S.I. No. 609/2002 - Pensions (Amendment) Act, 2002, (Certain Sections) (Commencement) Order, 2002

1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Certain Sections) (Commencement) Order, 2002.

Commencement.

2. The 1

st

day of January, 2003, is hereby appointed as the day on which Section 41 and Section 42 (for the purpose of inserting into the Principal Act so much of Section 59 mentioned in that section as imposes obligations on trustees (other than obligations in relation to the investment of resources of the scheme in accordance with directions given by members) (that is to say Section 59(1)) shall come into operation.

GIVEN

under the Official Seal of the Minister for Social and Family Affairs, this 18

th

day of December 2002.

MARY COUGHLAN

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 certain provisions of the

Pensions (Amendment) Act, 2002

as follows

This Order provides that

section 41

of the

Pensions (Amendment) Act, 2002

, comes into operation on 1

st

January 2003. Section 41 inserts a new section (58A) into the

Pensions Act 1990

the effect of which is to require employers to remit certain contributions in respect of schemes within a specified time limit.

The Order also provides that section 42, in so far as it inserts

section 59

(1) in to the

Pensions Act, 1990

come into operation on 1

st

January 2003. Section 59(1) amends the existing section 59 by inserting an additional requirement that contributions received by trustees must be invested within 10 days of receipt. It also implements Article 5 of the Mobility Directive by providing that trustees must make arrangements to pay benefits, net of taxes and transaction charges, in any Member State.

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.