PENSIONS ACT, 1990

FIRST SCHEDULE An Bord Pinsean — The Pensions Board

An Bord Pinsean — The Pensions Board

Section 9 (2).

1. The Board shall be a body corporate with perpetual succession and an official seal and power to sue and be sued in its corporate name and, with the consent of the Minister, to acquire, hold and dispose of land or an interest in land or to acquire, hold and dispose of any other property.

2. The Board shall consist of a chairman, and 12 ordinary members, who shall be appointed to the Board by the Minister.

3. A person appointed to be the chairman of the Board may be referred to (including in any document relating to appointment) by that designation or by such other designation as the Board considers with the concurrence of the Minister appropriate.

4. The chairman of the Board may at any time resign his office by letter addressed to the Minister.

5. Notwithstanding paragraph 10 (1) the Minister may at any time remove the chairman of the Board from office.

6. Subject to the provisions of this Schedule, the chairman of the Board shall hold office on such terms and conditions as the Minister may determine.

7. The chairman of the Board shall be paid, out of moneys at the disposal of the Board, such remuneration (if any) and allowances for expenses incurred by him (if any) as the Minister, with the consent of the Minister for Finance, may determine.

8. (1) Of the ordinary members of the Board—

(a) one shall be a trade union member,

(b) one shall be an employers' member,

(c) two shall be representative of occupational pension schemes,

(d) one shall be a representative of the actuarial profession,

(e) one shall be a representative of the accounting profession,

(f) one shall be a representative of the legal profession,

(g) one shall be a representative of the Minister for Finance, and

(h) one shall be a representative of the Minister.

(2) The trade union member of the Board shall be a person nominated for appointment thereto by such organisation as the Minister considers to be representative of trade unions of workers as the Minister may determine.

(3) The employers' member of the Board shall be a person nominated for appointment thereto by such organisation as the Minister considers to be representative of employers as the Minister may determine.

(4) The members of the Board representing occupational pension schemes shall be persons nominated for appointment thereto by such organisation or organisations as the Minister considers to be representative of occupational pension schemes.

(5) The member of the Board representing the actuarial profession shall be a person nominated for appointment thereto by such organisation or organisations as the Minister considers to be representative of the actuarial profession.

(6) The member of the Board representing the accounting profession shall be a person nominated for appointment thereto by such organisation or organisations as the Minister considers to be representative of the accounting profession.

(7) The member of the Board representing the legal profession shall be a person nominated for appointment thereto by such organisation as the Minister considers to be representative of the legal profession.

(8) The member of the Board representing the Minister for Finance shall be such officer of the Minister for Finance as the Minister for Finance may determine.

(9) The member of the Board representing the Minister shall be such officer of the Minister as the Minister may determine.

9. Each ordinary member of the Board shall be a part-time member of the Board and, subject to the provisions of this Schedule, shall hold office on such terms and conditions as the Minister may determine.

10. (1) The term of office of the chairman shall be 5 years.

(2) The term of office of an ordinary member of the Board shall be such period not exceeding 5 years as the Minister may, with the consent of the Minister for Finance, determine when appointing him and, subject to the provisions of this Schedule, shall be eligible for re-appointment as such member.

11. (1) If an ordinary member of the Board dies, resigns, becomes disqualified or is removed from office, the Minister may appoint a person to be a member of the Board to fill the casual vacancy so occasioned and the person so appointed shall be appointed in the same manner as the member of the Board who occasioned the casual vacancy.

(2) A person appointed to be a member of the Board by virtue of this subparagraph shall hold office for the remainder of the term of office of the member occasioning the vacancy he is appointed to fill and shall be eligible for re-appointment as a member of the Board.

12. A member of the Board whose term of office expires by effluxion of time shall be eligible for re-appointment as a member of the Board.

