S.I. No. 301/2006 - Occupational Pension Schemes (Disclosure Of Information) Regulations, 2006

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 24

th

day of May 2006.

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 31

ST

day of May 2006

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 and replace Regulation 633 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.

As these Regulations implement some aspects of Directive 2003/41 on the activities and supervision of occupational pensions, they are now being re made under the appropriate Pensions Act powers including the amended section 5.

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

• insertion of sub-article 12(6) to provided that the Statement of Reasonable Projection should be calculated in accordance with the guidance issued by the Society of Actuaries.

• removal of the requirement in paragraph 22(d) of Schedule B, that the investment report contain the latest statement of investment policy principles.

• amendment of article 7(5)(f) to provide that the annual report shall contain a statement as to whether the relevant scheme is a defined contribution or a defined benefit scheme. This is similar to the requirement in relation to the alternative annual report.

• Inclusion of a “PRSA” in Schedule D in relation to transfer payments received from another scheme.

• Textual amendment to paragraph 6 of Schedule to provide that on leaving employment, a scheme member's statement would not refer to a pension adjustment order unless one had already issued.

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 or PRSA.

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. 301 of 2006

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) REGULATIONS, 2006

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. 301 of 2006

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) 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)), 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, 2006.

(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 1 June 2006,

(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 1 June 2006, and

(c) 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 revoked as follows

(a) article 3 in so far as it relates to articles 9, 10, 11,13,14 and 15 on 1 January 2007,

(b) article 10 in so far as it relates to all articles other than article 12, on 1 January 2007,

(c) articles 9, 11, 13, 14, and 15 on 1 January 2007, and

(2) The Occupational Pension Schemes (Disclosure of Information) Regulations 2005 (

S.I. No. 633 of 2005

) are 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 3½ 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.

7.

(1) In this article “relevant scheme” means a scheme (other than a One Member Arrangement) to which section 55 of the Act applies.

(2) Subject to article 8, the trustees of a relevant scheme shall, in accordance with section 55 of the Act, prepare, in respect of each scheme year commencing on or after 23 September 2005 , an annual report of the scheme as soon as reasonably practicable after the end of the scheme year.

(3) A copy of the latest annual report prepared in accordance with this article, shall be made available in accordance with article 9(1).

(4) The trustees shall inform the members of the relevant scheme then in relevant employment of the availability of the annual report not later than 4 weeks after the time specified in article 9(1).

(5) The annual report in respect of a relevant scheme shall contain the following

(a) a copy of the audited accounts in respect of the scheme year,

(b) a copy of the auditor's report on the accounts as specified in sub-article (4) of article 5 and where the auditor's report is qualified the trustees should state whether the matter has been resolved,

(c) where applicable, a copy of the latest actuarial funding certificate prepared under section 42 of the Act,

(d) details of the measures proposed in any funding proposal prepared in accordance with section 49 which relate to the scheme year in respect of which the annual report is being prepared,

(e) where applicable, a copy of the valuation report prepared in accordance with article 6(6) in relation to that scheme year, and

(f) such other information as is specified in paragraphs 1 to 18 and 23 of Schedule B in so far as it applies to the relevant scheme.

(6) The annual report shall be signed by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee.

Alternative arrangements for annual reports and audited accounts for certain schemes.

8.

(1) In this article -

“relevant scheme” means any defined benefit scheme or any defined contribution scheme (other than a One Member Arrangement) which, at the commencement of the scheme year is a small scheme;

“relevant benefits” means immediate retirement benefits other than annuities which have been purchased and which match fully the pension obligations of the scheme in respect of specific individual members or other persons in respect of such members or both.

