S.I. No. 233/2004 - Occupational Pension Schemes (Annual Reports) Regulations, 2004

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5 and 55 (as amended by section 37 of the Pensions (Amendment) Act 2002 (No. 18 of 2002)) of the Pensions Act 1990 (No. 25 of 1990), hereby makes the following Regulations:

Citation

1. These Regulations may be cited as the Occupational Pension Schemes (Annual Reports) Regulations, 2004.

Prescribed Period

2. The time limit prescribed for the purposes of section 55 (5) of the Pensions Act 1990 shall be not later than four weeks after the date by which the relevant annual report is required to be made available to the members of the scheme by the trustees in accordance with the provisions of the Pensions Act 1990 and any regulations made thereunder.

EXPLANATORY NOTE

[This note is not part of the Instrument and does not purport to be a legal interpretation]

Section 55(5) of the Pensions Act provides that, where an annual report prepared in respect of a defined benefit scheme does not contain a statement in relation to the funding of that scheme in accordance with Section 55(3) or (4), or contains a statement but the actuary does not state that the scheme satisfies the funding standard, the trustees must notify the Pensions Board to that effect within such time limit as may be prescribed.

The annual report is required to be made available to members not later than nine months after the end of the scheme year to which it relates or such later date as may be approved by the Board. This regulation sets a time limit of not later than four weeks after this date for trustees to provide such notification to the Board.