S.I. No. 184/2007 - Trust RACS (Cross-Border) Regulations 2007

1. The date on which authorisation was granted.

2. The name, legal form, address, telephone number, fax number, and email address in the host Member State of the undertaking.

3. The name, address, telephone number, fax number, and email address of the trustees of the trust RAC.

4. The Pensions Board registration number.

5. The representative or branch name, legal form, address, telephone number, fax number and email address of the trust RAC in the host Member State, if applicable.

6. A list of the Member States in which the trust RAC is currently operating.

7. A description of the type of trust RAC to be offered to the undertaking.

8. A description of the categories of benefits to be provided under the trust RAC.

9. A description of the conditions for payment of benefits under the trust RAC.

10. A description of any guarantees offered under the trust RAC 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.

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

14. A statement by the trustees of the estimated number of persons who are likely to become members of the trust RAC if approval in relation to the undertaking is granted by the Pensions Board.

15. Number of members (latest available information).

16. A description of the categories of the undertaking’s employees that can be members of the trust RAC (if there are any restrictions).

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

18. Is there any external contractual based asset manager?

19. Will the assets and liabilities attributable to the IORP in the host Member State be ring-fenced as permitted by the Directive?

GIVEN under my Official Seal,

25 April 2007

SÉAMUS BRENNAN

Minister for Social and Family Affairs

EXPLANATORY NOTE

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

Under the terms of Article 20 of Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (IORPs), undertakings based in Ireland must be allowed to make contributions to IORPs based in other European States and equally IORPs registered in Ireland must be allowed to accept contributions from undertakings located in other European States.

Section 37

of the

Social Welfare and Pensions Act 2005

inserted a new Part XII into the Pensions Act to deal with such cross border schemes. Part XII deals with conditions for prior authorisation to operate as a cross border scheme and the conditions for approval to accept contributions when authorised to operate as a cross border scheme. Part XII has now been amended by the

Social Welfare and Pensions Act 2007

so as to apply also to trust RACs, which are another form of IORP.

These regulations provide for—

•The disclosure of information provisions of the Pensions Act to be applied to Irish-based members of overseas trust RACs;

•The information required when an application for authorisation of a trust RAC to operate cross-border is submitted to the Board;

•Additional conditions of authorisation for trust RACs;

•The information required to be submitted to the Pensions Board once a trust RAC proposes to accept contributions from a foreign employer.

These regulations apply to trust RACs. Similar regulations have already been made in relation to occupational pension schemes.

S.I. No. 184 of 2007

TRUST RACS (CROSS-BORDER) REGULATIONS 2007

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

4

th May

, 2007.

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 148, 149, 151, 152 and 154 (all as amended by

section 37

of the

Social Welfare and Pensions Act 2007

(No. 8 of 2007)) of the

Pensions Act 1990

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

Citation and

Commencement.