PENSIONS (AMENDMENT) ACT, 2002

• “(a) The trustees of a scheme may request an employer to whom the scheme relates to furnish them with such information as they may reasonably require for the purposes of their functions under this Act or regulations thereunder and the employer shall comply with any such request.”;

• (ii) by the insertion after paragraph (a) of the following paragraph:

• “(aa) Any employer to whom a scheme relates may request the trustees of the scheme to furnish him with such information as he may reasonably require for the purposes of his functions under this Act or regulations thereunder and the trustees shall comply with any such request.”;

• (iii) by the insertion in paragraph (b) after “trustees of the scheme” of “or any employer to whom the scheme relates”; and

• (iv) by the insertion in paragraph (b) after “trustees” of “or the employer”.

37 Amendment of section 55 of Principal Act.

37.—Section 55 of the Principal Act is amended—

• (a) by the substitution in paragraph (b) of subsection (2) of “1997, or” for “1997.”;

• (b) by the insertion after paragraph (b) of subsection (2) of the following paragraph:

• “(c) to such extent as may be prescribed, a scheme the winding up of which has commenced.”; and

• (c) by the insertion after subsection (2) of the following subsections—

• “(3) Where an actuarial funding certificate having an effective date after 1 January 2001 has been prepared under section 42 in relation to a scheme each annual report prepared under subsection (1) which relates to a period ending on a day which falls after the effective date of that actuarial funding certificate shall, unless subsection (4) applies to it, include a statement by an actuary in such form as may be prescribed as to whether he is reasonably satisfied that, if he were to prepare under section 42 an actuarial funding certificate having an effective date of the last day of the period to which the annual report relates, he would certify that the scheme satisfies the funding standard provided for in section 44.

• (4) Where in the most recent actuarial funding certificate prepared under section 42 in relation to a scheme the actuary certifies that at the effective date of that certificate the scheme does not satisfy the funding standard, and a funding proposal has been submitted by the trustees of the scheme to the Board in accordance with section 49, each annual report prepared under subsection (1) which relates to a period ending on a day which falls after the effective date of that actuarial funding certificate shall include a statement by an actuary in such form as may be prescribed as to whether he is reasonably satisfied at the last day of the period to which the annual report relates that the scheme will satisfy the funding standard at the effective date of the next actuarial funding certificate.

• (5) Where an annual report prepared under subsection (1)—

  • (a) does not contain a statement by the actuary required under subsection (3) or (4), as appropriate, or

  • (b) contains the statement by an actuary required under subsection (3) but the actuary does not state therein that he is reasonably satisfied that, if he were to prepare under section 42 an actuarial funding certificate having an effective date of the last day of the period to which the annual report relates, he would certify that the scheme satisfies the funding standard provided for in section 44, or

  • (c) contains the statement by an actuary required under subsection (4) but the actuary does not state therein that he is reasonably satisfied that the scheme will satisfy the funding standard at the effective date of the next actuarial funding certificate,

  then in each case the trustees of the scheme shall notify the Board in writing to that effect within such time limit as may be prescribed.

• (6) Regulations may prescribe that an actuary, in making the statement referred to in subsection (3) or (4) shall comply with the applicable professional guidance issued by the Society of Actuaries in Ireland and specified in the regulations or with any applicable guidance issued by any other person and specified in the regulations.”.

38 Amendment of section 56 of Principal Act.

38.—Section 56 of the Principal Act is amended—

• (a) by the insertion in subsection (3) after “scheme” of “or the business of a PRSA provider”;

• (b) by the insertion in subsection (4)—

• (i) after “of a particular scheme” of “or of the business of a particular PRSA provider”; and

• (ii) after “trustees of the scheme” of “or to the PRSA provider”; and

• (c) in subsection (6)—

• (i) by the substitution in paragraph (a)(iii) of “1997, or” for “1997.”;

• (ii) by the insertion after paragraph (a)(iii) of the following:

• “(iv) to such extent as may be prescribed, a scheme the winding up of which has commenced.”;

• (iii) by the substitution in paragraph (b)(iv) of “1997, or” for “1997.”; and

• (iv) by the insertion after paragraph (b)(iv) of the following:

• “(v) to such extent as may be prescribed, a scheme the winding up of which has commenced.”.