(2) In the case of a relevant scheme, the provisions of sections 55 and 56 of the Act shall be so modified that the trustees of a relevant scheme may, instead of complying with the provisions of articles 5 and 7, cause an annual report of the scheme to be prepared in respect of each scheme year commencing on or after 23 September 2005 in any of the following ways -

(a) by a person who could be appointed as an auditor of a relevant scheme,

(b) in the case of a relevant scheme where some or all of the relevant benefits are secured under one or more policies or contracts of assurance with the one undertaking (within the meaning of the

Insurance Act, 1989

(No 3. of 1989)), by a person designated by the undertaking as authorised for that purpose, or

(c) in the case of a relevant scheme, where some or all of the relevant benefits are secured by one or more policies or contracts of assurance with more than one undertaking (within the meaning of the

Insurance Act, 1989

(No.3 of 1989)), by a person designated as authorised for that purpose by the undertaking preparing the report provided always such undertaking shall obtain from the other undertakings a statement as to the relevant benefits secured under one or more policies or contracts of assurance with those undertakings,

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

(3) The trustees shall inform the members of the relevant scheme, then in relevant employment, of the availability of the annual report not later than 4 weeks after the time specified in article 9(1).

(4) Based on information provided to and reasonable enquiries having been made by, the preparer of an annual report to which this article applies, that report shall contain the following-

(a) a statement of the amount of the contributions received by the scheme during the scheme year,

(b) a statement that -

(i) contributions payable during the scheme year have been received by the trustees within 30 days of the end of the scheme year, and

(ii) contributions payable have been paid in accordance with the rules of the relevant scheme and if appropriate, with the recommendation of the actuary.

(c) If the statement under sub-paragraph (b)(i) or sub-paragraph (b)(ii) is qualified, a statement of the reasons;

(d) a statement of the manner in which the resources of the relevant scheme are invested including details of any self-investment at any time during the period covered by the report,

(e) the information specified in paragraphs 1, 2, 3, 4, 5, 6 , 11, 12 and 14 to 23 of Schedule B,

(f) details of the measures proposed in any funding proposal prepared in accordance with section 49 which relates to the scheme year in respect of which the annual report is being prepared, and

(g) where applicable, a copy of the valuation report prepared in accordance with article 6(6) in relation to that scheme year.

(5) The annual report prepared under this article shall be signed by two trustees on behalf of the trustees, or if there is only one trustee, by that trustee and where a statement is qualified in accordance with sub-article (4)(c), the trustees must state whether the matter is resolved.

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

9.

(1) (a) A copy of the latest accounts and reports prepared under articles 5, 7 or 8, shall be made available by the trustees of the relevant scheme not later than 9 months after the end of the scheme year to which it relates, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons.

(b) A copy of the latest valuation report prepared under article 6(2) shall be made available by the trustees of the relevant scheme not later than 9 months after the effective date, or such later date as may be approved by the Board, in the manner specified in sub-article (3) to the relevant persons.

(2) A copy of the latest reports and accounts prepared under articles 5, 7 and 8 shall be furnished free of charge -

(a) to an authorised trade union representing the members of the relevant scheme not later than 9 months after the end of the scheme year to which it relates or such later date as may be approved by the Board, and

(b) on request, to any of the other relevant persons not later than 4 weeks after the request is made.

(3) A copy of the latest valuation report prepared in accordance with article 6(2) shall be -

(a) made available for inspection free of charge, on request, to any of the relevant persons, not later than 4 weeks after the request is made, and

(b) furnished on request and on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.

(4) A copy of any earlier audited accounts, auditor's report on the accounts, valuation or annual reports, shall be -

(a) made available for inspection free of charge on request to any of the relevant persons not later than 4 weeks after the request is made, and

(b) furnished on request (not being a request made within 3 years of the last occasion on which a copy of the same audited accounts was furnished) and on payment of a reasonable charge (unless the trustees decide otherwise) to any of the relevant persons not later than 4 weeks after the request is made.

Disclosure of Information in relation to schemes - constitution of the scheme.

10.

(1) Subject to sub-article (4), the trustees of a scheme shall make available in the manner specified in sub-articles (2) and (3) below, to the relevant persons the following-

(a) the contents of the trust deed where the scheme is constituted by such a deed,

(b) the contents of any document constituting the scheme where the scheme is not constituted by a trust deed,

(c) the contents of the rules of the scheme,

(d) the contents of any document which amends or supplements or wholly or partly supersedes a document the contents of which fall to be furnished under paragraphs (a), (b) and (c), and

(e) the name and address of the employer of any member employed in relevant employment.

