S.I. No. 341/2003 - Personal Retirement Savings Accounts (Operational Requirements) (Amendment) Regulations, 2003

1. These Regulations may be cited as the Personal Retirement Savings Accounts (Operational Requirements) (Amendment) Regulations 2003.

Amendments to regulations.

2. The Personal Retirement Savings Accounts (Operational Requirements) Regulations, 2002 (

S.I. No. 503 of 2002

) are amended by-

(a) substituting the following for article 7

“7. In signing a certificate under section 94(1)(b) of the Act, a PRSA Actuary shall comply with any guidance issued by the Society of Actuaries in Ireland for that purpose.”,

(b) substituting the following for article 9

“9. (1) The determination of a PRSA Actuary required under section 119(1) shall

(a) specify the extent to which the PRSA provider has complied with Part X of the Act and regulations made thereunder,

(b) specify, if such be the case, that the advice given by the PRSA actuary and any guidance notes issued by the Society of Actuaries in Ireland pursuant to the provisions of the Act and regulations made under the Act have been complied with by the PRSA provider subject to any qualifications amplifications or explanations in relation to that advice as the PRSA actuary considers appropriate, and

(c) include the declaration made by the PRSA provider in accordance with sub-article (2).

(2) A PRSA provider shall furnish a declaration in the form set out in Schedule C in respect of each financial year of the PRSA provider, stating, if such be the case, that all information requested by the PRSA actuary for the purpose of making his determination in accordance with sub-article (1) has been provided to the PRSA actuary and is accurate and the PRSA provider shall include in the declaration such qualifications amplifications or explanations as the PRSA provider considers appropriate.

(3) The certificate of the PRSA actuary required under section 119(2) of the Act shall be signed on an annual basis within the period specified in sub-article (6) in relation to the determination and shall be in the form set out in Schedule D.

(4) In making a determination in accordance with sub-article (1) or preparing a certificate required under section 119(2) of the Act a PRSA Actuary shall comply with any professional guidance issued by the Society of Actuaries in Ireland for those purposes.

(5) The determination of a PRSA actuary made in accordance with sub-article (1) shall be made initially within 18 months or less of the first date of approval by the Board of a PRSA product for the PRSA provider and thereafter at annual intervals.

(6) The period within which the determination referred to in sub-article (5) shall be made shall be within two months of:-

(a) the 31st day of December immediately following the first date of approval by the Board of a PRSA product of the PRSA provider or the 31st day of December in the next following year if that falls within 18 months of the said approval, and

(b) each following 31st day of December commencing with the 31st day of December next following the first determination.

(7) A person shall not be qualified for appointment as a PRSA actuary unless he is a Fellow Member of the Society of Actuaries in Ireland.”, and

(c) substituting for Schedule C the following

SCHEDULE C Article 9 (2)

DECLARATION OF PRSA PROVIDER UNDER ARTICLE 9(2) OF THE PERSONAL RETIREMENT SAVINGS ACCOUNTS (OPERATIONAL REQUIREMENTS) REGULATIONS, 2002

Name and address of PRSA provider

Calendar Year Ended

I hereby certify that the information requested by the PRSA actuary pursuant to his or her

[illegible]

under the

Pensions Act 1990

and regulations made under the

Pensions Act 1990

[illegible]

provided to the PRSA actuary and is accurate [subject to the qualifications

[illegible]

and explanations set out in this declaration].*

[illegible]

that no qualifications to, amplifications or explanations of this declaration are

[illegible]

.*

[illegible]

eclaration is subject to the following qualifications, amplifications and explanations:*

[illegible]

_____________________

Director

______________________

Director

________________.”

Article 9 (3)

DECLARATION OF PRSA ACTUARY UNDER ARTICLE 9(3)

[illegible]

OF THE PERSONAL RETIREMENT SAVINGS ACCOUNTS (OPERATIONAL REQUIREMENTS) REGULATIONS, 2002

Address of PRSA provider

Year ended

Address of PRSA actuary

I hereby certify that, in respect of the above calendar year the amounts deducted by way of charges from all PRSA products operated by the above PRSA provider:-

(a) comply with Part X of the

Pensions Act, 1990

, and

(b) are consistent with the documentation disclosed by the PRSA provider to its customers pursuant to the Personal Retirement Savings Accounts (Disclosure Regulations, 2002.

Signed_______________

Name of PRSA actuary

Date ________________

MARY COUGHLAN

GIVEN

under the Official Seal of the Minister for Social and Family Affairs, this 24th day of July, 2003

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.)

Section 119

of the

Pensions Act 1990

provides that a PRSA Actuary shall determine the extent to which a PRSA provider has complied with Part X of the Pensions Act. Section 119 was amended by the

Social Welfare (Miscellaneous Provisions) Act, 2003

(2003 Act) to require a PRSA Actuary to comply with any guidance specified in regulations when preparing that determination. These regulations so specify.

Section 119 was also amended by the 2003 Act to provide that a PRSA Provider must sign a declaration that he has given the PRSA Actuary all the information requested and that it is accurate. These regulations prescribe the form and manner and content of that declaration and provide that it should be included in the determination of the PRSA Actuary.

The regulations also provide that the determination should also include a statement by the PRSA Actuary, if such is the case, that the PRSA provider has complied with the advice of the PRSA Actuary and Society of Actuaries in Ireland Guidance as required under the Pensions Act.

[illegible]

where not applicable

[illegible]

where not applicable

[illegible]

where not applicable

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5, 91 (as inserted by

section 3

of the

Pensions (Amendment) Act, 2002

(No. 18 of 2002)) and 119 (as amended by

section 24

of the

Social Welfare (Miscellaneous Provisions) Act, 2003

(No. 4 of 2003)) of the

Pensions Act, 1990

(No. 25 of 1990), hereby makes the following Regulations:-

Citation.