S.I. No. 359/2003 - Pensions (Amendment) Act, 2002, (Section 125) (Commencement) Order, 2003

1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Section 125) (Commencement) Order, 2003.

Commencement.

2. The 31st day of July 2003 is hereby appointed as the day on which Section 125 shall come into operation.

GIVEN

under the Official Seal of the Minister for Social

and Family Affairs, this 31

st

day of July 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

section 125

of the

Pensions Act, 1990

as inserted by the

Pensions (Amendment) Act, 2002

with effect from 31st July 2003.

Section 125 (1) provides that existing Retirement Annuity Contract (RAC) policyholders will be permitted, by mutual agreement and subject to Regulations to transfer assets from an RAC to a PRSA.

Section 125(2) provides that where a Defined Contribution scheme is to be terminated and it's assets transferred to a PRSA or PRSAs, the employer must provide to members all relevant information relating to the termination of the trust and the conclusion of the PRSA contract at least 3 months before the trust is terminated.

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.