S.I. No. 633/2005 - Occupational Pension Schemes (Disclosure Of Information) Regulations, 2005

1. A description of the different types of investments which could be made at the direction of the member (the “investment alternatives”).

2. A statement as to which one or more of the investment alternatives will be the default investment strategy which the trustees shall implement in respect of a member unless the member directs the trustees in writing to invest in one or more of the investment alternatives as selected by the trustees. The statement may include a provision that where more than one investment alternative is included by the trustees in the statement under this paragraph, the trustees may decide at the date of investment in which one or more of the investment alternatives, and in what proportions, the trustees will invest.

3. The identity of the investment manager or managers.

4. With respect to each investment alternative, a general description by the trustees of or information received by the trustees in respect of-

(a) its investment objectives,

(b) its risk and return characteristics, and

(c) the type and diversification of assets comprising the portfolio of the investment alternative.

5. With regard to members' directions-

(a) an explanation of when members may give or vary directions;

(b) an explanation of any specified limitations on such directions under the terms of the scheme, the investment alternative or otherwise;

(c) information on any restrictions on transfer to or from an investment alternative.

6. A description of the charges levied on each investment alternative which reduce contributions on their investment and/or the rate of return to members.

7. The name or title and address of the person or persons to whom enquiries about the investment alternatives should be sent.

8. If the scheme rules include a provision that the trustees are not liable for poor investment returns as a result of investments made by the trustees or made by the trustees as a result of directions from a member, a statement to that effect.

9. Information on the investment portfolio, risk exposures and the costs related to investments.

GIVEN under the Official Seal of the Minister for Social and Family Affairs, this 20

th

day of September 2005.

SÉAMUS BRENNAN

Minister for Social and Family Affairs

The Minister for Finance hereby consents to the making of the foregoing Regulations.

GIVEN under the Official Seal of the Minister for Finance, this 30

th

day of September 2005.

BRIAN COWEN

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations revoke, on a phased basis, the existing regulations relating to disclosure of information and replace them, again on a phased basis, with these Regulations.

The Regulations regulate the disclosure of financial and other information by occupational pension schemes. Under the Regulations the trustees of schemes are required to obtain annual audited accounts and reports containing specified financial information, prepared by an auditor who fulfils certain requirements. The trustees must also obtain an actuarial valuation of the scheme at specified intervals, which, in the case of a defined benefits scheme, must be prepared by a qualified actuary (who is defined in the Regulations).

In addition, trustees of schemes must provide an annual report containing, inter alia, where applicable, a copy of the annual audited accounts for the scheme year, a copy of the latest actuarial funding certificate, a trustees' financial review of the scheme and an investment report. For schemes with less than 100 members (which includes active and deferred members but not pensioners) schemes, in place of the full requirements for audited accounts and reports, have the option of issuing a shortened annual report prepared by a qualified auditor or, where the benefits are secured under an insurance contract, a person designated by the insurance company.

The Regulations also provide for the trustees to make available documents containing information about the constitution of the scheme for inspection by specified persons, and for copies to be furnished on request on payment of a reasonable charge. Certain basic information mainly about the contribution and benefit structure of the scheme must be given by the trustees to every member on joining the scheme and to members and other specified persons on request and for material alterations to be drawn to the attention of members.

Also, information about individual benefit entitlements must be furnished by the trustees to specified persons in specified circumstances.

10. A statement that any contingent benefit awarded under a Pension Adjustment Order ceases to have effect

11. A statement that the member spouse has ceased to be a member of the scheme.

SCHEDULE I

Article 18

INFORMATION IN RELATION TO INVESTMENT ALTERNATIVES FOR SCHEMES WHICH PROVIDE FOR MEMBERS' DIRECTIONS ON INVESTMENT

12. Whether a Pension Adjustment Order has been issued in respect of the member's benefit under the scheme and if so either a statement of the effect of the Pension Adjustment Order or details as to where further information relating to the effect and operation of the Pension Adjustment Order on the benefits to or in respect of the member may be obtained.

