Occupational Pension Schemes (Disclosure of Information) Regulations, 2005

JurisdictionIreland
CitationIR SI 633/2005
Year2005

S.I. No. 633 of 2005

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) REGULATIONS, 2005

INDEX

1.

Citation and Commencement

2.

Revocation

3.

Interpretation

4.

Definitions

5.

Audited Accounts

6.

Valuation Reports

7.

Annual Reports

8.

Alternative arrangements for annual reports and audited accounts for certain schemes

9.

Disclosure of reports - audited accounts, valuation reports and annual reports

10.

Disclosure of information in relation to schemes - constitution of the scheme

11.

Disclosure of information in relation to schemes - basic information about the scheme

12.

Disclosure of information in relation to schemes - general requirements relating to information to be made available to individuals under articles 13-18

13.

Information to be made available - member or prospective member in relevant employment

14.

Information to be made available - termination of relevant employment

15.

Information to be made available - retirement or death of a member or beneficiary

16.

Information to be made available - scheme in wind up

17.

Information to be made available - Pension Adjustment Orders

18.

Information to be made available - investment alternatives and default investment strategy

19.

Service of information and documents

Schedule A - Contents of Accounts

Schedule B - The Annual Report - Information to accompany audited accounts and actuarial funding certificate

Schedule C - Basic information about the scheme

Schedule D - Information to be made available to a member or prospective member in relevant employment

Part I - Defined Benefit Scheme

Part II - Defined Contribution Scheme

DC element of a defined benefit scheme

Part III - Termination of Reckonable Service without termination of Relevant Employment - All Schemes

Schedule E - Information to be made available - termination of Relevant Employment

Part I - Defined Benefit Scheme (excluding the DC element of a Defined Benefit Scheme)

Part II - Defined Contribution Scheme

DC element of a Defined Benefit Scheme

Schedule F - Information to be made available - retirement or death of member or beneficiary

Schedule G - Information to be contained in report to the Pensions Board - schemes in wind-up

Schedule H - Information to be made available - Pension Adjustment Orders

Schedule I - Information in relation to investment alternatives for schemes which provide for members' directions on investment

S.I. No. 633 of 2005

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 51, 54, 55, 56, 57 and 59 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 (Disclosure of Information) Regulations, 2005.

(2) These Regulations shall come into force as follows:

(a) articles 5, 7, 8 and articles 4 and 9, in so far as they relate to articles 5, 7 and 8, in relation to each scheme year commencing on or after 23 September 2005 , on 23 September 2005,

(b) articles 2, 3, 6, 10, 14, 18, 19, article 4 in so far as it relates to articles 6,10, 14, 18 and 19, article 9 in so far as it relates to article 6 and article 12 in so far as it relates to articles 14 and 18, on 23 September 2005, and

(d) articles 4 and 12 in so far as they relate to all other articles and all other articles on 1 January 2007.

Revocation.

2.(1) The Occupational Pension Schemes (Disclosure of Information) (No.2) Regulations 1998 ( S.I. No. 349 of 1998 ) are hereby revoked as follows:

(a) articles 4, 6 and 7 and article 3 in so far as it relates to articles 4, 6 and 7, in relation to each scheme year commencing on or after 23 September 2005,

(b) articles 5, 8, 12, and 16, article 3 in so far as it relates to articles 5, 8, 12, and 16 and article 10 in so far as it relates to article12, on 23 September 2005, and

(c) article 3 and 10 in so far as it relates to all other articles and all other articles on 1 January 2007.

(2) The Occupational Pension Schemes (Disclosure of Information) (Amendment Regulations 2000 ( S.I. No. 296 of 2000 ) are hereby revoked.

(3) The Occupational Pension Schemes (Disclosure of Information) (Amendment Regulations 2003 ( S.I. No. 4 of 2003 ) are hereby revoked.

Interpretation.

3. In these Regulations, unless the context otherwise requires -

(a) a reference to a Schedule is to a Schedule to these Regulations,

(b) a reference to an article is to an article of these Regulations,

(c) a reference to a sub-article is to a sub-article of the article in which the reference occurs,

(d) a reference to a paragraph is to a paragraph of the sub-article, article or Schedule in which the reference occurs, and

(e) a reference to a sub-paragraph is to a sub-paragraph of the paragraph in which the reference occurs.

Definitions.

4. In these Regulations -

“accumulated value” has the meaning assigned to it by section 30 of the Act;

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

“affiliated employer” means another employer where one of the employers is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 , (No. 33 of 1963)) of the other or where both employers are subsidiaries of a third employer;

“authorised trade union” has the meaning assigned to it by section 54(6) of the Act;

“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; 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 );

“DC Element” means a facility under a defined benefit scheme for the treatment of contributions or accrued rights or the receipt of transfers in respect of accrued rights (including transfer payments and transfer amounts) as if they had been paid or credited to or accrued under a defined contribution scheme;

“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;

“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;

“One Member Arrangement” means a defined contribution scheme that has been established for one person only and that one person will always be the only member; unless the scheme is made the subject of a Pension Adjustment Order, in which case it may also include the person or persons referred to in the Pension Adjustment Order;

“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);

“preserved benefit” has the meaning assigned to it by section 28 of the Act;

“relevant persons” means -

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, or

(d) an authorised trade union representing the members or prospective members concerned in so far as the information is relevant to the rights of such members or prospective members of the scheme;

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

“self-investment” in relation to a scheme, means investment of all or part of the resources of the scheme in the business of the employer of any person employed in relevant employment, or of an affiliated employer, and for this purpose the term “investment” shall be deemed to include-

(a) shares or other securities issued by the employer or by an affiliated employer,

(b) land which is occupied or used by or subject to lease in favour of the employer or an affiliated employer,

(c) property, other than land, which is used for the purpose of any business carried on by the employer or an affiliated employer,

(d) loans to the employer or an affiliated employer,

(e) moneys due to the scheme held by the employer or an affiliated employer,

but shall not include moneys due by an employer to the relevant scheme, where such moneys are due for a period of less than that provided for under section 58A of the Act where applicable to such moneys and otherwise for a period of 30 days or less;

“Statement of Reasonable Projection - DC” means a statement prepared or caused to be prepared, in accordance with paragraph 25 of Part II of Schedule D or paragraph 13 of Part II of Schedule E, by the trustees of-

(a) a defined contribution scheme, or

(b) a defined benefit scheme with a DC Element,

for a member of that scheme under article 13(2), article 13(6) and article 14(4);

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

Audited Accounts.

5. (1) In this article “relevant scheme” means a scheme (other than a One...

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