies Act 2014 (No. 38 of 2014) respectively)” for “(within the meaning of section 155 of the Companies Act, 1963 )”;
(ii) in the definition of “associate”, by the substitution of “(within the meaning of section 7 of the Companies Act 2014 (No. 38 of 2014))” for “(within the meaning of section 155 of the Companies Act, 1963 )”;
(iii) in the definition of “concentration of investment”, in paragraph (iii), by the substitution of “(within the meaning of section 221 of the Companies Act 2014 (No. 38 of 2014))” for “(within the meaning of section 27 of the Companies Act, 1990 (No. 33 of 1990)”;
(iv) the insertion of the following definition after the definition of “concentration of investment”:
“ “insurance policy” has the meaning assigned to it in section 59AB(10) of the Act;”;
(v) by the substitution of the following definition for the definition of “self-investment”:
“ “self-investment”, in relation to a scheme, means investment of all or part of the resources of the scheme in the business of any one or more of the following persons –
(a) the employer of any person employed in the relevant employment,
(b) an affiliate of the employer of any person employed in the relevant employment,
(c) any director or shadow director (within the meaning of section 221 of the Companies Act 2014 ) of the employer or of an affiliate, or of an associate of any such director or shadow director,
and for this purpose, “investment” –
(i) shall be deemed to include investment in –
(I) property, other than land or buildings, which is used for the purpose of any business carried on by any such person referred to in paragraphs (a), (b) or (c) of this definition;
(II) loans to any such person referred to in paragraphs (a), (b) or (c) of this definition;
(III) moneys due to the scheme held by any such person referred to in paragraphs (a), (b) or (c) of this definition;
(IV) shares or other securities issued by any such person referred to in paragraphs (a), (b) or (c) of this definition who is a body corporate,
(ii) but shall not include
(I) investment in a cash deposit with any such person referred to in paragraphs (a), (b) or (c) of this definition who is an authorised deposit taking institution; or
(II) investment in –
(A) an insurance policy or contract of assurance issued by any such person who is the holder of an authorisation within the meaning of Article 2 of the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 ),
(B) a segregated fund or a managed fund or other collective investment fund, managed by any such person who is the holder of an authorisation issued by the Central Bank of Ireland pursuant to –
(aa) the Investment Intermediaries Act, 1995 (No. 11 of 1995),
(bb) the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375 of 2017 ), or
(cc) any other enactment,
(C) a unit trust scheme authorised by the Central Bank of Ireland under the Unit Trusts Act, 1990 (No. 37 of 1990) and managed by any such person,
(D) an investment company authorised by the Central Bank of Ireland under Part 24 of the Companies Act 2014 (No. 38 of 2014),
(E) a collective investment scheme authorised by the Central Bank of Ireland under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352 of 2011 ),
(F) a collective investment scheme established in another Member State of the European Communities that has been authorised in accordance with Council Directive 2009/65/EC of the European Parliament and of the Council,
provided that “investment” shall be deemed to include the proportion attributable to the resources of the scheme (whether directly or through any intervening fund) of any investment in the business of any such person –
(aa) by the manager of a segregated fund or a managed fund or other collective investment fund or by a unit trust scheme, an investment company or a collective investment scheme or
(bb) which is comprised in an investment fund to which an insurance policy or contract of assurance falling within Class III or Class VII of the classes of insurance specified in Annex I to the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 ) is linked.”;
(vi) by the deletion of the definition of “small member-controlled scheme”;
(b) by the substitution of the following Article for Article 4:
“For the purposes of section 42 of the Act –
(a) an actuarial funding certificate in respect of a relevant scheme shall be in the form set out in Schedule BD to these Regulations or in a form substantially to the like effect,
(b) a funding standard reserve certificate in respect of a relevant scheme shall be in the form set out in Schedule BE to these Regulations or in a form substantially to the like effect.”;
(c) by the substitution of the following Article for Article 5:
“In an actuarial funding certificate, any calculation of the resources of a relevant scheme shall, except to the extent (if any) otherwise permitted under the guidance referred to in article 5A(2), exclude –
(a) any self-investment, and
(b) concentration of investment in excess of 10 per cent of the resources of the scheme.”;
(d) by the deletion of Schedule A;
(e) by the deletion of Schedule B;
(f) by the deletion of Schedule BA;
(g) by the deletion of Schedule BB, and
(h) by the deletion of Schedule BC.
