S.I. No. 128/2003 - Pensions (Amendment) Act, 2002, (Sections 29 and 37) (Commencement) Order, 2003

1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Sections 29 and 37) (Commencement) Order, 2003.

Commencement.

2.

Sections 29

and

37

of the

Pensions (Amendment) Act, 2002

shall come into operation on 1 July 2003.

GIVEN

under the Official Seal of the Minister for Social

and Family Affairs, this 3rd day of April 2003.

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

sections 29

and

37

of the

Pensions (Amendment) Act, 2002

.

Section 29 amends

section 43

of the

Pensions Act, 1990

, to provide a mechanism to identify schemes whose funding is likely to fall below the Minimum Funding Standard in the three and a half year interval between Actuarial Funding Certificates and to provide for corrective action is such cases.

Section 37 requires additional information in the annual report regarding the funding position of a scheme.

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.