IE
S.I. No. 506/2002 - Personal Retirement Savings Accounts (Fees) Regulations, 2002
Statutory Text (3 Articles)
1. These Regulations may be cited as the Personal Retirement Savings Accounts (Fees) Regulations, 2002.
Definitions.
2. In these Regulations “the Act” means the
Pensions Act, 1990 (No. 25 of 1990)
.
Fees.
3.(1) The fees payable under section 96(1)(f) of the Act, at the time of application to the Board by the applicant, shall be
(a) in the case of an applicant in respect of whom no PRSA product has yet been approved by the Board, a fee of €20,000 to include approval of one PRSA product, and
(b) in the case of an applicant in respect of whom a PRSA product has been approved by the Board, a fee of €5,000 to include approval of one PRSA product.
(2) The amount of the annual fee payable by a PRSA provider to the Board under section 117(5) shall be
(a) €2000 multiplied by the number of PRSA products of that PRSA provider for the time being approved by the Board, and
(b) an amount equal to 0.05% of the total PRSA assets held under the terms of PRSA contracts of that PRSA provider.
(3) The fee specified in sub-article (2) shall be remitted to the Board on or before 31 January in each year.
GIVEN
under the Official Seal of the Minister for Social and Family Affairs, this 7
th
day of November, 2002
Mary Coughlan
Minister for Social and Family Affairs.
The Minister for Finance hereby consents to the making of the foregoing Regulations.
GIVEN
under the Official Seal of the Minister for Finance, this 7
th
day of November, 2002
Charlie Mc Creevey
Minister for Finance
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
Section 96
of the
Pensions Act, 1990
provides for the payment of a fee by an applicant for approval of a PRSA product.
Section 117
(5) of the
Pensions Act, 1990
provides for the payment of an annual fee by a PRSA provider. These regulations contain the detailed provisions in relation to the amount of these fees and the time of payment.
The Minister for Social and Family Affairs, in exercise of the powers conferred on her by
sections 5
,
96
and
117
of the
Pensions Act, 1990
(No. 25 of 1990), hereby makes the following Regulations: -
Citation.