S.I. No. 502/2002 - Pensions (Amendment) Act, 2002 (Section 3 (In So Far As It Relates To The Insertion of Sections 91 To 120 Into The Pensions Act, 1990) and Sections 4,7,13,14,38,56 and 57) (Commencement) Order, 2002

1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Section 3 (in so far as it relates to the insertion of sections 91 to 120 into the Pensions Act, 1990) and sections 4, 7, 13, 14, 38, 56 and 57 (Commencement) Order, 2002

Commencement.

2. Section 3 (in so far as it relates to the insertion of

sections 91 to 120

into the

Pensions Act, 1990

) and

sections 4

,

7

,

13

,

14

,

38

,

56

and

57

of the

Pensions (Amendment) Act, 2002

, shall come into operation on 7 November 2002.

Given

under the Official Seal of the Minister for Social and Family Affairs, this 7th day of November, 2002.

Mary Coughlan

Minister for Social and Family Affairs.

Explanatory Memorandum

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

Section 3

of the

Pensions (Amendment) Act, 2002

, provides for the insertion in the

Pensions Act, 1990

of a new Part X which sets out the framework for the Personal Retirement Savings Accounts (PRSAs). This Order provides for the commencement of sections 91 to 120 of that Part X.

This Order also brings into force section 4 of the Pensions (Amendment) Act, which amends the

Taxes Consolidation Act, 1997

to provide for the introduction of the new PRSAs.

Section 7, 13, 14, 38, 56 and 57 which are also brought into force by this Order, provide for amendments to other sections of the Pensions Act to reflect the arrangements for the new PRSAs.

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by

section 1

of the

Pensions (Amendment) Act, 2002

(No. 18 of 2002), hereby orders as follows

Citation.