39 Indexation of pensions under certain schemes to be considered by trustees.

39.—The following section is inserted after section 56 of the Principal Act:

40 Amendment of section 57 of Principal Act.

40.—The following section is substituted for section 57 of the Principal Act:

41 Obligation of employer to remit contributions under scheme.

41.—The following section is inserted after section 58 of the Principal Act:

“58A.—(1) An employer who deducts any sum from the wages or salary of an employee for remittance to the trustees of a scheme or to another person on their behalf, shall remit every such sum to the trustees or that other person on their behalf, as the case may be, within 21 days following the end of the month in which the deduction was made. An employer shall not make any deductions from the sum required to be remitted by him under this subsection.

• (2) Where an employer is obliged (whether under a contract of employment, the terms of a scheme or otherwise) to pay any sum expressed as a cash amount or as a percentage or proportion of an employee's wages or salary (other than a sum deducted from the employee's wages or salary), on behalf of or in respect of that employee, to the trustees of a defined contribution scheme or to another person on their behalf, he shall, within 21 days following the end of every month, pay to the trustees of the scheme or that other person on their behalf, as the case may be, a sum equal to the appropriate cash amount or percentage or proportion of every payment of wages or salary made to that employee during that month. An employer shall not make any deduction from the sum required to be paid by him under this subsection.

• (3) An employer who—

  • (a) deducts any sum from the wages or salary of an employee for remittance to the trustees of a scheme or to another person on their behalf, or

  • (b) is obliged (whether under a contract of employment, the terms of a scheme or otherwise) to pay any sum, on behalf of or in respect of an employee (other than a sum deducted from the employee's wages or salary), to the trustees of a defined contribution scheme or to another person on their behalf,

  shall give or cause to be given to the employee concerned and to the trustees or that other person on their behalf, a statement in writing not less frequently than once a month specifying—

  - (i) the total amount deducted from the employee's salary or wages and remitted to the trustees or that other person on their behalf, as the case may be, and
  
  - (ii) where appropriate, the total amount paid, on behalf of or in respect of the employee (other than any amount deducted from the employee's wages or salary), to the trustees or that other person on their behalf, as the case may be,
  
    in the preceding month or, if the previous such statement was given less than a month before, in the period since that previous statement was given.
  

• (4) The requirements of subsection (3) relating to an employee shall be regarded as having been satisfied in respect of a particular deduction if the particulars of the deduction are, in accordance with section 9 of the Payment of Wages Act, 1991, included in the statement given to the employee concerned under that section.”.

Chapter 6 Amendments to Part VI of Principal Act

42 Amendment of section 59 of Principal Act.

42.—The following section is substituted for section 59 of the Principal Act:

43 Certain duties of trustees with respect to windings-up and bulk transfers and invalidity of certain acts.

43.—The following sections are inserted after section 59C of the Principal Act:

44 Amendment of section 62 of Principal Act.

44.—Section 62 of the Principal Act is amended by the insertion of the following subsection after subsection (2):

• “(3) Notwithstanding anything in subsection (1), regulations under that subsection may provide that they shall not apply to multi-employer schemes or to specified multi-employer schemes or classes of such scheme.”.

Chapter 7 Amendment to Part VII of Principal Act

45 Amendment of section 80 of Principal Act.

45.—Section 80(1)(b) of the Principal Act is amended by the insertion after “scheme” of “or PRSA”.

Chapter 8 Amendments to Part VIII of Principal Act

46 Amendment of section 82 of Principal Act.

46.—Section 82 of the Principal Act is amended—

• (a) by the insertion after “means, in relation to a scheme” of “or a PRSA”;

• (b) by the insertion after paragraph (c) of the following paragraph:

• “(cc) is an administrator, investment manager or custodian of the PRSA, or”;

• (c) by the substitution in paragraph (d) for “the Insurance Act, 1989” of “the Investment Intermediaries Act, 1995”;

• (d) by the insertion in paragraph (e) after “the scheme” in each place where those words occur of “or PRSA”;

• (e) by the substitution in paragraph (g) for “scheme under section 59.” of “scheme under section 59, or”; and

• (f) by the insertion after paragraph (g) of the following paragraphs:

• “(h) is the PRSA provider, or

• (i) is a PRSA actuary, or

• (j) is an auditor of the business of a PRSA provider, or

• (k) is an employee of an employer referred to in section 121.”.