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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. 419 of 1993 , as amended, by –
– amending Article 3 to, amongst other things, ensure that the definitions refer to extant legislative provisions;
– the substitution of a new Article for Article 4 in respect of actuarial funding certificates and funding standard reserve certificates;
– the substitution of a new Article for Article 5 to specify the investments to be excluded, for the purposes of an actuarial funding certificate, within calculations of the resources of a relevant scheme, and
– the deletion Schedules A to BC which no longer have any operational effect.
S.I. No. 469/2000 –
Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000
View SIAmendments
The Minister for Social, Community and Family Affairs, in exercise of the powers conferred on him by section 5 , section 5A and section 5B of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:-
Citation and Commencement
1. (1) These Regulations may be cited as the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000.
(2) These Regulations shall come into operation on the 31st day of December, 2000.
Revocation
2. The Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 1994 ( S.I. No. 238 of 1994 ) are hereby revoked.
Definitions
3. In these Regulations:-
“the Act” means the Pensions Act, 1990 (No. 25 of 1990);
“the Disclosure Regulations” means the Occupational Pension Schemes (Disclosure of Information) (No.2) Regulations, 1998 ( S.I. No. 349 of 1998 );
“the Funding Standard Regulations” means the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 );
“Irish benefits” means benefits payable under a UK scheme which relate to a period of Irish reckonable service, including
(a) additional benefit to which a member is entitled by virtue of thepayment while in Irish reckonable service of additional voluntary contributions, and
(b) additional benefit granted in respect of a transfer, made while the member concerned is in Irish reckonable service, of accrued rights from another pension arrangement;
“Irish member” means a “member” as defined in section 2 (1) of the Pensions Act, 1990 ;
“Irish reckonable service” means service given while in an employment in respect of which the employee is an employed contributor for the purposes of the Social Welfare Acts;
“non-qualifying UK scheme” means a UK scheme which is not a qualifying UK scheme;
“qualifying UK scheme” means a UK scheme at least one member of which is an Irish member and at least one member of which is a UK member;
“the Registration Regulations” means the Occupational Pension Schemes (Registration) Regulations, 1991 ( S.I. No. 325 of 1991 );
“UK member” means an external member of a UK scheme who remains entitled to any benefit under the scheme in respect of a period of service whilst employed in the United Kingdom;
“UK scheme” means an external scheme-
(a) which is established under irrevocable trusts in England, Wales, Scotland or Northern Ireland, and
(b) which is wholly or primarily administered in England, Wales, Scotland or Northern Ireland, and
(c) which is approved for the purpose of tax under any provisions in force under the laws of the United Kingdom relating to the approval of occupational pension schemes within the meaning of the Pension Schemes Act 1993 of the United Kingdom or the Pension Schemes (Northern Ireland) Act 1993 of Northern Ireland.
General Provision as to functions of the Trustees under the Act
4. Any function conferred on the trustees of a UK scheme by the Act or by any regulations made thereunder shall, in so far as it relates to any Irish member of the scheme, be conferred also on any employer of that Irish member who participates in the scheme.
Application of Part II
5. Part II of the Act shall apply to a qualifying UK scheme with and subject to the modification that section 25 of the Act shall not apply to a qualifying UK scheme.