(2) A copy of any document specified in sub-article (1) or of the information referred to in paragraph (e) of that sub-article, shall be made available for inspection, free of charge, on request, but without limitation as to the number of requests in any twelve month period to any of the relevant persons not later than 4 weeks after such request is made.

(3) A copy of any of the documents specified in sub-article (1) shall, on request, be furnished on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.

(4) Where different rules are applicable to different members and prospective members nothing in this article shall be construed as requiring the trustees to furnish a document or part of a document, in relation to a member or prospective member, that is not relevant to his rights under the scheme.

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

11.

(1) Subject to sub-article (5), the trustees of a scheme shall furnish in writing the information specified in Schedule C to the persons specified in sub-articles (2) and (3).

(2) The information specified in Schedule C shall be furnished to every person who becomes a member of a scheme within 2 months of his becoming a member.

(3) The information specified in Schedule C shall, not later than 4 weeks after the request is made, be furnished on request to the relevant persons.

(4) The trustees of the scheme shall notify the members of the scheme of any material alteration in the information specified in paragraphs 1 to 21 of Schedule C within 4 weeks of the date of making of any such alteration.

(5) Where different rules are applicable to different members and prospective members of a scheme, nothing in this article shall be construed as requiring the trustees to disclose information in relation to a member or prospective member that is not relevant to his rights under the scheme.

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

12.

(1) The trustees of a scheme shall furnish in writing the information specified in Schedules D to I to these Regulations, to the persons specified, and in the circumstances specified in articles 13 to 18.

(2) The information to be furnished, by the trustees under articles 13 to 18 shall, except where otherwise specified in these Regulations, relate to a date specified for this purpose by the trustees, not being a date earlier than 12 months before the date on which such information is so furnished.

(3) When any information specified in Schedules D to I is provided, it shall be accompanied by a written statement that further information about the scheme is available giving the name and address of the person to whom enquiries should be sent.

(4) Where there is a right to request the method of calculation of any benefit, the information in respect of which is to be furnished under articles 13 to 18, such information shall be accompanied by a written statement that the calculation method is available upon request.

(5) The trustees of a scheme shall furnish in writing the information specified in Schedules D to I to the same extent to or in respect of scheme members who move to another Member State as to or in respect of scheme members who remain within the State.

(6) A Statement of Reasonable Projection - DC under Article 13 or 14 shall be prepared in accordance with the guidance note issued by the Society of Actuaries in Ireland in relation to the preparation of such statements.

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

13.

(1) Other than in the case of a scheme to which sub-article (7) applies, such information relating to a defined benefit scheme other than the DC Element of a defined benefit scheme as is specified in paragraphs 1 to 11 of Part I of Schedule D shall be furnished to any member of such a scheme whose service in relevant employment has not terminated before normal pensionable age, at least once in every scheme year commencing on or after 1 January 2007 and the information shall relate to a date specified for this purpose by the trustees, not being a date earlier than 3 months before the date upon which such information is so furnished.

(2) Such information as is specified in paragraphs 14 to 26 of Part II of Schedule D shall be furnished to any member of a defined contribution scheme or any member of the DC Element of a defined benefit scheme, whose service in relevant employment has not terminated before normal pensionable age, at least once in every scheme year commencing on or after 1 January 2007 and the information must relate to a date specified for this purpose by the trustees, not being a date earlier than 3 months before the date upon which such information is so furnished.

(3) Such information as is specified in paragraphs 27 and 28 of Part III of Schedule D shall be furnished to any member of a scheme whose reckonable service in that scheme has been terminated before normal pensionable age, but whose service in relevant employment has not terminated. The information specified in paragraph 27 of Schedule D shall be furnished within 4 weeks of the termination of reckonable service and the information specified in paragraph 28 of Schedule D shall be furnished as soon as practicable, but in any event not later than 6 months after such termination of reckonable service.