13. Notwithstanding paragraph 10 (2) the Minister may at any time remove an ordinary member of the Board from office.

14. An ordinary member of the Board may resign his office as a member by letter addressed to the Minister.

15. A member of the Board shall be disqualified from holding and shall cease to hold office if he is adjudged bankrupt or makes a composition or arrangement with creditors or is sentenced by a court of competent jurisdiction to a term of imprisonment or penal servitude.

16. Each ordinary member of the Board shall be paid, out of moneys at the disposal of the Board, such remuneration (if any) and allowances for expenses incurred by him (if any) as the Minister may, with the consent of the Minister for Finance, sanction.

17. The Board shall hold such and so many meetings as it considers appropriate for the performance of its functions.

18. The Minister may fix the date, time and place of the first meeting of the Board.

19. The quorum for a meeting of the Board shall be 5.

20. At a meeting of the Board—

(a) the chairman of the Board shall, if present, be the chairman of the meeting,

(b) if and so long as the chairman of the Board is not present or if the office of chairman is vacant, the members of the Board who are present shall choose one of their number to be chairman of the meeting.

21. The chairman of the Board, and each ordinary member of the Board, present at a meeting thereof shall have a vote.

22. Every question at a meeting of the Board shall be determined by a majority of the votes of the members present and voting on the question and, in the case of an equal division of votes, the chairman of the meeting shall have a second or casting vote.

23. The Board may act notwithstanding one or more than one vacancy among its members.

24. Subject to the provisions of this Schedule, the Board shall regulate, by standing orders or otherwise, the procedure and business of the Board.

25. The Board shall, as soon as may be after its establishment, provide itself with a seal.

26. The seal of the Board shall be authenticated by the signature of the chairman of the Board or some other member thereof authorised by the Board to act in that behalf and by the signature of an officer of the Board authorised by the Board to act in that behalf.

27. Judicial notice shall be taken of the seal of the Board and every document purporting to be an instrument made by the Board and to be sealed with the seal (purporting to be authenticated in accordance with paragraph 26) of the Board shall be received in evidence and be deemed to be such instrument without proof unless the contrary is shown.

28. Any contract or instrument which, if entered into or executed by a person not being a body corporate, would not require to be under seal may be entered into or executed on behalf of the Board by any person generally or specially authorised by the Board in that behalf.

SECOND SCHEDULE Preservation and Revaluation of Benefits

Preservation and Revaluation of Benefits

Section 29.

PART A Preservation of Benefits

PART A

Preservation of Benefits

Calculation of preserved benefit — defined benefit scheme

1. (1) In the case of a defined benefit scheme, where the basis of calculating long service benefit does not alter between the commencement of Part III or, if later, the date of commencement of the member's relevant employment and the date of termination of relevant employment the amount of preserved benefit shall be calculated in accordance with the formula—

A B __ C

A B

__

C

where—

A is the amount of long service benefit (excluding any such benefit which is being secured by way of additional voluntary contributions or which represents a transfer of accrued rights from another scheme) calculated at the date of termination of the member's relevant employment,

B is the period of reckonable service completed after the commencement of Part III, and

C is the period of reckonable service that would have been completed if the member had remained in relevant employment until normal pensionable age and such service had continued to qualify for long service benefit.

(2) Where the basis of calculating long service benefit is altered between the commencement of Part III or, if later, the date of commencement of the member's relevant employment and the date of termination of the member's relevant employment the amount of preserved benefit shall be the sum of—

(a) the amount calculated in accordance with the formula set out in subparagraph (1) where A is calculated on the basis of the rules of the scheme in force at the commencement of Part III or, if later, the date of commencement of the member's relevant employment, and

(b) an amount calculated in accordance with the formula—

D E _ F

D E

_

F

where—

D is the amount of the difference in long service benefit calculated at the date of termination of relevant employment applicable to the alteration,

E is the period of reckonable service completed after the date on which the basis of calculation was altered, and

F is the period of reckonable service that would have been completed from the date of such alteration if the member had remained in relevant employment until normal pensionable age and such service had continued to qualify for long service benefit

Provided that where there is more than one such alteration each alteration shall be separately calculated in accordance with this formula and they shall be aggregated for the purposes of the calculation of the amount.