Application of Part III
6. Part III of, and the Second Schedule to, the Act shall apply to a UK scheme with and subject to the following modifications:-
(a) notwithstanding section 28(1), Part III and the Second Schedule shall not apply to a member of the scheme who is not an Irish member,
(b) a preserved benefit payable under section 29 shall be calculated on the basis that:-
(i) the period B in paragraph 1(1) of the Second Schedule shall be the period of Irish reckonable service completed after the commencement of Part III,
(ii) the period E in paragraph 1(2) of the Second Schedule shall be the period of Irish reckonable service completed after the date on which the basis of the calculation was altered,
(iii) the amount X in paragraph 3(1) of the Second Schedule shall be the amount of any additional long service benefit or increase in long service benefit to which a member is entitled by virtue of the payment of additional voluntary contributions while in Irish reckonable service,
(iv) the reference in paragraph 1(3) of the Second Schedule to the period of reckonable service completed after the commencement of Part III shall be construed as a reference to the period of Irish reckonable service completed after the commencement of Part III, and
(v) section 29(7) shall apply only to a transfer of accrued rights from another pension arrangement made while the member concerned is in Irish reckonable service,
(c) a preserved benefit payable under Section 30 shall be calculated on the basis that:-
(i) for the purposes of section 30(4) and (5) contributions paid otherwise than while in Irish reckonable service shall not be appropriate contributions, and
(ii) section 30(6) shall apply only to a transfer of accrued rights from another pension arrangement made while the member concerned is in Irish reckonable service, and
(d) notwithstanding section 34, the actuarial value of a transfer payment under that section may be calculated by a person appointed under UK law to act as actuary in respect of the scheme.
Application of Part IV of the Act
7. (1) Part IV of, and the Third Schedule to, the Act and the Funding Standard Regulations shall apply to a non-qualifying UK scheme with and subject to the following modifications:-
(a) notwithstanding section 44, the scheme shall satisfy the funding standard if, in the opinion of the actuary and having regard to the rules of the scheme and its governing law (including the rules of the scheme and the provisions of its governing law respecting the order of priority accorded to the liabilities of the scheme upon a winding up), the resources of the scheme at the effective date of the actuarial funding certificate would have been sufficient, if the scheme had been wound up on that date, to provide for –
(i) the liabilities of the scheme consisting of:-
(A) Irish benefits in the course of payment to which paragraph 1 of the Third Schedule to the Act relates (the “paragraph 1 Irish benefits”),
(B) Irish benefits, other than paragraph 1 Irish benefits, which consist of additional benefits secured or granted under the scheme on behalf of the member concerned by way of additional voluntary contributions or a transfer of rights from another pension arrangement to which paragraph 2 of the Third Schedule to the Act relates (the “paragraph 2 Irish Benefits”),
(C) Irish benefits, other than paragraph 1 Irish benefits and paragraph 2 Irish benefits, payable in respect of reckonable service completed after the commencement of Part III of the Act to which paragraph 3 of the Third Schedule to the Act relates (the “paragraph 3 Irish benefits”), and
(D) the specified percentage of any Irish benefits, other than paragraph 1 Irish benefits, paragraph 2 Irish benefits and paragraph 3 Irish benefits, payable in respect of reckonable service completed prior to such commencement to which paragraph 4 of the Third Schedule to the Act relates (the “paragraph 4 Irish benefits”), and
(ii) the estimated expenses of administering the winding up of the scheme,
(b) notwithstanding section 45 of the Act, the specified percentage in respect of the scheme shall be determined as follows:-
(i) the actuary shall determine the percentages, if any, of the paragraph 4 Irish benefits that, in his opinion, could have been provided at the effective date of the first actuarial funding certificate in relation to the scheme from the resources of the scheme if:-
(A) the scheme had been wound up on that date, and
(B) the resources of the scheme were applied in discharging its liabilities in accordance with the rules of the scheme and its governing law (including the rules of the scheme and the provisions of its governing law respecting the order of priority accorded to the liabilities of the scheme upon a winding up);
(ii) in determining the percentage referred to in subparagraph (i), the actuary may in any case determine different percentages for each category of membership in the rules of the scheme concerned;
(iii) the first actuarial funding certificate in relation to the scheme shall, in respect of the paragraph 4 Irish benefits, state percentages for each category of membership to which, pursuant to subparagraph (ii), different percentages apply (in this article referred to as “the certified percentage”), being the lesser of;