47 Amendment of section 83 of Principal Act.

47.—Section 83 of the Principal Act is amended—

• (a) by the insertion in subsection (1) after “a scheme” of “or PRSA”, and

• (b) by the insertion after subsection (2) of the following subsections:

• “(2A) Where a relevant person referred to in paragraph (i) or (j) of section 82 has reason to believe that a PRSA provider has carried on activities in relation to PRSA products referred to in Part X otherwise than in accordance with that Part, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such activities.

• (2B) Where a relevant person referred to in section 82(j)—

  • (a) has reason to believe that a PRSA provider has not operated a custodian account in accordance with the requirements of Part X; or

  • (b) is unable to express an opinion on a PRSA provider's accounts within 75 days after the end of the financial year in relation to that PRSA provider,

  that person shall, as soon as practicable, report the matter in writing to the Board.

• (2C) Where a relevant person referred to in paragraph (h), (i) or (j) of section 82 has reason to believe that an employer has failed or is failing to comply with the provisions of section 121, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such failure.

• (2D) Where a relevant person referred to in section 82(h) knows that an employer has failed to remit one or more contributions on behalf of that employer's employees to the relevant person, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such failure and shall also inform the relevant PRSA contributor or contributors of the failure.

• (2E) Any relevant person may of his own volition report to the Board in relation to the operation and performance of any PRSA product to which he is a relevant person and the Minister may, by regulations, prescribe the format of such a report and the conditions subject to which it may be made.

• (2F) Every relevant person shall, at such intervals and subject to such conditions as may be prescribed, make reports to the Board in the prescribed format in respect of any PRSA for which he bears any responsibility.

• (2G) Where a relevant person referred to in section 82(k) has reason to believe that his employer has failed or is failing to comply with the provisions of section 121, that person may of his own volition report such failure to the Board.”;

• (c) by the substitution in paragraphs (a) and (b) of subsection (3) of “subsection (1), (2A), (2B), (2C), (2D) or (2F)” for “subsection (1)”; and

• (d) by the insertion in subsection (6) after “the scheme” of “or PRSA”.

48 Amendment of section 84 of Principal Act.

48.—Section 84 of the Principal Act is amended by—

• (a) the insertion after “conduct of a scheme” of “or the state of a PRSA”; and

• (b) the substitution of “section 83” for “section 83(1)”.

49 Amendment of section 85 of Principal Act.

49.—Section 85 of the Principal Act is amended by—

• (a) the substitution of “section 83” for “section 83(1)”; and

• (b) the insertion after “conduct of scheme” of “or the state of a PRSA”.

Chapter 9 Amendments to Schedules to Principal Act

50 Amendment of First Schedule to Principal Act.

50.—The First Schedule to the Principal Act is amended by—

• (a) the substitution in paragraph 2 of “16” for “14”;

• (b) the substitution for clauses (g) and (h) of paragraph 8(1) of the following:

• “(g) one shall be a representative of consumer interests,

• (h) one shall be a representative of pensioner interests,

• (i) one shall be a representative of the Minister for Finance, and

• (j) one shall be a representative of the Minister.”;

and

• (c) the insertion after subparagraph (7) of paragraph 8 of the following:

• “(7A) The member of the Board representing consumer interests shall be a person nominated for appointment thereto by the Minister or such organisation or organisations as the Minister considers to be representative of consumer organisations.

• (7B) The member of the Board representing pensioner interests shall be a person nominated for appointment thereto by the Minister or such organisation or organisations as the Minister considers to be representative of pensioner organisations.”.

51 Amendment of Second Schedule (title thereof) to Principal Act.

51.—The Second Schedule to the Principal Act is amended by the substitution for the title to that Schedule of the following title:

“Preservation and Revaluation of Benefits and Minimum Value of Contributory Retirement Benefit”.

52 Amendment of Part A of Second Schedule to Principal Act.

52.—The Second Schedule to the Principal Act is amended by the substitution for Part A of the following Part:

53 Amendment of Part B of Second Schedule to Principal Act.

53.—The Second Schedule to the Principal Act is further amended by the substitution for Part B of the following Part:

54 Insertion of Part C in Second Schedule to Principal Act.

54.—The Second Schedule to the Principal Act is further amended by the insertion after Part B (inserted by section 53) of the following Part:

55 Amendment of Third Schedule to Principal Act.

55.—The Third Schedule to the Principal Act is amended—

• (a) by the substitution for “the commencement of Part IV”, in each place where those words occur, of “1 January 1991”;

• (b) by the insertion in paragraph 3(a)(i) after “preserved benefits” of “to which the member is entitled under section 28(2)(a)”;

