Pensions Act, 1990

• Jurisdiction: Ireland
• Citation: IR No. 25/1990
• Year: 1990

Number 25 of 1990
PENSIONS ACT, 1990
ARRANGEMENT OF SECTIONS
PART I
Preliminary and General
Section 1. Short title and commencement. 2. Interpretation. 3. Offences. 4. Exchange of information. 5. Regulations generally. 6. Laying of regulations before Houses of Oireachtas. 7. Expenses.
PART II
Establishment of Pensions Board
8. Establishment day. 9. Establishment of Board. 10. Functions of Board. 11. Conferral of additional functions on Board. 12. Consultants and advisers. 13. Gifts. 14. Committees of Board. 15. Chief executive. 16. Staff of Board. 17. Superannuation of staff of Board. 18. Authorised persons. 19. Membership of either House of Oireachtas or of European Parliament by members or staff of Board. 20. Advances by Minister to Board. 21. Disclosure by member of Board of interest in proposed contract. 22. Accounts and audits of Board. 23. Reports and information to Minister. 24. Disclosure of information. 25. Fees payable to Board. 26. Provision in relation to determinations by Board under sections 38, 53, 58 and 75.
PART III
Preservation of Benefits
27. Interpretation (Part III). 28. Entitlement to preserved benefit. 29. Preserved benefit—defined benefit scheme. 30. Preserved benefit—defined contribution scheme. 31. Payment of preserved benefit. 32. Non-entitlement to refund of contributions. 33. Revaluation of preserved benefit. 34. Entitlement to transfer payment. 35. Power of trustees to effect transfer payment. 36. Provisions of schemes relating to forfeiture and lien to be disregarded. 37. Exclusion from and modification of Part III and Second Schedule. 38. Conflict between Part III and schemes. 39. Schemes may provide higher benefits.
PART IV
Funding Standard
40. Interpretation (Part IV). 41. Application (Part IV). 42. Actuarial funding certificate. 43. Effective dates for actuarial funding certificates. 44. Provisions relating to funding standard. 45. Provisions relating to schemes commencing before commencement of this Part. 46. Matters to which actuary is to have regard. 47. Limitations on calculation of resources of relevant scheme. 48. Priorities on winding up of relevant scheme. 49. Funding proposal. 50. Direction by Board to trustees. 51. Qualification for appointment as actuary of scheme. 52. Exclusion from and modification of Part IV and Third Schedule. 53. Conflict between Part IV and schemes.
PART V
Disclosure of Information in Relation to Schemes
54. Disclosure of information in relation to schemes. 55. Annual reports. 56. Audited accounts and actuarial valuations. 57. Modification of Part V. 58. Conflict between Part V and schemes.
PART VI
Trustees of Schemes
59. General duties of trustees of scheme. 60. Duty to register scheme. 61. Restriction of Perpetual Funds (Registration) Act, 1933. 62. Selection by members of funded schemes of persons for appointment as trustees. 63. Appointment and removal of trustees by High Court. 64. Appointment and removal of trustees by Board.
PART VII
Equal Treatment FOR Men and Women in Occupational Benefit Schemes
65. Interpretation (Part VII). 66. Schemes to comply with principle of equal treatment. 67. Principle of equal treatment. 68. Onus of proof in certain cases. 69. Supplementary provisions to section 66. 70. Equal treatment and access to schemes. 71. Non-compliance, compulsory levelling up. 72. Maternity provisions. 73. Family leave provisions. 74. Principle of equal treatment and collective agreements, etc. 75. Determination of disputes. 76. Equality officers. 77. Investigation of disputes by Court. 78. Powers of Court under section 77. 79. Failure to implement determination of Court. 80. Offences relating to certain dismissals and effect, etc. 81. Provisions supplemental to section 80.
