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Number 18 of 2002
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PENSIONS (AMENDMENT) ACT, 2002
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ARRANGEMENT OF SECTIONS
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PART 1
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Preliminary and General
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Section
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1.
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Short title, collective citation, construction and commencement.
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2.
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Definitions.
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PART 2
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Personal Retirement Savings Accounts
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PART 3
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Pensions Ombudsman
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5.
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Insertion of Part XI in Principal Act.
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PART 4
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Amendments of Existing Provisions of Principal Act
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Chapter 1
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Amendments to Part 1 of Principal Act
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6.
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Amendment of section 2(1) of Principal Act.
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7.
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Amendment of section 3(1) of Principal Act.
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8.
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Further amendment of section 3 of Principal Act.
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9.
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Amendment of section 4 of Principal Act.
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10.
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Amendment of section 5(3) of Principal Act.
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11.
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Amendment of section 5B of Principal Act.
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12.
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Provision in relation to professional guidance issued by Society of Actuaries in Ireland.
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Chapter 2
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Amendments to Part II of Principal Act
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13.
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Amendment of section 10(1) of Principal Act.
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14.
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Amendment of section 18 of Principal Act.
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Chapter 3
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Amendments to Part III of Principal Act
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15.
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Amendment of Part III (title thereof) of Principal Act.
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16.
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Amendment of section 27(1) of Principal Act.
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17.
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Amendment of section 28 of Principal Act.
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18.
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Amendment of section 29 of Principal Act.
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19.
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Amendment of section 30 of Principal Act.
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20.
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Amendment of section 32 of Principal Act.
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21.
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Amendment of section 33 of Principal Act.
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22.
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Amendment of section 34 of Principal Act.
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23.
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Contributory retirement benefit for persons leaving schemes after 1 June 2002.
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24.
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Amendment of section 36 of Principal Act.
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25.
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Amendment of section 37 of Principal Act.
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26.
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Amendment of section 39 of Principal Act.
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Chapter 4
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Amendments to Part IV of Principal Act
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27.
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Amendment of section 41 of Principal Act.
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28.
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Amendment of section 42 of Principal Act.
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29.
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Amendment of section 43 of Principal Act.
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30.
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Amendment of section 44 of Principal Act.
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31.
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Amendment of section 45 of Principal Act.
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32.
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Amendment of section 46(1) of Principal Act.
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33.
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Amendment of section 48 of Principal Act.
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34.
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Amendment of section 49(4) of Principal Act.
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Chapter 5
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Amendments to Part V of Principal Act
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35.
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Amendment of Part V (title thereof) of Principal Act.
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36.
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Amendment of section 54 of Principal Act.
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37.
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Amendment of section 55 of Principal Act.
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38.
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Amendment of section 56 of Principal Act.
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39.
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Indexation of pensions under certain schemes to be considered by trustees.
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40.
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Amendment of section 57 of Principal Act.
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41.
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Obligation of employer to remit contributions under scheme.
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Chapter 6
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Amendments to Part VI of Principal Act
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42.
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Amendment of section 59 of Principal Act.
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43.
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Certain duties of trustees with respect to windings-up and bulk transfers and invalidity of certain acts.
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44.
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Amendment of section 62 of Principal Act.
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Chapter 7
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Amendment to Part VII of Principal Act
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45.
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Amendment of section 80 of Principal Act.
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Chapter 8
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Amendments to Part VIII of Principal Act
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46.
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Amendment of section 82 of Principal Act.
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47.
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Amendment of section 83 of Principal Act.
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48.
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Amendment of section 84 of Principal Act.
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49.
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Amendment of section 85 of Principal Act.
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Chapter 9
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Amendments to Schedules to Principal Act
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50.
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Amendment of First Schedule to Principal Act.
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51.
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Amendment of Second Schedule (title thereof) to Principal Act.
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52.
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Amendment of Part A of Second Schedule to Principal Act.
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53.
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Amendment of Part B of Second Schedule to Principal Act.
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54.
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Insertion of Part C in Second Schedule to Principal Act.
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55.
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Amendment of Third Schedule to Principal Act.
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PART 5
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Amendments of Miscellaneous Other Enactments and Saving
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56.
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Amendment of Social Welfare (Consolidation) Act, 1993.
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57.
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Pension adjustment orders.
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58.
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Non-application of Ombudsman Act, 1980, in relation to matters cognisable under Part XI of Principal Act.
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59.
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Saving.
