S.I. No. 582/2006 - Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2006

S.I. No. 582 of 2006

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) (AMENDMENT) REGULATIONS, 2006

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5 (as amended by section 44 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006)), 51, 54, 55, 56, 57 and 59 of the Pensions Act, 1990 (No.25 of 1990), hereby makes the following Regulations:-

Citation and Construction.

1. (1)    These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2006.

(2)       These Regulations and the Occupational Pensions Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) may be construed together as one and may be cited together as the Occupational Pension Schemes (Disclosure of Information) Regulations 2006.

Interpretation.

2.         In these Regulations the “Principal Regulations” means the Occupational Pensions Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ).

Amendment of Principal Regulations.

3.         The Principal Regulations are amended -

(a)        in article 6(6) by inserting “, other than a One Member Arrangement,” after the words “defined contribution scheme”,

(b)        in article 8(2) by deleting the words “some or” in paragraphs (b) and (c) in each place where those words occur,

(c)        by substituting the following for article 8(4) -

“(4) (a)   Based on information provided to and reasonable enquiries having been made by, the preparer of an annual report for a defined contribution scheme to which this article applies, that report shall contain the following -

(i)        a statement of the amount of the contributions received by the scheme during the scheme year,

(ii)       a statement of the manner in which the resources of the relevant scheme are invested including details of any self-investment at any time during the period covered by the report,

(iii)       the information specified in paragraphs 1, 2, 3, 4, 5, 6, 11, 12 and 14 to 20 and 22 and 23 of Schedule B,

(iv)       where applicable, a copy of the valuation report prepared in accordance with article 6(6) in relation to that scheme year.

(b) Based on information available to the preparer of an annual report for a defined contribution scheme to which this article applies, that report shall also contain a statement by the preparer of the report that -

(i)       contributions payable during the scheme year have been received by the trustees within 30 days of the end of the scheme year, and

(ii)      contributions payable have been paid in accordance with the rules of the relevant scheme and if appropriate, with the recommendation of the actuary, and

(iii)     if the statement under sub-paragraphs (b)(i) or sub paragraph (b)(ii) is qualified, the report shall also contain a statement of the reasons;

(4A) Based on information provided to and reasonable enquiries having been made by, the preparer of an annual report for a defined benefit scheme to which this article applies, that report shall contain the following-

(i)        a statement of the amount of the contributions received by the scheme during the scheme year,

(ii)        a statement that -

(a)       contributions payable during the scheme year have been received by the trustees within 30 days of the end of the scheme year, and

(b)       contributions payable have been paid in accordance with the rules of the relevant scheme and if appropriate, with the recommendation of the actuary.

(iii)       If the statement under sub-paragraph (ii)(a) or sub-paragraph (ii)(b) is qualified, the report shall also contain a statement of the reasons;

(iv)       a statement of the manner in which the resources of the relevant scheme are invested including details of any self-investment at any time during the period covered by the report,

(v)        the information specified in paragraphs 1, 2, 3, 4, 5, 6, 11, 12 and 14 to 23 of Schedule B,

(vi)       details of the measures proposed in any funding proposal prepared in accordance with section 49 which relates to the scheme year in respect of which the annual report is being prepared, and

(vii)      where applicable, a copy of the valuation report prepared in accordance with article 6(6) in relation to that scheme year.”,

(d)       in article 13(1) by substituting “6 months” for “3 months”,

(e)       by substituting the following for article 13(2) -

“(2) (a) Such information as is specified in paragraphs 14 to 24 and paragraph 26 of Part II of Schedule D shall be furnished to any member of a defined contribution scheme or any member of the DC Element of a defined benefit scheme, whose service in relevant employment has not terminated before normal pensionable age, at least once in every scheme year commencing on or after 1 January 2007 and the information must relate to a date specified for this purpose by the trustees, not being a date earlier than 3 months before the date upon which such information is so furnished.

(b) Such information as is specified in paragraph 25 of Part II of Schedule D shall be furnished to any member of a defined contribution scheme or any member of the DC Element of a defined benefit scheme, whose service in relevant employment has not terminated before normal pensionable age, at least once in every scheme year commencing on or after 1 January 2008 and the information must relate to a date specified for this purpose by the trustees, not being a date earlier than 3 months before the date upon which such information is so furnished.”,

(f)        in article 13(6) by inserting “with effect from 1 January 2008” after the words “the statement of reasonable projection referred to in paragraph 25 of Part II of Schedule D shall”,

(g)        in article 14(4) by substituting “paragraphs 8 to 12” for “paragraphs 8 to 13”,

(h)        by inserting the following after article 14(4) -

“(5)  The information specified in paragraph 13 of Part II of Schedule E shall with effect from 1 January 2008 be furnished as appropriate-

(a)        to any member of a defined contribution scheme or of the DC Element of a defined benefit scheme who has acquired an entitlement to preserved benefit as soon as practicable and in any event within 2 months after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate, other than by reason of the winding up of the scheme,

(b)        to any member of a defined contribution scheme or of the DC Element of a defined benefit scheme whose service in relevant employment has terminated or is about to terminate other than by reason of the winding up of the scheme and who has not acquired an entitlement to a preserved benefit on request as soon as practicable and in any event within 2 months after the request is made, and

(c)        to any other member of a defined contribution scheme or the DC Element of a defined benefit scheme, on request, as soon as practicable and in any event within 2 months after the request is made.”,

(i)        in paragraphs 8 and 13(f) of Part I of Schedule D and paragraph 19 of Part II of Schedule D, by substituting the words “at the date of preparation of the information” for the words “at the date specified” in each place where those words occur,

(j)        in paragraph 17 of Schedule D by inserting the words “or PRSA” after the words “whether the member or prospective member has an option to purchase additional benefits under the scheme by way of additional voluntary contributions or to acquire rights to additional benefits in exchange for any transfer payment provided by another scheme”, and

(k)        by substituting the following for paragraph 12 of Schedule E -

“12. If a Pension Adjustment Order has been received in respect of the member's benefits under the scheme this must be stated and, if so, either a statement of the effect of the Pension Adjustment Order or details as to where further information relating to the effect and operation of the Pension Adjustment Order on the benefits to or in respect of the member may be obtained.”.

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

EXPLANATORY NOTE

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

These Regulations provide for some technical amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 (SI 301 of 2006).

Article 3 amends the Disclosure Regulations as follows -

(a)        by excluding one member arrangements from the requirement to prepare a valuation report within the meaning of article 56(2A) because the valuation report will be the same as the annual benefit statement.

(b)        by clarifying that a person designated by an insurance undertaking to prepare an annual report can only do so, where all of the relevant benefits are secured under policies or contracts of assurance.

(c)        by clarifying that in respect of a defined contribution scheme which is a small scheme the preparer's statement in the annual report regarding certain matters shall only be based on the information available to him.

(d)        by providing that the information in the annual benefit statement for a DB scheme should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information.

(e)   -   (h) by providing that trustees shall not be obliged to furnish statements of reasonable projection under articles 13 or 14 of the Principal Regulations until 1 January 2008. This is to allow for sufficient time for the development of guidance on how the statement of reasonable projection should be prepared.

(i)         to clarify that the annual benefit statement should provide details of the trustees at the date of preparation of the statement rather than at the specified date which may be earlier that the date of preparation of the statement.

(j)        textual amendment to include a “PRSA” in paragraph 17 of Schedule D in relation to transfer payments received from another scheme to mirror other provisions of Schedule D.

(k)       Textual amendment to paragraph 12 of Schedule E so that it corresponds with paragraph 6 of Schedule E.