13. A Statement of Reasonable Projection - DC which specifies the level of benefits which could reasonably be expected at a date specified in the projection to be payable under the scheme based, in the case of a defined contribution scheme or the DC Element of a defined benefit scheme on the contributions paid and/or credited and the additional voluntary contributions paid and/or credited, by or on behalf of the member to the scheme, at the date of the statement and on any transfer in respect of accrued rights (including transfer payments and transfer amounts) received by the scheme on behalf of the member at the date of the statement. This level of benefits must be expressed on assumptions, which must be stated, as to investment return and the benefits not becoming payable before the date specified in the projection.

SCHEDULE F

Article 15

.

INFORMATION TO BE MADE AVAILABLE - RETIREMENT OR DEATH OF MEMBER OR BENEFICIARY

14. (a) The member's date of entry into current membership of the scheme and the normal pensionable age in accordance with the rules of the scheme, and

(b) The amount of contributions (including additional voluntary contributions) paid by the member of the scheme and the amount of any transfer payment received on behalf of the member from another scheme.

15. (a) (i) The accumulated value as at a specified date in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, of the contributions (including additional voluntary contributions) and transfers in respect of accrued rights (including transfer payments and transfer amounts) paid, credited or received on behalf of the member by the scheme to provide benefits payable at or from normal pensionable age or death thereafter. This value must be expressed on the assumption which must be stated, that the member remains in reckonable service to normal pensionable age and it must not include any estimate of bonus interest or other additions after the specified date other than those which are explicitly guaranteed under the policy of assurance or other contract to which the contributions have been applied; and

(ii) a statement of whether or not this value is guaranteed and, if not guaranteed, that the amount available at normal pensionable age could be higher or lower than the value stated.

(b) (i) If different by reference to the accumulated value in paragraph 15(a), the amount of money that would be available as at the specified date in respect of the member for transfer out of the scheme on the assumption which must be stated, that the member's service in relevant employment terminated as at the specified date; and

(ii) A statement of whether or not this value is guaranteed and, if not guaranteed, that the amount available in respect of the member for transfer out of the scheme at any date after the specified date, if the member's service in relevant employment terminated, could be higher or lower than the value stated.

(c) If the scheme provides an integrated pension (within the meaning of section 59C of the Act) the inclusion of a statement that the scheme takes account of the social welfare pension.

(d) A statement that the social welfare pension is payable in addition to the occupational pension, that qualification for the Social Welfare pension is subject to tests administered by the Department of Social and Family Affairs and the address and telephone phone number of the information service of the Department of Social and Family Affairs.

16. The amount of benefit or benefits payable under a defined contribution scheme or under the DC Element of a defined benefit scheme in respect of the death of the member prior to normal pensionable age without regard to possible increases in his salary, or (if relevant) any change in the accumulated value of the contributions after a specified date.

17. In the case of a defined contribution scheme or the DC Element of a defined benefit scheme whether the member or prospective member has an option to purchase additional benefits under the scheme by way of additional voluntary contributions or to acquire rights to additional benefits in exchange for any transfer payment provided by another scheme and, if so-

(a) the amount of these additional benefits or an explanation of how they will be calculated, and

(b) a statement of how the option may be exercised.

18. The member's name, date of birth, known marital status and gender.

19. Name of trustees to the scheme at the date specified.

20. If a Pension Adjustment Order has been received in respect of the member's benefits under a defined contribution scheme or the DC Element of a defined benefit scheme this must be stated and, if so, either a statement of the effect of the Pension Adjustment Order or details as to where further information relating to the effect and operation of the Pension Adjustment Order on the benefits to or in respect of the member may be obtained.

21. A statement specifying in the case of a defined contribution scheme or the DC Element of a defined benefit scheme-

(a) each contribution (including additional voluntary contributions) paid or credited by or on behalf of the member to the scheme between the current and previous dates specified,

(b) the amount of any transfer in respect of accrued rights (including transfer payments and transfer amounts) received or made by the scheme on behalf of the member between the current and previous dates specified ,

(c) the aggregate net amounts under sub-paragraphs (a) and (b) invested by the trustees in the scheme on behalf of the member between the current and previous dates specified, and

(d) a statement explaining the difference between the amount under sub-paragraph (c) and the aggregate gross amounts under sub-paragraphs (a and (b).