(3) Any preserved benefit calculated under this paragraph shall be subject to a minimum of such amount as will ensure that the actuarial value of such benefit is equal to the amount of any contributions (excluding additional voluntary contributions) paid by the member in respect of the period of reckonable service completed after the commencement of Part III together with compound interest thereon at the rate, if any, applicable under the rules of the scheme to refunds of members' contributions on leaving service.

2. Where a scheme provides for benefits to be calculated in relation to a member's pensionable earnings at, or in a specified period, prior to his attaining normal pensionable age or on earlier death, or in some other way relative to such earnings, preserved benefit shall be calculated, in a corresponding manner, by reference to his earnings at, or in the same period before, the date of termination of his relevant employment.

Benefit provided by additional voluntary contributions

3. (1) In the case of an additional long service benefit referred to in section 29 (6) preserved benefit in respect of such additional benefit, shall include an amount calculated in accordance with the formula—

X Y __ Z

X Y

__

Z

where—

X is the amount of such additional benefit (or increase in benefit),

Y is the period of reckonable service for which the member of the scheme has contributed towards such benefit (or increase in benefit), and

Z is the period of reckonable service for which such member would have contributed towards such benefit (or increase in benefit) if he had remained in relevant employment until normal pensionable age.

(2) For the purposes of subparagraph (1), “increase in benefit” means a benefit secured by an increase in the rate of contribution previously contracted and each such increase in benefit shall for the purposes of this paragraph be treated separately.

PART B Revaluation of Preserved Benefits

PART B

Revaluation of Preserved Benefits

4. (1) Any preserved benefit payable under a defined benefit scheme shall be revalued annually at the end of each revaluation year, by adding the appropriate amount to the amount of preserved benefit as at the last day of the previous revaluation year, such preserved benefit to include any previous revaluation.

(2) Except as provided for in paragraphs 5 and 6 below the appropriate amount shall be calculated in accordance with the formula—

P R ____ 100

P R

____

100

where—

P is the amount of preserved benefit as at the last day of the previous revaluation year, and

R is the revaluation percentage.

5. (1) This paragraph applies to a scheme which provides long service benefit the rate or amount of which is calculated by reference to—

(a) the member's average pensionable earnings over the period of service on which such benefit is based, or

(b) the member's total pensionable earnings over the period of service on which such benefit is based.

(2) Any preserved benefit provided under a scheme to which subparagraph (1) applies shall be revalued—

(a) by revaluing the pensionable earnings of the member concerned during each revaluation year in any manner in which they could have been revalued during that year if the member had remained in the same reckonable service, or

(b) in accordance with paragraph 4,

whichever the trustees of the scheme consider appropriate.

6. (1) This paragraph applies to a scheme which provides long service benefit—

(a) the rate or amount of which is calculated by reference solely to the member's length of service, or

(b) which is of a fixed amount.

(2) Any preserved benefit provided under a scheme to which subparagraph (1) applies shall be revalued—

(a) during each revaluation year in any manner in which it could have been revalued during that year if the member had remained in the same reckonable service, or

(b) in accordance with paragraph 4,

whichever the trustees of the scheme consider appropriate.

7. No part of the appropriate amount to be added to preserved benefit under this Part shall be provided by reducing the amount of any benefit payable under the rules of the scheme concerned in respect of reckonable service completed before the commencement of Part III.

THIRD SCHEDULE Funding Standard — Benefits

Funding Standard — Benefits

Section 44.

1. The benefits for the purposes of this paragraph shall be all future benefits payable under the rules of the scheme to or in respect of a person in receipt of such benefits as at the effective date of the certificate.