FIRST SCHEDULE
An Bord Pinsean—The Pensions Board
SECOND SCHEDULE
Preservation and Revaluation of Benefits
PART A
Preservation of Benefits
PART B
Revaluation of Preserved Benefits
THIRD SCHEDULE
Funding Standard—Benefits
Acts Referred to Companies Acts, 1963 to 1986 European Assembly Elections Act, 1977 1977, No. 30 European Assembly Elections Act, 1984 1984, No. 6 Finance Act, 1972 1972, No. 19 Health Acts, 1970 to 1987 Industrial Relations Act, 1946 1946, No. 26 Insurance Act, 1989 1989, No. 3 Local Government Act, 1941 1941, No. 23 Maternity (Protection of Employees) Act, 1981 1981, No. 2 Perpetual Funds (Registration) Act, 1933 1933, No. 22 Registration of Title Act, 1964 1964, No. 16 Social Welfare (Consolidation) Act, 1981 1981, No. 1 Trade Union Act, 1941 1941, No. 22
Number 25 of 1990
PENSIONS ACT, 1990
AN ACT TO REGULATE OCCUPATIONAL PENSION SCHEMES AND TO PROVIDE FOR EQUAL TREATMENT OF MEN AND WOMEN UNDER OCCUPATIONAL BENEFIT SCHEMES, FOR THOSE PURPOSES TO PROVIDE FOR THE ESTABLISHMENT OF A BODY (TO BE KNOWN AS AN BORD PINSEAN—THE PENSIONS BOARD) TO SUPERVISE SUCH SCHEMES AND THEIR OPERATION, TO DEFINE THE FUNCTIONS OF THAT BODY AND TO PROVIDE FOR CONNECTED MATTERS. [24th July, 1990]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Preliminary and General
	Short title and commencement.	1.—(1) This Act may be cited as the Pensions Act, 1990.
	(2) This Act shall come into operation on such day or days as may be appointed by order or orders of the Minister, either generally or with reference to a particular purpose or provision, and different days may be so appointed for different purposes and different provisions of this Act.
	Interpretation.	2.—(1) In this Act, unless the context otherwise requires—
	“actuarial value” means the equivalent cash value of a benefit (including, where appropriate, provision for any revaluation of such benefit) calculated by reference to appropriate financial assumptions and making due allowance for the probability of survival to normal pensionable age and thereafter in accordance with normal life expectancy on the assumption that the member of a scheme, at the effective date of calculation, is in a normal state of health having regard to his age;
	“actuary”, in relation to a scheme, means a person appointed in pursuance of this Act to act as actuary, for the purposes of this Act, of the scheme, and “actuarial” shall be construed accordingly;
	“additional voluntary contributions” means such contributions (if any) as are paid on a voluntary basis by a member of a scheme and are designed to fully provide additional benefits;
	“administrator” has the meaning assigned to it by section 13 (1) of the Finance Act, 1972 ;
	“auditor”, in relation to a scheme, means a person appointed in pursuance of this Act to act as auditor, for the purposes of this Act, of the scheme;
	“benefits”, in relation to a scheme, means, other than in Part VII , either or both of the following, that is to say—
	(a) benefit for the member of a scheme at normal pensionable age or in respect of earlier or later retirement, or on leaving the relevant employment, and
	(b) benefit for the member's widow, widower, or dependants or others, on the death of the member;
	“the Board” means the body established by section 9 ;
	“chairman of the Board” shall be construed in accordance with paragraph 3 of the First Schedule ;
	“the chief executive” means the chief officer of the Board appointed under section 15 ;
	“defined benefit scheme” means, subject to section 27 , a scheme which is not a defined contribution scheme;
	“defined contribution scheme” means, subject to section 27 , a scheme which, under its rules, provides long service benefit, the rate or amount of which is in total directly determined by the amount of the contributions paid by or in respect of the member and includes a scheme the contributions under which are used, directly or indirectly, to provide—
	(a) benefits, other than long service benefit, and
	(b) long service benefit the rate or amount of which is in total directly determined by the part of the contributions aforesaid that is used for the provision of the long service benefit;
	“the establishment day” means the day appointed by the Minister under section 8 ;
	“functions” includes powers and duties;
	“funded scheme” means a scheme under which some or all of its resources are set aside in advance to provide benefits in a manner which is independent of the employer's business activities;
	“long service benefit” means the benefits which will be payable under a scheme in accordance with an obligation to or in respect of a member of a scheme on the assumption that he remains in relevant employment until such time as he attains normal pensionable age;
	“member”, in relation to a scheme, means any person who, having been admitted to membership under the rules of the scheme, remains entitled to any benefit under the scheme;
	“the Minister” means the Minister for Social Welfare;
	“normal pensionable age” means the earliest age at which a member of a scheme is entitled to receive benefits under the rules of the scheme on retirement from relevant...