22. A statement that the method of calculation of contributions payable in respect of the member is set out in the scheme rules and in the letter or booklet containing basic information about the scheme which the trustees are required to make available/furnish to the member on request under articles 10 and 11 and the name and address of the person from whom the rules, letter or booklet are available.

23. A statement that the member should contact in the first instance the person specified in article 12(3), and then, if necessary, the trustees and the employer and then, if necessary the Pensions Board, if he is concerned that contributions payable in respect of him during the scheme year have not been paid in accordance with the rules of the relevant defined contribution scheme or the DC Element of a defined benefit scheme.

24. A statement that the information, specified in paragraph 21, is issued on behalf of the trustees and that the trustees are required under the provisions of section 59(1)(a) of the Act to ensure, insofar as is reasonable, that the contributions payable by the employer and the members of the scheme, where appropriate, are received.

25 A Statement of Reasonable Projection - DC, which-

(a) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the scheme based, in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, on the contributions paid and/or credited, by or on behalf of the member to the scheme at the date of the statement and based on any transfer in respect of accrued rights (including transfer payments and transfer amounts) received by the scheme on behalf of the member at the date of the statement;

(b) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the scheme based, in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, on the contributions and transfers paid, credited or received and those contributions proposed to be paid or credited, by or on behalf of the member to the scheme, at the date of the statement;

(c) includes a statement of the material assumptions (including, as may be relevant assumptions as to investment return, future contributions, date of termination of reckonable service and date of retirement on which the levels of benefits mentioned in sub-paragraphs (a) and (b) have been calculated but disregarding the effects of inflation; and

(d) a statement advising the member of the importance of making adequate financial provision for retirement.

Provided that if the statement is being produced under Article 13(2) to a member within 2 months of his becoming a member, it shall specify only the level of benefits which could reasonably be expected at a specified date or dates to be payable under the scheme based on the contributions proposed to be paid and/or credited by or on behalf of the member to the scheme at the date of the statement and the assumptions previously stated.

26. The amount of contributions (including additional voluntary contributions) paid by or on behalf of the member to the scheme before the 1st day of January 1991 and the amount of any transfer payment received on behalf of the member from another scheme prior to that date shall, where it is available to the trustees, be furnished to any member of a defined contribution scheme or the DC Element of a defined benefit scheme, whose service in relevant employment has not terminated before normal pensionable age on request as soon as practicable after the request is made, and in any event within 2 months of the request being made.

PART III - TERMINATION OF RECKONABLE SERVICE WITHOUT TERMINATION OF RELEVANT EMPLOYMENT - ALL SCHEMES

27. The fact that the member's reckonable service in the scheme has terminated and the date upon which it so terminated.

28. (a) Whether a part of the resources of the scheme has been or will be applied in respect of the member in the making of a payment to another scheme of the same employer or a policy or contract of assurance within the meaning of section 34(3)(b) of the Act, including the effective date of any such application and the name, address or title of the person to whom enquiries about the other scheme or policy or contract of assurance should be sent, and

(b) If any actual or potential benefits in respect of the member remains in the scheme after a period of six months has elapsed from the date of termination of reckonable service, the information specified in Part I or Part II of Schedule D, as appropriate, as if the member had requested such information.

29. How the transfer of accrued rights from the other scheme will be treated in connection with the provision of long service benefit or additional long service benefit under the scheme.

SCHEDULE E

Article 14

.

INFORMATION TO BE MADE AVAILABLE - TERMINATION OF RELEVANT EMPLOYMENT

PART I - DEFINED BENEFIT SCHEME (EXCLUDING THE DC ELEMENT OF A DEFINED BENEFIT SCHEME)

S.I. No. 633 of 2005

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) REGULATIONS, 2005

INDEX

1.

Citation and Commencement

2.

Revocation

3.

Interpretation

4.

Definitions

5.

Audited Accounts

6.

Valuation Reports

7.

Annual Reports

8.

Alternative arrangements for annual reports and audited accounts for certain schemes

9.

Disclosure of reports - audited accounts, valuation reports and annual reports

10.

Disclosure of information in relation to schemes - constitution of the scheme

11.

Disclosure of information in relation to schemes - basic information about the scheme

12.

