Occupational Pension Schemes (Disclosure of Information) (Amendment) (No. 3) Regulations, 2012.

• Published date: 15 June 2012
• Statutory Instrument No.: 203/2012

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 15th June, 2012.

I, JOAN BURTON, Minister for Social Protection, in exercise of the powers conferred on me by section 5 and section 54 (amended by section 36 of the Social Welfare and Pensions Act 2011 (No.9 of 2011)), 55 (amended by section 38 of the Social Welfare and Pensions Act 2012 (No.12 of 2012)) and 56 (amended by section 38 of the Social Welfare and Pensions Act 2011 (No.9 of 2011)) of the Pensions Act 1990 (No. 25 of 1990), hereby make the following Regulations:

Citation

1. (1) These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) (No. 3) Regulations, 2012.

(2) These Regulations shall be included in the collective citation of the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 to 2012.

Definitions

2. In these Regulations

“Act” means the Pensions Act, 1990 (No. 25 of 1990);

Amendment of Occupational Pension Schemes Disclosure Regulations

3. The Occupational Pension Scheme (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended—

(a) in article 4, by inserting the following after the definition of “scheme year”:

““section 53B policy” means a policy or contract of assurance the form of which has been certified by the Board under section 53B of the Act;”,

(b) In article 7—

(i) in paragraph (5)(a)(iii) by inserting “and, unless it is a regulatory own funds scheme, a copy of the latest funding standard reserve certificate” after “latest actuarial funding certificate”, and

(ii) by inserting the following paragraph after paragraph (5)(b):

“(c) The annual report in respect of a relevant scheme to which section 44 of the Act applies shall contain the information specified in paragraphs 24 and 25 of Schedule B in addition to the information specified in paragraph (a) of this sub-article in respect of any scheme year ending on or after 1 January 2013.”,

(c) In article 8, by inserting the following sub-article, after sub-article (4A):

“(4B) Based on information provided to and reasonable enquiries having been made by the preparer of an annual report for a defined benefit scheme to which both this article 8 and section 44 of the Act applies, that report shall contain the information specified in paragraphs 24 and 25 of Schedule B in addition to the matters referred to in sub-article (4A) in respect of any scheme year ending on or after 1 January 2013.”,

(d) In article 11—

(i) by substituting “paragraphs 1 to 22 of Schedule C” for “Schedule C” in each of sub-articles (1), (2) and (3);

(ii) in sub-article 4(a) by inserting “and, on or after 1 January 2013, paragraph 23 of Schedule C” after “Schedule C”; and

(iii) by inserting the following sub-article after sub-article (5):

“(6) The trustees of a defined benefit scheme to which section 44 of the Act applies shall furnish the information specified in paragraph 23 of Schedule C

(a) to every person who becomes a member of the scheme on or after 1 January 2013 within two months of his becoming a member; and

(b) to a relevant person where the relevant person makes a request for the information referred to in sub-article (3) on or after 1 January 2013.”,

(e) in article 13(1) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 13A of Part I of Schedule D” after “Schedule D”,

(f) in article 14—

(i) in paragraph (1) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6A of Part I of Schedule E” after “Schedule E”,

(ii) in paragraph (2) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6A of Part I of Schedule E” after “Schedule E”,

(g) in article 15—

(i) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 6 of Schedule F” after “paragraphs 1, 3, 4 and 5 of Schedule F”, and

(ii) by inserting “and, where the scheme is a defined benefit scheme to which section 44 of the Act applies and the statement is being furnished on or after 1 January 2013,” after ”revised benefits” in sub-article (2),

(h) in article 17(1) by inserting “and where the scheme is a defined benefit scheme to which section 44 of the Act applies and the information is being furnished on or after 1 January 2013, the information specified in paragraph 12 of Schedule H” after “Schedule H”,

(i) by inserting the following articles after article 22:

“23.Annual Actuarial Data Return

(1) The trustees of a scheme described in sub-article (4) shall cause the actuary to complete the form set out in Schedule L no later than 8 months after the end of every scheme year ending on or after 1 July 2012.

(2) The trustees shall submit the form so completed to the Board within 9 months of the end of the scheme year to which it relates.

(3) The form set out in Schedule L may be adapted for filing and use electronically in such manner as the Board may from time to time specify.

(4) This article shall apply to a scheme to which section 44 of the Act applies.

24. Requirements relating to section 42 guidance

(1) In this article, “section 42 guidance” means the guidance issued by the Board from time to time under section 42 of the Act and prescribed by Regulations made under section 42 of the Act.

(2) Where at any time the trustees of a scheme to which section 44 of the Act applies pass a resolution of the type described in the section 42 guidance, the trustees shall—

(a) prior to providing the confirmation in writing to the actuary referred to in the section 42 guidance, provide the notifications referred to in that guidance (which notifications shall comply with the terms of that guidance) to members, other persons and any authorised trade union in accordance with that guidance, and

(b) notify the actuary if the resolution referred to in the section 42 guidance is revoked or has not been confirmed as required by the section 42 guidance as soon as reasonably practicable and in any event prior to whichever of the following dates...