S.I. No. 292/2006 - Occupational Pension Schemes (Cross-Border) Regulations, 2006

1. The date on which authorisation was granted,

2. The name, legal form address, telephone number, fax number, and e-mail address in the host member state of the undertaking,

3. The name, address, telephone number, fax number, and e-mail address of the trustees of the scheme,

4. The Pensions Board registration number,

5. The representative or branch name, legal form, address, telephone number, fax number, and e-mail address of the scheme in the host Member State, if applicable,

6. A list of the Member States in which the scheme is currently operating,

7. A description of the type of scheme to be offered to the undertaking,

8. A description of the categories of benefits to be provided under the scheme,

9. A description of the conditions for payment of benefits under the scheme,

10. A description of any guarantees offered under the scheme and who provides such guarantees,

11. A description of any additional coverage offered and who provides such additional coverage,

12. A description of the types of contributions paid by the undertaking and by the members, and

13. A statement by the trustees that they continue to satisfy the requirements of section 149 of the Act.

14. The most recent actuarial funding certificate for the scheme (where applicable).

15. A statement by the trustees of the estimated number of persons who are likely to become active members of the scheme if approval of the undertaking is granted by the Pensions Board.

16. Number of members (latest available information)

17. A description of the categories of the undertaking's employees that can be members of the pension scheme (if there are any restrictions).

18. Details of who is responsible for the payment of benefits

19. Is there any external contractual based asset manager?

20. Will the assets and liabilities attributable to the IORP in the host Member State be ringfenced as permitted by the Directive?

EXPLANATORY NOTE

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

These Regulations revoke and replace Regulation 592 of 2005. Recent case law in Ireland has suggested that a provision of domestic legislation cannot be used for the purposes of implementing EC law unless it is clear that such delegated legislation is clearly authorised by the primary legislation.

To this end,

section 5

of the

Pensions Act 1990

was amended by section 44 of the Social Welfare Law Reform and Pensions Act, 2006 to expressly state that regulations made under the Pensions Act may be used to implement law.

Regulation 592 of 2005 was made under

section 3

of the

European Communities Act 1972

due to uncertainty with regard to using the powers under the Pensions Act. However, now that those powers have been clarified these regulations are now being re made under the Pensions Act powers.

There are some minor changes to the Regulations as promulgated in 2005 and these are -

• drafting of article 6 in relation to the conditions of authorisation to operate cross border. The condition of authorisation, that a scheme must satisfy the funding standard, was originally provided by way of primary legislation. This condition of authorisation is now being incorporated into secondary legislation to allow for flexibility in relation to the funding standard requirements for certain schemes which require authorisation to operate cross border.

• In the case of schemes which were already operating cross border on the 22

nd

September 2005 , the condition of authorisation in relation to the funding standard shall not apply until the earlier of (i the date on which the schemes satisfies the funding standard, (ii) the effective date of the next actuarial funding certificate after the date on which the application to operate cross border was made, or (iii) such later date as may be granted by the Pensions Board under section 49(3) of the Act.

• the consequential insertion of a definition of “relevant scheme” in article 2.

• Additional items of information required in notification to accept contributions from an undertaking.

• Some minor drafting amendments

S.I. No. 292 of 2006

OCCUPATIONAL PENSION SCHEMES (CROSS-BORDER) REGULATIONS, 2006

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

section 44

of the

Social Welfare Law Reform and Pensions Act 2006

(No. 5 of 2006), 148, 149 151, 152 and 154 (inserted by section 37 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.