Disclosure of information in relation to schemes - general requirements relating to information to be made available to individuals under articles 13-18

13.

Information to be made available - member or prospective member in relevant employment

14.

Information to be made available - termination of relevant employment

15.

Information to be made available - retirement or death of a member or beneficiary

16.

Information to be made available - scheme in wind up

17.

Information to be made available - Pension Adjustment Orders

18.

Information to be made available - investment alternatives and default investment strategy

19.

Service of information and documents

Schedule A - Contents of Accounts

Schedule B - The Annual Report - Information to accompany audited accounts and actuarial funding certificate

Schedule C - Basic information about the scheme

Schedule D - Information to be made available to a member or prospective member in relevant employment

Part I - Defined Benefit Scheme

Part II - Defined Contribution Scheme

DC element of a defined benefit scheme

Part III - Termination of Reckonable Service without termination of Relevant Employment - All Schemes

Schedule E - Information to be made available - termination of Relevant Employment

Part I - Defined Benefit Scheme (excluding the DC element of a Defined Benefit Scheme)

Part II - Defined Contribution Scheme

DC element of a Defined Benefit Scheme

Schedule F - Information to be made available - retirement or death of member or beneficiary

Schedule G - Information to be contained in report to the Pensions Board - schemes in wind-up

Schedule H - Information to be made available - Pension Adjustment Orders

Schedule I - Information in relation to investment alternatives for schemes which provide for members' directions on investment

S.I. No. 633 of 2005

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 51, 54, 55, 56, 57 and 59 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 (Disclosure of Information) Regulations, 2005.

(2) These Regulations shall come into force as follows

(a) articles 5, 7, 8 and articles 4 and 9, in so far as they relate to articles 5, 7 and 8, in relation to each scheme year commencing on or after 23 September 2005 , on 23 September 2005,

(b) articles 2, 3, 6, 10, 14, 18, 19, article 4 in so far as it relates to articles 6,10, 14, 18 and 19, article 9 in so far as it relates to article 6 and article 12 in so far as it relates to articles 14 and 18, on 23 September 2005, and

(d) articles 4 and 12 in so far as they relate to all other articles and all other articles on 1 January 2007.

Revocation.

2.

(1) The Occupational Pension Schemes (Disclosure of Information) (No.2) Regulations 1998 (

S.I. No. 349 of 1998

) are hereby revoked as follows

(a) articles 4, 6 and 7 and article 3 in so far as it relates to articles 4, 6 and 7, in relation to each scheme year commencing on or after 23 September 2005,

(b) articles 5, 8, 12, and 16, article 3 in so far as it relates to articles 5, 8, 12, and 16 and article 10 in so far as it relates to article12, on 23 September 2005, and

(c) article 3 and 10 in so far as it relates to all other articles and all other articles on 1 January 2007.

(2) The Occupational Pension Schemes (Disclosure of Information) (Amendment Regulations 2000 (

S.I. No. 296 of 2000

) are hereby revoked.

(3) The Occupational Pension Schemes (Disclosure of Information) (Amendment Regulations 2003 (

S.I. No. 4 of 2003

) are hereby revoked.

Interpretation.

3.

In these Regulations, unless the context otherwise requires -

(a) a reference to a Schedule is to a Schedule to these Regulations,

(b) a reference to an article is to an article of these Regulations,

(c) a reference to a sub-article is to a sub-article of the article in which the reference occurs,

(d) a reference to a paragraph is to a paragraph of the sub-article, article or Schedule in which the reference occurs, and

(e) a reference to a sub-paragraph is to a sub-paragraph of the paragraph in which the reference occurs.

Definitions.

4.

In these Regulations -

“accumulated value” has the meaning assigned to it by section 30 of the Act;

“the Act” means the

Pensions Act, 1990

(No. 25 of 1990);

“affiliated employer” means another employer where one of the employers is a subsidiary (within the meaning of

section 155

of the

Companies Act, 1963

, (No. 33 of 1963)) of the other or where both employers are subsidiaries of a third employer;

“authorised trade union” has the meaning assigned to it by section 54(6) of the Act;

“concentration of investment” in relation to a scheme, means investments exceeding a stated percentage of the resources of the scheme in one undertaking and in any associate of it or in one property, other than in the following categories-

(a) Government securities;

(b) insurance policies;

(c) contracts of assurance;

(d) managed funds;

(e) unit trusts; or

(f) cash deposits.

