S.I. No. 273/1995 - Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1995.

S.I. No. 273 of 1995.

OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 1995.

The Minister for Social Welfare, in exercise of the powers conferred on him by sections 5 , 5A and 52 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:—

1 Citation and construction.

1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1995.

(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 1995.

2 Commencement.

2. These Regulations shall come into operation on the 29th day of September, 1995.

3 Modification of Part IV in the case of certain schemes.

3. Article 7 of the Occupational Pension Schemes (Funding Standard) Regulations 1993 are hereby amended by the substitution for sub-article (2) of the following sub-article:

"(2) ( a ) In the case of an external scheme section 43 (1) (a) of the Act is hereby modified by the substitution for 'not later than 3 years after such commencement' of 'not later than 4 years after such commencement or such later date not being later than 1 January 1998 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme',

( b ) In the case of an external scheme section 43 (1) (b) of the Act is hereby modified by the substitution for paragraph (b) of subsection (1) of section 43 of the following:

'(b) (i) in the case of a relevant scheme which commenced between 1 January 1991 and 30 June 1991, not later than 31 December 1994 or such later date not being later than 1 January 1998 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme and

(ii) in the case of a relevant scheme which commenced on or after 1 July 1991, not later than 3½ years after the commencement of the scheme or such later date not being later than 1 January 1998 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme,' ".

GIVEN under the Official Seal of the Minister for Social Welfare,

this 27th day of September, 1995.

PROINSIAS DE ROSSA,

Minister for Social Welfare.

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

GIVEN under the Official Seal of the Minister for Finance,

this 27th day of September, 1995.

RUAIRÍ QUINN,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations amend the Funding Standard Regulations made under the Pensions Act, insofar as they relate to United Kingdom defined benefit pension schemes (external schemes) with members in this State.

It allows that the period for the submission of an actuarial funding certificate in relation to such schemes may be extended up to 1 January 1998 where the scheme applies to and receives the approval of the Pensions Board for such an extension. It also provides that in considering such an application the Board must be satisfied that granting an extension will not be contrary to the interests of the members of the scheme.