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Acts Referred to
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Civil Service Commissioners Act, 1956
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1956, No. 45
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Civil Service Regulation Act, 1956
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1956, No. 46
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Civil Service Regulation Acts, 1956 and 1958
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Companies Act, 1963
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1963, No. 33
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Companies Act, 1990
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1990, No. 33
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Companies Acts, 1963 to 2001
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Courts Act, 1981
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1981, No. 11
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Employment Agency Act, 1971
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1971, No. 27
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European Parliament Elections Act, 1997
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1997, No. 2
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Family Law Act, 1995
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1995, No. 26
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Family Law (Divorce) Act, 1996
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1996, No. 33
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Finance Act, 1972
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1972, No. 19
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Finance Act, 2000
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2000, No. 3
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Finance Act, 2001
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2001, No. 7
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Insurance Act, 1989
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1989, No. 3
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Investment Intermediaries Act, 1995
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1995, No. 11
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Investment Limited Partnerships Act, 1994
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1994, No. 24
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Local Government Act, 1941
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1941, No. 23
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Local Government Act, 2001
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2001, No. 37
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Ombudsman Act, 1980
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1980, No. 26
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Payment of Wages Act, 1991
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1991, No. 25
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Pensions Act, 1990
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1990, No. 25
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Pensions (Amendment) Act, 1996
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1996, No. 18
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Protection of Employees (Employers' Insolvency) Act, 1984
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1984, No. 21
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Protection of Employees (Part-Time Work) Act, 2001
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2001, No. 45
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Social Welfare Act, 1993
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1993, No. 5
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Social Welfare Act, 2000
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2000, No. 4
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Social Welfare (Consolidation) Act, 1993
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1993, No. 27
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Stock Exchange Act, 1995
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1995, No. 9
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Taxes Consolidation Act, 1997
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1997, No. 39
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Unit Trusts Act, 1990
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1990, No. 37
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Number 18 of 2002
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PENSIONS (AMENDMENT) ACT, 2002
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AN ACT TO AMEND AND EXTEND THE PENSIONS ACT, 1990, AND TO PROVIDE FOR RELATED MATTERS.
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[13th April, 2002]
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BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
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PART 1
Preliminary and General
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Short title, collective citation, construction and commencement.
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1.—(1) This Act may be cited as the Pensions (Amendment) Act, 2002.
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(2) The Principal Act, the Pensions (Amendment) Act, 1996 , and this Act may be cited together as the Pensions Acts, 1990 to 2002, and shall be construed together as one.
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(3) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.
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(4) Without prejudice to the generality of the foregoing, different days may be so appointed for the coming into operation of section 3 of this Act as respects different provisions of the Part inserted in the Principal Act by that section.
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Definitions.
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2.—In this Act—
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“Minister” means the Minister for Social, Community and Family Affairs;
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“Principal Act” means the Pensions Act, 1990 .
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PART 2
Personal Retirement Savings Accounts
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Insertion of Part X in Principal Act.
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3.—The Principal Act is amended by the insertion of the following Part after Part IX—
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“Part X
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Personal Retirement Savings Accounts
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Interpretation (Part X).
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91.—(1) In this Part, unless the context otherwise requires—
‘administrator’ means a person to whom a PRSA provider delegates in pursuance of this Part its administrative functions in relation to a PRSA;
‘applicant’ means a person who applies for approval of a PRSA product under section 94;
‘Central Bank’ means the Central Bank of Ireland;
‘charges’ includes—
(a) fees, levies or penalties imposed by the PRSA provider;
(b) fees, levies or penalties imposed or made on or in relation to any pooled fund held for the purposes of a PRSA and on or in relation to any pooled fund held within such a pooled fund;
(c) the net proceeds of the process commonly known as stocklending (involving the sale of assets with an agreement for repurchase) of the assets held (including those held within any pooled fund and any pooled fund held within such a pooled fund) for the purposes of a PRSA that do not accrue to the PRSA contributor;
(d) the proceeds of any rounding of unit prices of the pooled funds held for the purposes of a PRSA and on any pooled fund held within those pooled funds that do not accrue to the PRSA contributor;
(e) any deductions from the assets to meet the costs of auditors or custodians, including such deductions from the assets of the pooled funds held for the purposes of a PRSA and from any pooled fund held within those pooled funds;
(f) any value-added tax on the charges;
(g) the costs of transactions in investments (including transactions of investments held within any pooled fund and any pooled fund held within those pooled funds) that are incurred in excess of those that would be incurred on a competitive arm's length basis;
(h) any reduction in the interest rate received on deposits or investment return obtained on other assets below that which would be obtainable on a competitive arm's length basis from other comparable deposits or assets;
(i) any deduction from the PRSA assets or a contribution for the benefit of the PRSA provider, any intermediary, including an investment business firm authorised under the Investment Intermediaries Act, 1995 , or a member firm authorised under the Stock Exchange Act, 1995 , or the employer;
(j) the charges on any insurance contract held as a PRSA asset that would be included within...
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