“contingent benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations, 1997 (

S.I. No. 107 of 1997

);

“DC Element” means a facility under a defined benefit scheme for the treatment of contributions or accrued rights or the receipt of transfers in respect of accrued rights (including transfer payments and transfer amounts) as if they had been paid or credited to or accrued under a defined contribution scheme;

“designated benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations, 1997;

“made available for inspection” means made available for inspection at a place which is convenient having regard to the circumstances of the request and to the person who made it;

“on request” means a request in writing for a specified document or item of information provided that, unless the context otherwise requires, any request made within 12 months of the last occasion on which a copy of the same document or information was made available or furnished to the same person shall not be deemed to be a valid request;

“One Member Arrangement” means a defined contribution scheme that has been established for one person only and that one person will always be the only member; unless the scheme is made the subject of a Pension Adjustment Order, in which case it may also include the person or persons referred to in the Pension Adjustment Order;

“Pension Adjustment Order” means an order made by the Court under

Section 12

of the

Family Law Act, 1995

(No. 26 of 1995) or

Section 17

of the

Family Law (Divorce) Act, 1996

(No. 33 of 1996);

“preserved benefit” has the meaning assigned to it by section 28 of the Act;

“relevant persons” means -

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, or

(d) an authorised trade union representing the members or prospective members concerned in so far as the information is relevant to the rights of such members or prospective members of the scheme;

“scheme year” in relation to a scheme, means whichever of the periods specified in section 55(1 of the Act the trustees select;

“self-investment” in relation to a scheme, means investment of all or part of the resources of the scheme in the business of the employer of any person employed in relevant employment, or of an affiliated employer, and for this purpose the term “investment” shall be deemed to include-

(a) shares or other securities issued by the employer or by an affiliated employer,

(b) land which is occupied or used by or subject to lease in favour of the employer or an affiliated employer,

(c) property, other than land, which is used for the purpose of any business carried on by the employer or an affiliated employer,

(d) loans to the employer or an affiliated employer,

(e) moneys due to the scheme held by the employer or an affiliated employer,

but shall not include moneys due by an employer to the relevant scheme, where such moneys are due for a period of less than that provided for under section 58A of the Act where applicable to such moneys and otherwise for a period of 30 days or less;

“Statement of Reasonable Projection - DC” means a statement prepared or caused to be prepared, in accordance with paragraph 25 of Part II of Schedule D or paragraph 13 of Part II of Schedule E, by the trustees of-

(a) a defined contribution scheme, or

(b) a defined benefit scheme with a DC Element,

for a member of that scheme under article 13(2), article 13(6) and article 14(4);

“transfer amount” has the meaning assigned to it in the Pension Schemes ( Family Law) Regulations, 1997.

Audited Accounts.

5.

(1) In this article “relevant scheme” means a scheme (other than a One Member Arrangement) to which section 56 of the Act applies.

(2) Subject to article 8 , the trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause-

(a) the accounts of such a scheme to be audited by the auditor of the scheme in respect of each scheme year which commences on or after 23 September 2005, and

(b) the auditor's report to be prepared on the accounts,

as soon as reasonably practicable after the end of the scheme year.

(3) The audited accounts shall include the information specified in Schedule A to these Regulations which is applicable and material to the relevant scheme.

(4) The auditor's report on the accounts of the relevant scheme shall include -

(a) a statement whether, in his opinion, the requirements of sub-article (3) are satisfied;

(b) a statement that, in his opinion, the accounts show a true and fair view of the financial transactions of the relevant scheme during the scheme year and of the amount and disposition of the assets and liabilities (other than liabilities to pay pensions and other benefits in the future) at the end of the scheme year;

(c) a statement that, in his opinion, contributions payable to the relevant scheme during the scheme year have been received by the trustees within 30 days of the end of the scheme year and that, in his opinion, such contributions have been paid in accordance with the rules of the relevant scheme and, if appropriate, with the recommendation of the actuary; and

(d) if any of the statements under paragraphs (a), (b) or (c) is qualified, a statement of the reasons.

