S.I. No. 604/2005 - Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations, 2005

2. Article 3 of the Occupational Pension Schemes (Preservation of Benefits) Regulations 2002 is amended by the insertion after sub-article (4) of the following sub-article

“(5) For the purpose of section 34(2) of the Act, the transfer payment in the case of a defined contribution and a defined benefit scheme shall be calculated in accordance with the guidance note issued by the Society of Actuaries in Ireland in relation to transfer payments.”.

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 34 of the Pensions Act provides that a member of a funded scheme who is entitled to a preserved benefit, shall be entitled to the transfer of an amount of money from the scheme by making an application in writing to the trustees of the scheme. These regulations provide that such transfer payment shall be calculated in accordance with the guidance note issued by the Society of Actuaries in Ireland in relation to transfer payments.

S.I. No. 604 of 2005

OCCUPATIONAL PENSION SCHEMES (PRESERVATION OF BENEFITS) (AMENDMENT) REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5 and 34 (2) (as amended by section 23 of the

Social Welfare (Miscellaneous Provisions) Act, 2004

(No. 9 of 2004) of the

Pensions Act, 1990

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

Citation and commencement.

1.(1) These Regulations may be cited as the Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations, 2005.

(2) These Regulations and the Occupational Pension Schemes (Preservation of Benefits Regulations, 2002 (

S.I. No. 279 of 2002

) shall be construed together as one and may be cited as the Occupational Pension Schemes (Preservation of Benefits) Regulations 2002 to 2005.

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

Amendment of Regulations.