(A) the percentage determined by the actuary pursuant to subparagraphs (i) and (ii), and
(B) 100 per cent; and
(iv) the specified percentage shall be:-
(A) where an actuarial funding certificate relates to an effective date not more than 10 years after the commencement of Part IV, the certified percentage, and
(B) where an actuarial funding certificate relates to an effective date more than 10 years after such commencement and on such commencement the scheme concerned was a funded scheme, 100 per cent,
(c) section 46 of the Act shall apply to the scheme with and subject to the following modifications:-
(i) section 46(1)(b) shall not apply to the scheme, and
(ii) notwithstanding section 46(2), in determining the benefits to be paid on the winding up of the scheme the actuary need not comply with section 48 of the Act,
(d) section 48 of the Act shall not apply to the scheme,
(e) references in section 50 of the Act to members shall be construed as references to Irish members, and references to benefits shall be construed as references to Irish benefits, and
(f) notwithstanding article 4(1) of the Funding Standard Regulations, for the purposes of section 42 of the Act:-
(i) an actuarial funding certificate in respect of the scheme shall, if it is the first actuarial funding certificate and if the scheme came into operation prior to 1 July 1991, be in the form set out in Schedule A to these Regulations, or in a form substantially to the like effect, and
(ii) an actuarial funding certificate in respect of the scheme shall, in every other case, be in the form set out in Schedule B to these Regulations or in a form substantially to the like effect.
(2) Part IV of, and the Third Schedule to, the Act shall apply to a qualifying UK scheme with and subject to the modification that, notwithstanding section 41, sections 42, 43, 44, 45, 46, 47, 48, 49 and 50, the Third Schedule to the Act and the Funding Standard Regulations shall not apply to a qualifying UK scheme.
Application of Part V of the Act
8. (1) Part V of the Act shall not apply to a non-qualifying UK scheme so long as:-
(a) the trustees of the scheme comply with the requirements of the law by which it is governed as to the provision of reports, accounts and valuations and the disclosure of information concerning the scheme to beneficiaries, prospective beneficiaries and the trade unions representing them, and
(b) whenever, in accordance with the law by which the scheme is governed, a copy of an annual report of the scheme or a document of the like nature is furnished to:-
(i) an Irish member or a prospective Irish member,
(ii) the spouse of an Irish member or a prospective Irish member,
(iii) a person within the application of the scheme and qualifying or prospectively qualifying for its benefits as an Irish member or the spouse or dependant of an Irish member, or
(iv) an authorised trade union representing Irish members,
there is also furnished a copy of the latest actuarial funding certificate (if any) prepared under section 42 of the Act.
(2) Part V of the Act shall apply to a qualifying UK scheme with and subject to the modifications that:-
(a) Sections 55 and 56 of the Act and the Disclosure Regulations shall not apply, and
(b) the trustees of a qualifying UK scheme shall:-
(i) In relation to any person who is an Irish member on the date on which these Regulations come into force, notify that person in writing as soon as possible within 12 months from that date that the scheme is a qualifying UK scheme and that the scheme is exempt from the regulatory requirements listed in Schedule C to these Regulations, and
(ii) in relation to any person who becomes an Irish member after that date, notify the person within 2 months of his becoming an Irish member that the scheme is exempt from the regulatory requirements listed in Schedule C to these Regulations.
Application of Part VI of the Act
9. Part VI of the Act shall apply to a qualifying UK scheme with and subject to the modification that sections 61, 61A and 62 and the Occupational Pension Schemes (Member Participation in the Selection of Persons for Appointment as Trustees) (No. 3) Regulations, 1996 ( S.I. No. 376 of 1996 ) shall not apply to a qualifying UK scheme.
Amendment of S.I. No. 325 of 1991
10. The Registration Regulations are amended by:
(a) the insertion of the following article after article 3:-
“4.(1) The trustees of a qualifying UK scheme shall notify the Board, in such a form provided or approved by it, not later than –
(a) in case the scheme commenced to be a qualifying UK scheme before the commencement of the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000, 12 months after the commencement of those regulations, and
(b) in case the scheme commenced to be a qualifying UK scheme on or after the commencement of the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000, 12 months after the scheme commenced to be a qualifying UK scheme,
that the scheme is a qualifying UK scheme within the meaning of those regulations.