(4) Such information as is specified in paragraph 29 of Part III of Schedule D shall be furnished to a member of a scheme where a transfer of accrued rights has been received from another scheme of the same employer and where the member's reckonable service in that other scheme has terminated before normal pensionable age, but where service in relevant employment has not terminated. This information shall be furnished as soon as practicable, but in any event not later than 12 weeks after such transfer has been received.

(5) The information specified in paragraph 5 of Part I, or paragraph 17 of Part II of Schedule D, as appropriate, shall be furnished by the trustees to any prospective member of the scheme on request as soon as practicable after the request is made, and in any event within 2 months of the request being made.

(6) In addition to being furnished in accordance with sub-article (2), the Statement of Reasonable Projection - DC referred to in paragraph 25 of Part II of Schedule D, shall be furnished to every member of a defined contribution scheme and the DC Element of a defined benefit scheme-

(a) within 2 months of his becoming a member of a defined contribution scheme or the DC Element of a defined benefit scheme or a transfer being received in respect of him into a defined contribution scheme or the DC Element of a defined benefit scheme, and

(b) not later than 4 weeks after a request for the statement is made by a member or prospective member of a defined contribution scheme or the DC Element of a defined benefit scheme on payment of a reasonable charge (unless the trustees decide otherwise), and

(c) not later than 4 weeks after the date of a variation of scheme benefits as a result of which the trustees are required to notify a member of a material alteration in the information specified in Schedule C insofar as it relates to a defined contribution scheme or the DC Element of a defined benefit scheme.

(7) Such information as is specified in either paragraph 12 or 13 of Part I of Schedule D shall, in the case of a defined benefit scheme established by a public authority, be furnished to every member who is not furnished with the information specified in sub-article (1) and whose service in relevant employment has not terminated before normal pensionable age, at least once in every scheme year commencing on or after 1 January 2007.

(8) In this article “public authority” means -

(a) a Minister of the Government,

(b) the Commissioners of Public Works in Ireland,

(c) a local authority for the purposes of the

Local Government Act, 1941

,

(d) the Health Service Executive established under the Health Act, 2004

(e) a health board established under the

Health Act, 1970

,

(f) the Eastern Regional Health Authority established under the

Health (Eastern Regional Health Authority) Act, 1999

,

(g) an Area Health Board established under the

Health (Eastern Regional Health Authority) Act, 1999

,

(h) a board or other body, but not a company, established by or under statute.

Information to be made available - termination of relevant employment

14.

(1) The information specified in paragraph 1 of Part I of Schedule E shall be furnished to any member of a defined benefit scheme excluding the DC Element of a defined benefit scheme who has not acquired an entitlement to a preserved benefit as soon as practicable and in any event within 2 months after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate other than by reason of the winding up of the scheme.

(2) The information specified in paragraphs 2 to 6 of Part I of Schedule E shall be furnished as appropriate -

(a) to any member of a defined benefit scheme excluding the DC Element of a defined benefit scheme who has acquired an entitlement to preserved benefit as soon as practicable and in any event within 2 months after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate other than by reason of the winding up of the scheme,

(b) to any member of a defined benefit scheme excluding the DC Element of a defined benefit scheme whose service in relevant employment has terminated or is about to terminate other than by reason of the winding up of the scheme and who has not acquired an entitlement to a preserved benefit on request as soon as practicable and in any event within 2 months after the request is made, and

(c) to any other member of a defined benefit scheme excluding the DC Element of a defined benefit scheme on request, as soon as practicable and in any event within 2 months after the request is made.

(3) The information specified in paragraph 7 of Part II of Schedule E shall be furnished to any member of a defined contribution scheme or of the DC Element of a defined benefit scheme who has not acquired an entitlement to a preserved benefit as soon as practicable and in any event within 2 months after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate other than by reason of the winding up of the scheme.