(5) The audited accounts of a relevant scheme shall be signed-

(a) by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee; or

(b) if there is a person authorised under the rules of the scheme, by such person.

(6) A person shall not be qualified for appointment as auditor of a relevant scheme, for the purposes of the Act if he is -

(a) a member or a trustee of the relevant scheme;

(b) a director or employee of any of the trustees of the relevant scheme; or

(c) the employer of any member employed in relevant employment or a director or employee of that employer or any affiliated employer.

Valuation Reports.

6.

(1) In this article “relevant scheme” means a scheme to which section 56, other than subsection (2A), of the Act applies.

(2) The trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause -

(a) the resources and liabilities of the scheme to be valued by the actuary of the scheme at a date referred to in these Regulations as the “effective date”, and

(b) the actuary's report to be prepared on the valuation

as soon as reasonably practicable after the effective date.

(3) The effective date of the first actuarial valuation to be prepared under section 56(1) of the Act shall be-

(a) in relation to a scheme other than an external scheme which is a relevant scheme which commenced before the 1st day of January, 1991, a date not later than the 31st day of December 1993, and

(b) in relation to a scheme other than an external scheme which is a relevant scheme which commenced on or after the 1st day of January, 1991 but before the 23

rd

September 2005, a date not later than 3½ years after the commencement of the relevant scheme,

(c) in relation to a scheme other than an external scheme which is a relevant scheme which commenced on or after the 23

rd

September 2005, a date not later than 3 years after the commencement of the relevant scheme,

(d) in relation to a relevant scheme which is an external scheme which commenced before the 1st day of July 1991, a date not later than the 31st day of December 1994,

(e) in relation to a relevant scheme which is an external scheme which commenced on or after the 1st day of July 1991 but before the 23

rd

September 2005, a date not later than 3½ years after the commencement of the relevant external scheme, and

(f) in relation to a relevant scheme which is an external scheme which commenced on or after the 23

rd

September 2005, a date not later than 3 years after the commencement of the relevant scheme.

(4) Subject to sub-article (5), the effective date of any subsequent actuarial valuation shall be a date not later than 3 ½ years after the effective date of the immediately preceding actuarial valuation or such later date as may be approved by the Pensions Board.

(5) Where an actuarial valuation has been prepared, having an effective date on or after 23 September 2005, any subsequent actuarial valuation shall have an effective date not later than 3 years after the effective date of the immediately preceding valuation.

(6) The trustees of a defined contribution scheme shall, in accordance with section 56(2A) of the Act -

(a) cause the liabilities of the scheme to be valued as at the last day of each scheme year, and

(b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each scheme year.

(7) Subject to sub-article (8), a person shall not be qualified for appointment as actuary of a scheme, for the purposes of the Act, unless he is -

(a) in the case of a scheme specified in Schedule C to the Occupational Pension Schemes (Funding Standard) Regulations, 1993, (

S.I. No.419 of 1993

),

(i) a Fellow Member of the Society of Actuaries in Ireland, or

(ii) a civil servant who is approved by the Minister with the consent of the Minister for Finance as being a proper person to act for the purposes of the Act in connection with that scheme, or

(b) in the case of a scheme not specified in Schedule C to the Occupational Pension Schemes (Funding Standard) Regulations, 1993, a Fellow Member of the Society of Actuaries in Ireland who has been granted and holds a valid Scheme Actuary Certificate under the rules of that Society

(8) Any person with other actuarial qualifications who, at any time prior to 1 April 1999 held an appointment as actuary of a scheme with the approval of the Minister under Article 5(8)(c) of the Occupational Pension Schemes (Disclosure of Information Regulations 1991 (

S.I. No.215 of 1991

) and who satisfies the requirements of the Minister shall, for so long as such person satisfies the requirements of the Minister continue to be qualified for appointment as actuary in connection with that scheme and may be approved by the Minister, at the request of the trustees of the scheme concerned as being a proper person to act for the purposes of the Act in connection with any other scheme.

Annual Reports.