(2) Where, after the commencement of the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000, a scheme ceases to be a qualifying UK scheme, the trustees of the scheme shall notify the Board of that fact, in a form provided or approved by it, within 12 months of such cessation or within such shorter period as the Board may decide.”, and
(b) the insertion of the following definition in article 2, after the definition of “qualifying Irish scheme”,
““qualifying UK scheme” has the meaning assigned to it in the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000”
Service of Information and Documents
11. Any
(a) information or documentation which these Regulations require the trustees of a scheme to give, notify or furnish, or
(b) request for information or for a document to be given, notified or furnished in pursuance of these Regulations,
to any person (other than an authorised trade union) who is not employed in relevant employment shall, unless otherwise agreed with that person, be given, notified or furnished by ordinary post at the last address known to the trustees.
SCHEDULE A
FIRST ACTUARIAL FUNDING CERTIFICATE FOR A UK SCHEME
THE CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT, 1990 (“THE ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME.
SCHEME NAME: _______________________________________________________
SCHEME COMMENCEMENT DATE: _______________________________________
PENSIONS BOARD REFERENCE NO.: ____________________________________
EFFECTIVE DATE OF THIS CERTIFICATE: ________________________________
On the basis of information supplied to me and having regard to the rules of the scheme and its governing law and to such financial and other assumptions as I consider to be appropriate:-
(1) I hereby state the certified percentage(s) for the above scheme for the purposes of the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000, (the External Schemes (UK) Regulations):-
Category of Membership
Certified Percentage
_________________________
______________________
_________________________
______________________
_________________________
______________________
(2) I am of the opinion that the resources of the scheme at the effective date of this certificate * would/would not have been sufficient if the scheme had been wound up at that date to provide for:-
(a) the liabilities of the scheme determined in accordance with Article 7(1)(a)(i) of the External Schemes (UK) Regulations, and
(b) the estimated expenses of administering the winding up of the scheme.
I therefore certify that as at the effective date of this certificate the scheme * satisfies/does not satisfy the funding standard provided for in Article 7(1)(a) of the External Schemes (UK) Regulations.
Signature: ___________________________
Date: ________________________
Name: ______________________________
Qualification: ___________________________
Name of Actuary’s Employer/Firm: __________________________________________________
SCHEDULE B
ACTUARIAL FUNDING CERTIFICATE FOR A UK SCHEME
THE CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF SECTION 42 OF THE PENSIONS ACT, 1990 (“THE ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME.
SCHEME NAME: _______________________________________________________
SCHEME COMMENCEMENT DATE: _______________________________________
PENSIONS BOARD REFERENCE NO.: ____________________________________
EFFECTIVE DATE OF
THIS CERTIFICATE: __________________________________________________
PREVIOUS CERTIFICATE: _____________________________________________
On the basis of information supplied to me and having regard to the rules of the scheme and its governing law and to such financial and other assumptions as I consider to be appropriate I am of the opinion that the resources of the scheme at the effective date of this certificate * would/would not have been sufficient if the scheme had been wound up at that date to provide for:-
(a) the liabilities of the scheme determined in accordance with Article 7(1)(a)(i) of the Occupational Pension Schemes (External Schemes) (United Kingdom) Regulations, 2000 (the External Schemes (UK) Regulations), and
(b) the estimated expenses of administering the winding up of the scheme.
I therefore certify that as at the effective date of this certificate the scheme * satisfies/does not satisfy the funding standard provided for in Article 7(1)(a) of the External Schemes (UK) Regulations.
Signature: _________________________
Date: ______________________
Name: _____________________________
Qualification: _________________________
Name of Actuary’s Employer/Firm: _________________________________________________
SCHEDULE C
Legislation from which qualifying UK schemes are exempt.
