LegalizeS.I. No. 349/1998 - Occupational Pension Schemes (Disclosure of Information) (No. 2) Regulations, 1998
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
4 amending acts · 2013-06-28, Social Welfare and Pensions (Miscellaneous Provisions) Act 2013
These Regulations revoke, on a phased basis, the existing regulations relating to disclosure of information and replace them, again on a phased basis, with these Regulations.
The Regulations regulate the disclosure of financial and other information by occupational pension schemes. Under the Regulations the trustees of schemes are required to obtain annual audited accounts, including the auditor's report, and containing specified financial information, prepared by an auditor who fulfils certain requirements. The trustees must also obtain an actuarial valuation of the scheme at specified intervals, prepared by a qualified actuary (who is defined in the Regulations). Copies of the actuary's report must be made available for inspection free of charge or furnished, on request, to specified persons on payment of a reasonable charge.
In addition, trustees of schemes must provide an annual report containing, inter alia, a copy of the annual audited accounts for the scheme year, a copy of the latest actuarial funding certificate, a trustees' financial review of the scheme and an investment report. Defined contribution schemes and certain defined benefit schemes, in place of the full requirements for audited accounts and reports, have the option of issuing a shortened annual report prepared by a qualified auditor or, where the benefits are fully secured under an insurance contract, a person designated by the insurance company.
Copies of annual reports must be made available automatically to authorised trade unions and when requested to members, prospective members and other specified persons.
The Regulations also provide for the trustees to make available documents containing information about the constitution of the scheme for inspection by specified persons, and for copies to be furnished on request on payment of a reasonable charge. Certain basic information mainly about the contribution and benefit structure of the scheme must be given by the trustees to every member on joining the scheme and to members and other specified persons on request, and for material alterations to be drawn to the attention of members. Finally, information about individual benefit entitlements must be made available by the trustees to specified persons in specified circumstances.
The Regulations also take account of the Family Law Act 1995 and Family Law (Divorce) Act 1996 provisions insofar as they relate to pension adjustment orders.
These Regulations are being made following a review of the existing Regulations.
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