2. The benefits for the purposes of this paragraph shall apply to or in respect of a member of a scheme on whose behalf any additional benefit has been secured or granted under the scheme by way of additional voluntary contributions or a transfer of rights from another scheme and such benefits shall be calculated as at the effective date of the certificate and shall be—

(a) where, at the effective date of the certificate, the member's service in relevant employment has terminated and a transfer payment has not been applied in accordance with section 34 or 35, preserved benefit payable in respect of such additional benefits calculated in accordance with Part III, and

(b) where, at the effective date of the certificate, the member is in relevant employment, preserved benefit in respect of such additional benefits calculated in accordance with Part III, as if the member's service in relevant employment had terminated on such date but disregarding any provision requiring the completion of a minimum period of qualifying service.

3. The benefits for the purposes of this paragraph shall be calculated as at the effective date of the certificate and shall be—

(a) in the case of a member of that scheme whose service in relevant employment terminated after the commencement of Part IV but prior to the effective date of the certificate and in respect of whom a transfer payment has not been applied in accordance with section 34 or 35 the greater of—

(i) all preserved benefits (including future revaluations thereof and those benefits payable on the death of the member entitled to preserved benefit) calculated in accordance with Part III, and

(ii) the benefits payable under the rules of the scheme in respect of reckonable service completed after the commencement of Part IV, and

(b) in the case of a member of that scheme then in relevant employment, the greater of—

(i) preserved benefits (including future revaluations thereof and those benefits payable on the death of the member entitled to preserved benefit) calculated in accordance with the provisions of Part III, and

(ii) the benefits payable under the rules of the scheme in respect of reckonable service completed after the commencement of Part IV but prior to the effective date of the certificate,

calculated as if the member's service in relevant employment had terminated, on the effective date of the certificate but disregarding any provision requiring the completion of a minimum period of qualifying service or any other provision which may prevent the member concerned from acquiring an entitlement to benefit on termination of such employment.

4. The benefits for the purposes of this paragraph shall be calculated as at the effective date of the certificate and shall be—

(a) any benefit payable under the rules of the scheme in respect of reckonable service completed prior to the commencement of Part IV to or in respect of a member of that scheme—

(i) whose service in relevant employment terminated prior to the effective date of the certificate, and

(ii) who has not excercised any right to a transfer payment to another scheme,

and

(b) a benefit payable to or in respect of a member then in relevant employment whose reckonable service commenced before the commencement of Part IV being—

(i) subject to clause (iii), in the case of a defined benefit scheme, the greater of—

(I) the amount determined by the formula—

L M __ N

L M

__

N

where—

L is the amount of long service benefit calculated as at the effective date of the certificate on the basis of the rules of the scheme in force on the commencement of Part IV,

M is the period of reckonable service completed prior to the commencement of Part IV, and

N is the period of reckonable service that would have been completed if the member had remained in relevant employment until normal pensionable age and such service had continued to qualify for long service benefit

Provided that, where the rules of the scheme in force at the commencement of Part IV provided for benefits to be calculated in relation to a member's pensionable earnings at, or in a specified period prior to, his attaining normal pensionable age or in some other way relative to such earnings, the benefit under this clause may be calculated in a corresponding manner by reference to his earnings at, or in the same period before the effective date of the certificate, and

(II) the benefits payable under the rules of the scheme in respect of reckonable service completed prior to the commencement of Part IV calculated as if the member's service in relevant employment had terminated on the effective date of the certificate but disregarding any provision which may prevent the member concerned from acquiring an entitlement to benefit on termination of relevant employment,

(ii) in the case of a defined contribution scheme, a benefit whose actuarial value is equal to the then accumulated value of the contributions paid by or in respect of the member of the scheme for the purpose of long service benefit prior to the commencement of Part IV,

(iii) in the case of a defined benefit scheme where the rate or amount of part of the long service benefit payable thereunder is directly determined by an amount of contribution paid by or in respect of the member, in so far as it relates to such part of the long service benefit, a benefit calculated in accordance with clause (ii) and in so far as it relates to the remaining part of the long service benefit, a benefit calculated in accordance with clause (i).