(4) The information specified in paragraphs 8 to 13 of Part II of Schedule E shall be furnished as appropriate -

(a) to any member of a defined contribution scheme or of the DC Element of a defined benefit scheme who has acquired an entitlement to preserved benefit as soon as practicable and in any event within 2 months after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate, other than by reason of the winding up of the scheme,

(b) to any member of a defined contribution scheme or of the DC Element of a defined benefit scheme whose service in relevant employment has terminated or is about to terminate other than by reason of the winding up of the scheme and who has not acquired an entitlement to a preserved benefit on request as soon as practicable and in any event within 2 months after the request is made, and

(d) to any other member of a defined contribution scheme or the DC Element of a defined benefit scheme, on request, as soon as practicable and in any event within 2 months after the request is made.

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

15.

(1) Where, on or after the commencement of this article, a benefit under the scheme has become payable or is about to become payable to any of the persons specified in sub-article (3), the information specified in paragraphs 1, 3, 4 and 5 of Schedule F, together with the information specified in paragraph 2 of Schedule F in the case of a defined benefit scheme where the benefit is payable on death, shall be furnished to that person as soon as practicable and in any event within 2 months after the benefit becomes payable. In the case of a defined benefit scheme the information specified in paragraph 2 of Schedule F shall, where the benefit is payable otherwise than on death, be furnished on request as soon as practicable and in any event within 2 months after the request is made.

(2) Where the amount of benefit payable under the scheme to a person specified in sub-article (3) is or is about to be altered otherwise than in accordance with paragraph 4 of Schedule F, a statement of the amount of the revised benefit shall be furnished to him as soon as practicable and in any event within 2 months after the alteration is made including, in the case where such alteration represents an increase in benefit, a statement of the conditions (if any) subject to which the payment of that increase will continue.

(3) The persons to whom this article relates are-

(a) the members of the scheme,

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

(c) persons within the application of the scheme and qualifying for its benefits.

Information to be made available - scheme in wind up.

16.

(1) In this article “scheme in wind up” means a scheme in respect of which an act or event has occurred or a decision has been taken which, under the rules of the scheme, causes that scheme to wind up;

(2) In the case of a scheme in wind up, the trustees shall-

(a) as soon as possible, but in any event not later than 12 weeks after the act or event or decision requiring the scheme to wind up or the date on which the trustees first become aware or ought reasonably to have been aware that such an event has occurred, notify the Pensions Board and all persons specified in sub-article (5) of such an act, event or decision ;

(b) as soon as practicable after the resources of the scheme have been ascertained furnish each person specified in sub-article (5)(a), (b) and (c) with information relating to the rights and options (if any) available to him as regards his benefit entitlements in accordance with the rules of the scheme respecting a winding up;

(c) as soon as practicable after the resources of the scheme have been applied furnish each person specified in sub-article (5)(a) and (b)with -

(i) in the case of a defined benefit scheme other than the DC Element of the defined benefit scheme such information as is specified in paragraphs 1 to 6 of Part I of Schedule E relating to the rights secured for him,

(ii) in the case of a defined contribution scheme including the DC Element of a defined benefit scheme such information as is specified in paragraphs 7 to 12 of Part II of Schedule E relating to the rights secured for him,

(iii) an explanation as to the manner in which any surplus or deficit in the resources of the scheme has been dealt with, and

(iv) information as to who will be liable to pay the benefits after the scheme is wound up and the address to which enquiries should be sent concerning a person's entitlements;

(d) as soon as practicable after the resources of the scheme have been applied furnish each person specified in sub-article (5)(c) with -

(i) such information as is specified in Schedule F relating to the rights secured for him,

(ii) an explanation as to the manner in which any surplus or deficit in the resources of the scheme has been dealt with, and

(iii) information as to who will be liable to pay the benefits after the scheme is wound up and the address to which enquiries should be sent concerning a person's entitlements.

(3) In the case of a small scheme in wind up -

(a) Part V of the Act is modified, as respects that scheme, in that, so long as the trustees of the scheme comply with the requirements of paragraph (b), sections 55 and 56 and articles 5 to 9 and 11 to 15 shall not apply.

