S.I. No. 603/2005 - Occupational Pension Schemes (Professional Guidance) Regulations, 2005

S.I. No. 603 of 2005

OCCUPATIONAL PENSION SCHEMES (PROFESSIONAL GUIDANCE) REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5 and 7A (as amended by section 29 of the Social Welfare and Pensions Act 2005 (No. 4 of 2005)) of the Pensions Act, 1990 (No. 25 of 1990) hereby makes the following Regulations:

Citation and Commencement.

1. These Regulations may be cited as the Occupational Pension Schemes (Professional Guidance) Regulations, 2005.

(2) These Regulations come into operation on 23 September 2005.

Professional guidance.

2. The guidance specified for the purposes of section 7A is any guidance note issued by the Society of Actuaries in Ireland in relation to-

(a)  the preparation of actuarial funding certificates in accordance with section 42 of the Pensions Act,

(b)  the certification of funding proposals in accordance with section 49 of the Pensions Act, 1990 , and

(c)  the calculation of transfer values in accordance with section 34 of the Pensions Act, 1990 .

EXPLANATORY NOTE

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

Section 29 of the Social Welfare and Pensions Act 2005 amended section 7A of the Pensions Act to ensure that where guidance, as specified in Regulations, is issued by the Society of Actuaries in Ireland, it may not be altered by the Society without Ministerial Consent. These regulations specify the provisions of the Pensions Act in relation to which such guidance, as issued, may not be altered. These are-

•  the preparation of Actuarial Funding Certificates

•  the certification of funding proposals, and

•  the calculation of transfer values.