S.I. No. 187/2005 - Social Welfare and Pensions Act 2005 (Sections 38 & 39) (Commencement) Order, 2005

1. This Order may be cited as the Social Welfare and Pensions Act 2005 (Sections 38 and 39) (Commencement Order, 2005.

Commencement.

2. The 11

th

day of April 2005 is appointed as the day on which

sections 38

and

39

of the

Social Welfare and Pensions Act 2005

(No. 4 of 2005) come into operation.

GIVEN

under the Official Seal of the Minister for Social and Family Affairs, this 11th day of April, 2005.

SÉAMUS BRENNAN

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 38

and

39

of the

Social Welfare and Pensions Act 2005

with effect from 11

th

April 2005.

Section 38

extends, from 15 to 30 days, the period from the initiation of a Personal Retirement Savings Account (PRSA) contract to the date on which it becomes enforceable. This is in line with the waiting period imposed on foot of Directive 2002/65/EC in relation to distance marketing of consumer financial services.

In cases of transfers from an Occupational Pension Scheme to a PRSA, members must be provided with a certificate comparing potential benefits from the occupational pension scheme to those from the PRSA, other than in cases where the transfer value is less than €4,000.

Section 39

increases this limit from €4,000 to €10,000.

S.I. No. 187 of 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by

section 1

(4) of the

Social Welfare and Pensions Act 2005

(No. 4 of 2005) hereby orders as follows

Citation.