(b) The trustees shall, as soon as possible but in any event not later than 3 months after the relevant date or, in the case of a small scheme that is already in wind up at the date this article comes into force, not later than 3 months after that date and thereafter in either case at intervals of 12 months or at such other intervals as the Board shall specify by written notice to the trustees of the scheme, produce to -

(i) the Board, and

(ii) on request, the persons specified in sub-article (5),

a report containing the information specified in Schedule G.

(4) For the purposes of this article if the trustees are not in possession of or cannot ascertain an address for the members or beneficiaries then they shall publish a notice in a national newspaper to the effect that the scheme is winding up detailing the name and address of the person to whom enquiries should be sent concerning entitlements under the scheme.

(5) The persons to whom this article relates are -

(a) the members of the scheme being in relevant employment at the date of the decision or the occurrence of the event requiring the scheme to wind up,

(b) the members of the scheme who have acquired an entitlement to a deferred benefit under the scheme at the date of the decision or the occurrence of the event requiring the scheme to wind up where such benefit had not come into payment at that date,

(c) members who are in receipt of benefits under the scheme and other persons who are in receipt of or who are entitled to receive benefits under the scheme, and

(d) any authorised trade union which represents those members.

Information to be made available - Pension Adjustment Orders.

17.

(1) The information specified in paragraphs 1 to 4 of Schedule H shall be furnished to a non-member spouse or other person specified in a Pension Adjustment Order relating to a member as soon as practicable and in any event within 2 months of notification to the trustees of the granting of a Pension Adjustment Order in relation to the member's benefits.

(2) The information specified in paragraphs 2, 5 and 6 of Schedule H shall be furnished to a non-member spouse on request, as soon as practicable and in any event within 2 months after the request is made.

(3) The information specified in paragraphs 2, 3, 6 and 10 of Schedule H shall be furnished to a non-member spouse within 2 months after the member or his employer has notified the trustees that his relevant employment has terminated.

(4) The information specified in paragraphs 2, 3, 6 and 11 of Schedule H shall be furnished to a non-member spouse as soon as practicable and in any event within 2 months of the member ceasing to be a member of the scheme other than by reason of death. Where the member's reckonable service has terminated and no transfer amount has been paid in accordance with subsections 5, 6, 7, 8 or 9 of

Section 12

of the

Family Law Act, 1995

and

Section 17

of the

Family Law (Divorce) Act, 1996

, such information (other than that set out in paragraph 11 of Schedule H) shall be furnished within 2 months after the member or his employer has notified the trustees of such termination.

(5) The information specified in paragraphs 2, 7 and 8 of Schedule H shall be furnished to a non-member spouse as soon as practicable and in any event within 2 months after the trustees apply the transfer amount in accordance with sub-sections 6 and 8 of

Section 12

of the

Family Law Act, 1995

and of

Section 17

of the

Family Law (Divorce) Act, 1996

.

(6) The information specified in paragraphs 2 and 9 of Schedule H shall be furnished on request to a non-member spouse (or other person specified in a Pension Adjustment Order affecting the member's benefits under the scheme) as soon as practicable and in any event within 2 months after the request is made.

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

18.

The information specified under Schedule I shall be furnished on request to a member of a defined contribution scheme or the DC Element of a defined benefit scheme-

(a) if the rules of the scheme provide for the trustees to invest all or part of the resources of the scheme in accordance with directions given by the members; or

(b) if the rules of the scheme provide for such directions on condition that a determination of the sponsoring or participating employers and/or the trustees is made in favour of allowing the trustees to invite directions from members, and such a determination has been made

as soon as practicable after the request is received but in any event within 3 months of the date of the request.

Service of information and documents.

19.

Any person (other than an authorised trade union) who is not employed in relevant employment shall (unless otherwise agreed with that person) be given, notified or furnished by ordinary post at the last address known to the trustees, any-

(a) information or documentation which these Regulations require the trustees of a scheme to give, notify or furnish, or

(b) request for information or for a document to be given, notified or furnished in pursuance of these Regulations.

SCHEDULE A

Article 5

.

CONTENTS OF ACCOUNTS