• (c) by the insertion in paragraph 3(b)(i) after “preserved benefits” of “to which the member would be entitled under section 28(2)(a)”;

• (d) by the substitution in paragraph 4(b)(i)(II) for “the 1^st day of” of “1”; and

• (e) by the insertion of the following paragraph after paragraph 4:

“5. The benefits for the purposes of this paragraph shall be calculated as at the effective date of the certificate and shall be, to the extent that they have not already been specified in any of the preceding paragraphs—

• (a) in the case of a member of that scheme whose service in relevant employment terminated after 1 June 2002 but prior to the effective date of the certificate and in respect of whom a transfer payment has not been applied in accordance with section 34 or 35, the greater of—

  • (i) all preserved benefits to which the member is entitled under section 28(2)(b) (including future revaluations thereof and those benefits payable on the death of the member entitled to preserved benefit) calculated in accordance with Part III,

  • (ii) any minimum contributory retirement benefit to which the member is entitled under section 35A, and

  • (iii) the benefits payable under the rules of the scheme,

  and

• (b) in the case of a member of that scheme then in relevant employment, the greater of—

  • (i) preserved benefits to which the member would be entitled under section 28(2)(b) (including future revaluations thereof and those benefits payable on the death of the member entitled to preserved benefit) calculated in accordance with the provisions of Part III,

  • (ii) any minimum contributory retirement benefit to which the member would be entitled under section 35A, and

  • (iii) the long service benefits payable under the rules of the scheme in respect of reckonable service completed prior to the effective date of the certificate and, where the member would be entitled to an immediate retirement benefit if he unilaterally terminated his service in relevant employment on the effective date of the certificate, any increase in long service benefit arising under section 35A together with any other benefits payable on the death of the member entitled to long service benefit in respect of such period of reckonable service,

  calculated as if the member's service in relevant employment had terminated on the effective date of the certificate but, other than for the purposes of section 48, disregarding any provision requiring the completion of a minimum period of qualifying service which may prevent the member concerned from acquiring an entitlement to benefit on termination of such employment.”.

PART 5 Amendments of Miscellaneous Other Enactments and Saving

56 Amendment of Social Welfare (Consolidation) Act, 1993.

56.—The definition of “specified body” in section 223(1) (as amended by section 32 of the Social Welfare Act, 2000) of the Social Welfare (Consolidation) Act, 1993, is amended by—

• (a) the deletion of “or” after paragraph (m), and

• (b) the substitution for paragraph (n) of the following paragraphs:

• “(n) the Pensions Board, or

• (o) such other persons as may be prescribed;”.

57 Pension adjustment orders.

57.—(1) The definition of “pension scheme” in section 2(1) of the Family Law Act, 1995, is amended by the insertion after paragraph (b) of the following:

• “(bb) a PRSA contract within the meaning of Part X of the Pensions Act, 1990, or”.

• (2) The definition of “pension scheme” in section 2(1) of the Family Law (Divorce) Act, 1996, is amended by the insertion after paragraph (b) of the following:

• “(bb) a PRSA contract within the meaning of Part X of the Pensions Act, 1990, or”.

58 Non-application of Ombudsman Act, 1980, in relation to matters cognisable under Part XI of Principal Act.

58.—(1) Section 5(1) of the Ombudsman Act, 1980, is amended by—

• (a) the deletion of “or” after paragraph (f),

• (b) the substitution in paragraph (g) for “this Act;” of “this Act, or”, and

• (c) the insertion of the following paragraph after paragraph (g):

• “(gg) if the action falls within a category of complaint or dispute to which paragraph (a), (b) or (c) of subsection (2) of section 131 of the Pensions Act, 1990, applies (and is not excluded from the jurisdiction of the Pensions Ombudsman by virtue of regulations under paragraph (b) or (c) of subsection (6) of the said section 131), being an action that could otherwise be investigated by the Ombudsman under this Act;”.

• (2) Notwithstanding the amendment effected by subsection (1) of this section, anything commenced but not completed before the commencement of this section by the Ombudsman under the Ombudsman Act, 1980, may be carried on and completed after such commencement by the Ombudsman as if this section had not been enacted.

59 Saving.

59.—Any instrument or document that is made or issued under a provision of the Principal Act that is amended by this Act and which is in force immediately before the commencement of the amendment shall, save to the extent that it is inconsistent with the provision as so amended, continue in force as if made or issued under the said provision.