Social Welfare and Pensions Act 2007 (Section 37) (Commencement) Order, 2007

• Jurisdiction: Ireland
• Citation: IR SI 181/2007
• Year: 2007

S.I. No. 181 of 2007

SOCIAL WELFARE AND PENSIONS ACT 2007 (SECTION 37) (COMMENCEMENT) ORDER, 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 section 1(4) of the Social Welfare and Pensions Act 2007 (No. 8 of 2007), hereby orders as follows:

Citation

1. This Order may be cited as the Social Welfare and Pensions Act 2007 (Section 37) (Commencement) Order, 2007.

Commencement

2. The 27th day of April 2007 is appointed as the day on which section 37 of the Social Welfare and Pensions Act 2007 comes into operation, in so far as it relates to—

(a) Part 1 of Schedule 2,

(b) Part 2 of Schedule 2 (except in so far as it relates to section 3A of the Pensions Act 1990 (No.25 of 1990)) and,

(c) Part 3 of Schedule 2

of the Social Welfare and Pensions Act 2007 .

GIVEN under my Official Seal,

25 April 2007

SÉAMUS BRENNAN

Minister for Social and Family Affairs.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation).

This Order provides for the commencement of section 37 of the Social Welfare and Pensions Act 2007 with effect from the 27th April 2007, as follows.:

Part 1 of Schedule 2 to the Act provides for amendments to the Pensions Act in relation to Trust Retirement Annuity Contracts (trust RACs). While most RACs are set up under individual contracts with an insurer and are governed by the Life Directives, it is the view of the Department of Social and Family Affairs and the Pensions Board that trust RACs come under the remit of the Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (known as the IORPs Directive). In order to comply fully with the provisions of the IORPs Directive, it is therefore necessary to bring such trust RACs under the remit of certain provisions of the Pensions Act where appropriate.

Part 2 of Schedule 2 to the Social Welfare and Pensions Act 2007 (other than in so far as it relates to section 3A of the Pensions Act 1990 ) provides for amendments to the Pensions Act in relation to fines and penalties, which may be imposed under the Act, as follows—

• amends the Pensions Act, where appropriate, to provide that any fines imposed under the Act shall not be paid out of the resources of the scheme, trust RAC or out of the assets of any PRSA, as...