Provision
Purpose of the provision
Pensions Act, 1990 and Regulations under that Act
Part II – Establishment of Pensions Board
section 25
Fees payable to the Board
Part IV – Funding Standard
sections 42 to 50 inclusive, Third Schedule and Regulations made under Part IV
Funding Standard
Part V – Disclosure of Information in relation to Schemes
Regulations made under Section 54(1)
Disclosure of information in relation to schemes
section 55
Annual reports
section 56
Audited accounts and actuarial valuations
Part VI – Trustees of Schemes
section 61
Restriction of Perpetual Funds (Registration) Act, 1933
section 61A
Rule against perpetuities
section 62 and Regulations made under that section
Selection by members of funded schemes of persons for appointment as trustees
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Given under the Official Seal of the Minister for Social, Community and Family Affairs this 21st day of December 2000.
DERMOT AHERN
Minister for Social, Community and Family Affairs
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These regulations have the effect of exempting qualifying United Kingdom (U.K.) schemes with Irish members from certain Irish regulatory requirements – disclosure, funding standard, fees and other provisions.
Essentially, the intent of the regulations is to ensure that schemes with members in the UK and Ireland are not subject to two different sets of regulatory requirements, while maintaining an adequate level of protection for the members.
The regulations have been drafted to address concern expressed, prior to the coming into effect of the U.K. Pensions Act, 1995 (in April 1997), in respect of a number of dual approved schemes (some based in Ireland but with members in the U.K. and others based in the U.K. but with members in Ireland) that those schemes might be subject to the legislation of both countries, which could cause difficulties where legislative requirements differ.
Corresponding Great Britain and Northern Ireland regulations have been drafted. The regulations will come into effect in both Ireland and the UK on December 31, 2000.
* Delete whichever is not applicable
* Delete whichever is not applicable
* Delete whichever is not applicable
* Delete whichever is not applicable
S.I. No. 273/1995 –
S.I. No. 52/2020 –
Occupational Pension Schemes (Revaluation) Regulations, 2020
“Iris Oifigiúil” of 21st February, 2020.
I, REGINA DOHERTY T.D., Minister for Employment Affairs and Social Protection (as adapted by the Social Protection (Alteration of Name of Department and Title of Minister) Order 2017 (S.I. No. 366 of 2017)), in exercise of the powers conferred on me by sections 5 and 33 (as amended by section 23 of the Social Welfare and Pensions Act 2012 (No. 12 of 2012)) of the Pensions Act 1990 (No. 25 of 1990), and having consulted with the Minister for Public Expenditure and Reform, hereby make the following Regulations:
Citation
1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 2020.
Rate of Revaluation of Preserved Benefit
2. In accordance with Section 33 of the Pensions Act, there shall be a 0.9% revaluation of preserved pension benefits for 2019.
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GIVEN under my Official Seal,
17 February, 2020.
REGINA DOHERTY,
Minister for Employment Affairs and Social Protection.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations provide for changes in the percentage by which the amount of a preserved benefit is to be increased or decreased in a specified year.
There shall be a 0.9% revaluation of preserved benefits under section 33 of the Pensions Act, 1990 , for 2019.
S.I. No. 87/2021 –
Occupational Pension Schemes (Revaluation) Regulations, 2021
“Iris Oifigiúil” of 5th March, 2021.
I, HEATHER HUMPHREYS T.D., Minister for Social Protection (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 )), in exercise of the powers conferred on me by sections 5 and 33 (as amended by section 23 of the Social Welfare and Pensions Act 2012 (No. 12 of 2012)) of the Pensions Act 1990 (No. 25 of 1990), and having consulted with the Minister for Public Expenditure and Reform, hereby make the following Regulations:
Citation
1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 2021.
Rate of Revaluation of Preserved Benefit
2. In accordance with Section 33 of the Pensions Act, there shall be a minus 0.3% revaluation of preserved pension benefits for 2020.
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GIVEN under my Official Seal,
22 February, 2021.
HEATHER HUMPHREYS T.D,
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 provide for changes in the percentage by which the amount of a preserved benefit is to be increased or decreased in a specified year.
There shall be a minus 0.3% revaluation of preserved benefits under section 33 of the Pensions Act, 1990 , for 2020.