Trust Racs (Disclosure of Information) Regulations 2007

Published date04 May 2007
Statutory Instrument No.182/2007

INDEX

1. Citation and Commencement

2. Definitions

3. Audited Accounts

4. Valuation Reports

5. Annual Reports

6. Disclosure of reports — audited accounts and annual reports

7. Disclosure of information in relation to trust RACs — constitution of the trust RAC

8. Disclosure of information in relation to trust RACs — basic information about the trust RAC

9. Disclosure of information in relation to trust RACs — general requirements relating to information to be made available to individuals under articles 10-15

10. Information to be made available — member not receiving benefits

11. Information to be made available — termination of contributions

12. Information to be made available — retirement or death of a member or beneficiary

13. Information to be made available — trust RAC in wind-up

14. Information to be made available — Pension Adjustment Orders

15. Information to be made available — investment

16. Service of information and documents

Schedule A

Contents of Accounts

Schedule B

The Annual Report — Information to accompany audited accounts

Schedule C

Basic information about the trust RAC

Schedule D

Information to be made available to a member not receiving benefits

Schedule E

Information to be made available — termination of contributions

Schedule F

Information to be made available — retirement or death of member or beneficiary

Schedule G

Information to be made available — Pension Adjustment Orders

Schedule H

Information in relation to investment

S.I. No. 182 of 2007

TRUST RACS (DISCLOSURE OF INFORMATION) REGULATIONS 2007

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 4th May, 2007.

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 54, 55, 56, 57 and 59 (all as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990), and with the consent of the Minister for Finance hereby makes the following Regulations—

Citation and Commencement.

1. (1) These Regulations may be cited as the Trust RACs (Disclosure of Information) Regulations 2007.

(2) These Regulations come into operation on 27 April 2007.

Definitions.

2. In these Regulations—

“accumulated value” of any contributions means the amount which the trustees determine to be equal to—

(a) the realisable value of the resources of the trust RAC, in accordance with the rules of the trust RAC, which represent those contributions, less

(b) the amount of any of the expenses of the trust RAC which, under the rules of the trust RAC, are to be discharged out of those resources;

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

“concentration of investment” in relation to a trust RAC means investments exceeding a stated percentage of the resources of the trust RAC 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; or

(f) cash deposits.

“contingent benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997 ( S.I. No. 107 of 1997 );

“designated benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997;

“made available for inspection” means made available for inspection at a place which is convenient having regard to the circumstances of the request and to the person who made it;

“normal pensionable age” means the later of—

(a) the age of 60 years (or any earlier age approved by the Revenue Commissioners for the purposes of section 784(3)(c) of the Taxes Consolidation Act 1997 (No. 39 of 1997) in the case of the member’s occupation), or

(b) any age or date agreed between the member and the trustees not being later than the date on which the member attains the age of 75 years;

“on request” means a request in writing for a specified document or item of information provided that, unless the context otherwise requires, any request made within 12 months of the last occasion on which a copy of the same document or information was made available or furnished to the same person shall not be deemed to be a valid request;

“Pension Adjustment Order” means an order made by the Court under section 12 of the Family Law Act 1995 (No. 26 of 1995) or section 17 of the Family Law (Divorce) Act 1996 (No. 33 of 1996);

“reckonable service” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997;

“relevant employment” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997;

“relevant persons” means—

(a) the members of the trust RAC,

(b) the spouses of members of the trust RAC, or

(c) persons within the application of the trust RAC qualifying or prospectively qualifying for its benefits;

“trust RAC year” in relation to a trust RAC means whichever of the periods specified in section 55(1) of the Act the trustees select;

“Statement of Reasonable Projection — Trust RAC” means a statement prepared or caused to be prepared, in accordance with paragraph 12 of Schedule D or paragraph 6 of Schedule E, by the trustees of a trust RAC for a member of that trust RAC under article 10(1), article 10(2) and article 11(2);

“transfer amount” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations 1997.

Audited Accounts.

3. (1) In this article “relevant trust RAC” means a trust RAC to which section 56 of the Act applies.

(2) The trustees of a relevant trust RAC shall, in accordance with section 56 of the Act, cause—

(a) the accounts of such a trust RAC to be audited by the auditor of the trust RAC in respect of each trust RAC year which commences on or after 1 June 2006, and

(b) the auditor’s report to be prepared on the accounts,

as soon as reasonably practicable after the end of the trust RAC year.

(3) The audited accounts shall include the information specified in Schedule A to these Regulations which is applicable and material to the relevant trust RAC.

(4) The auditor’s report on the accounts of the relevant trust RAC shall include—

(a) a statement whether, in his opinion, the requirements of sub-article (3) are satisfied;

(b) a statement that, in his opinion, the accounts show a true and fair view of the financial transactions of the relevant trust RAC during the trust RAC year and of the amount and disposition of the assets and liabilities (other than liabilities to pay pensions and other benefits in the future) at the end of the trust RAC year; and

(c) if any of the statements under paragraph (a) or (b) is qualified, a statement of the reasons.

(5) The audited accounts of a relevant trust RAC shall be signed—

(a) by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee; or

(b) if there is a person authorised under the rules of the trust RAC, by such person.

(6) A person shall not be qualified for appointment as auditor of a relevant trust RAC, for the purposes of the Act, if he is—

(a) a member or a trustee of the relevant trust RAC; or

(b) a director or employee of any of the trustees of the relevant trust RAC.

Valuation Reports.

4. The trustees of a trust RAC shall, in accordance with section 56(2A) of the Act—

(a) cause the liabilities of the trust RAC to be valued as at the last day of each trust RAC year commencing on or after 1 June 2006, and

(b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each trust RAC year.

Annual Reports.

5. (1) In this article “relevant trust RAC” means a trust RAC to which section 55 of the Act applies.

(2) The trustees of a relevant trust RAC shall, in accordance with section 55 of the Act, prepare in respect of each trust RAC year commencing on or after 1 June 2006, an annual report of the trust RAC as soon as reasonably practicable after the end of the trust RAC year.

(3) A copy of the latest annual report prepared in accordance with this article, shall be made available in accordance with article 6(1).

(4) The trustees shall inform the members of the relevant trust RAC of the availability of the annual report not later than 4 weeks after the time specified in article 6(1).

(5) The annual report in respect of a relevant trust RAC shall contain the following—

(a) a copy of the audited accounts in respect of the trust RAC year,

(b) a copy of the auditor’s report on the accounts as specified in sub-article (4) of article 3 and where the auditor’s report is qualified the trustees should state whether the matter has been resolved,

(c) a copy of the valuation report prepared in accordance with article 4 in relation to that trust RAC year, and

(d) such other information as is specified in paragraphs 1 to 16 of Schedule B in so far as it applies to the relevant trust RAC.

(6) The annual report shall be signed by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee.

Disclosure of reports — audited accounts and annual report

6. (1) A copy of the latest audited accounts and annual report prepared under articles 3 and 5 shall be made available by the trustees of the relevant trust RAC not later than 9 months after the end of the trust RAC year to which they relate, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons.

(2) A copy of the latest audited accounts and annual report prepared under articles 3 and 5 shall be furnished free of charge, on request, to any of the relevant persons not later than 4 weeks after the request is made.

(3) A copy of any earlier audited accounts or annual reports shall be—

(a) made available for inspection free of charge on request to any of the relevant persons not later than...

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