S.I. No. 603/2005 - Occupational Pension Schemes (Professional Guidance) Regulations, 2005

1. These Regulations may be cited as the Occupational Pension Schemes (Professional Guidance) Regulations, 2005.

(2) These Regulations come into operation on 23 September 2005.

Professional guidance.

2. The guidance specified for the purposes of section 7A is any guidance note issued by the Society of Actuaries in Ireland in relation to-

(a) the preparation of actuarial funding certificates in accordance with section 42 of the Pensions Act,

(b) the certification of funding proposals in accordance with

section 49

of the

Pensions Act, 1990

, and

(c) the calculation of transfer values in accordance with

section 34

of the

Pensions Act, 1990

.

GIVEN

under the Official Seal of the Minister for Social and Family Affairs, this 22

nd

day of September 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.)

Section 29

of the

Social Welfare and Pensions Act 2005

amended section 7A of the Pensions Act to ensure that where guidance, as specified in Regulations, is issued by the Society of Actuaries in Ireland, it may not be altered by the Society without Ministerial Consent. These regulations specify the provisions of the Pensions Act in relation to which such guidance, as issued, may not be altered. These are-

• the preparation of Actuarial Funding Certificates

• the certification of funding proposals, and

• the calculation of transfer values.

S.I. No. 603 of 2005

OCCUPATIONAL PENSION SCHEMES (PROFESSIONAL GUIDANCE) REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5 and 7A (as amended by

section 29

of the

Social Welfare and Pensions Act 2005

(No. 4 of 2005)) of the

Pensions Act, 1990

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

Citation and Commencement.