IE
S.I. No. 182/2007 - Trust Racs (Disclosure of Information) Regulations 2007
Table of Provisions (16)
Statutory Text (16 Articles)
1. A description of the different types of investment (if any) 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 trustee 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 trust RAC, 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 trust RAC 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 my Official Seal,
25 April 2007
SÉAMUS BRENNAN
Minister for Social and Family Affairs.
The Minister for Finance consents to the making of the foregoing Regulations.
GIVEN under my Official Seal,
25 April 2007
BRIAN COWEN
Minister for Finance
EXPLANATORY NOTE
(This Note is not part of the instrument and does not purport to be a legal interpretation.)
Section 54
of the
Pensions Act, 1990
, as amended by
section 37
of the
Social Welfare and Pensions Act 2007
, provides that the trustees of large trust RACs must make prescribed information available to their members. These Regulations prescribed the information to be made available. The information is similar to that which is required to be made available by the trustees of large defined contribution occupational pension schemes.
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 trust RAC.
Article
15
.
SCHEDULE H INFORMATION IN RELATION TO INVESTMENT
12. A Statement of Reasonable Projection — Trust RAC, which—
(
a
) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the trust RAC based on the contributions paid and/or credited, by or on behalf of the member to the trust RAC, at the date of the statement and based on any transfer in respect of accrued rights received by the trust RAC 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 trust RAC based 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 trust RAC, 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 contributions and date of retirement) on which the level 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 10(1) 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 trust RAC based on the contributions proposed to be paid and/or credited by or on behalf of the member to the trust RAC at the date of the statement and the assumptions previously stated.
Article 11.
SCHEDULE E INFORMATION TO BE MADE AVAILABLE — TERMINATION OF CONTRIBUTIONS
13. A statement as to whether the trustees and (if applicable) the persons charged with the administration of the trust RAC have access to—
(
a
) the Trustee Handbook produced by the Pensions Board, and
(
b
) the Guidance Notes issued by the Pensions Board from time to time in accordance with section 10 of the Act.
14. A statement by the trustees that they have appropriate procedures in place to ensure that the contributions to the trust RAC are invested within 10 days of the end of the month in which those contributions are received.
15. Unless already disclosed with the information provided under article 8, a statement concerning the condition of the trust RAC, in particular concerning the financial, technical and other risks associated with the trust RAC and the nature of and distribution of those risks.
16. Unless already disclosed, a statement explaining the procedures in place to comply with the requirements of article 5 of the Pensions Ombudsman Regulations 2003 (
S.I. No. 397 of 2003
) with regard to the internal resolution of disputes.
Article 8.
SCHEDULE C BASIC INFORMATION ABOUT THE TRUST RAC