S.I. No. 633/2005 - Occupational Pension Schemes (Disclosure Of Information) Regulations, 2005

S.I. No. 633 of 2005

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) REGULATIONS, 2005

INDEX

1.	Citation and Commencement
2.	Revocation
3.	Interpretation
4.	Definitions
5.	Audited Accounts
6.	Valuation Reports
7.	Annual Reports
8.	Alternative arrangements for annual reports and audited accounts for certain schemes
9.	Disclosure of reports - audited accounts, valuation reports and annual reports
10.	Disclosure of information in relation to schemes - constitution of the scheme
11.	Disclosure of information in relation to schemes - basic information about the scheme
12.	Disclosure of information in relation to schemes - general requirements relating to information to be made available to individuals under articles 13-18
13.	Information to be made available - member or prospective member in relevant employment
14.	Information to be made available - termination of relevant employment
15.	Information to be made available - retirement or death of a member or beneficiary
16.	Information to be made available - scheme in wind up
17.	Information to be made available - Pension Adjustment Orders
18.	Information to be made available - investment alternatives and default investment strategy
19.	Service of information and documents
Schedule A - Contents of Accounts	Schedule A - Contents of Accounts
Schedule B - The Annual Report - Information to accompany audited accounts and actuarial funding certificate	Schedule B - The Annual Report - Information to accompany audited accounts and actuarial funding certificate
Schedule C - Basic information about the scheme	Schedule C - Basic information about the scheme
Schedule D - Information to be made available to a member or prospective member in relevant employment	Schedule D - Information to be made available to a member or prospective member in relevant employment
Part I - Defined Benefit Scheme	Part I - Defined Benefit Scheme
Part II - Defined Contribution Scheme DC element of a defined benefit scheme	Part II - Defined Contribution Scheme DC element of a defined benefit scheme
Part III - Termination of Reckonable Service without termination of Relevant Employment - All Schemes	Part III - Termination of Reckonable Service without termination of Relevant Employment - All Schemes
Schedule E - Information to be made available - termination of Relevant Employment	Schedule E - Information to be made available - termination of Relevant Employment
Part I - Defined Benefit Scheme (excluding the DC element of a Defined Benefit Scheme)	Part I - Defined Benefit Scheme (excluding the DC element of a Defined Benefit Scheme)
Part II - Defined Contribution Scheme DC element of a Defined Benefit Scheme	Part II - Defined Contribution Scheme DC element of a Defined Benefit Scheme
Schedule F - Information to be made available - retirement or death of member or beneficiary	Schedule F - Information to be made available - retirement or death of member or beneficiary
Schedule G - Information to be contained in report to the Pensions Board - schemes in wind-up	Schedule G - Information to be contained in report to the Pensions Board - schemes in wind-up
Schedule H - Information to be made available - Pension Adjustment Orders	Schedule H - Information to be made available - Pension Adjustment Orders
Schedule I - Information in relation to investment alternatives for schemes which provide for members' directions on investment	Schedule I - Information in relation to investment alternatives for schemes which provide for members' directions on investment

S.I. No. 633 of 2005

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION REGULATIONS, 2005

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

Citation and Commencement.

1.(1) These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) Regulations, 2005.

• (2) These Regulations shall come into force as follows:

• (a) articles 5, 7, 8 and articles 4 and 9, in so far as they relate to articles 5, 7 and 8, in relation to each scheme year commencing on or after 23 September 2005 , on 23 September 2005,

• (b) articles 2, 3, 6, 10, 14, 18, 19, article 4 in so far as it relates to articles 6,10, 14, 18 and 19, article 9 in so far as it relates to article 6 and article 12 in so far as it relates to articles 14 and 18, on 23 September 2005, and

• (d) articles 4 and 12 in so far as they relate to all other articles and all other articles on 1 January 2007.

Revocation.

2.(1) The Occupational Pension Schemes (Disclosure of Information) (No.2) Regulations 1998 ( S.I. No. 349 of 1998 ) are hereby revoked as follows:

• (a) articles 4, 6 and 7 and article 3 in so far as it relates to articles 4, 6 and 7, in relation to each scheme year commencing on or after 23 September 2005,

• (b) articles 5, 8, 12, and 16, article 3 in so far as it relates to articles 5, 8, 12, and 16 and article 10 in so far as it relates to article12, on 23 September 2005, and

• (c) article 3 and 10 in so far as it relates to all other articles and all other articles on 1 January 2007.

• (2) The Occupational Pension Schemes (Disclosure of Information) (Amendment Regulations 2000 ( S.I. No. 296 of 2000 ) are hereby revoked.

• (3) The Occupational Pension Schemes (Disclosure of Information) (Amendment Regulations 2003 ( S.I. No. 4 of 2003 ) are hereby revoked.

Interpretation.

3. In these Regulations, unless the context otherwise requires -

• (a) a reference to a Schedule is to a Schedule to these Regulations,

• (b) a reference to an article is to an article of these Regulations,

• (c) a reference to a sub-article is to a sub-article of the article in which the reference occurs,

• (d) a reference to a paragraph is to a paragraph of the sub-article, article or Schedule in which the reference occurs, and

• (e) a reference to a sub-paragraph is to a sub-paragraph of the paragraph in which the reference occurs.

Definitions.

4. In these Regulations -

“accumulated value” has the meaning assigned to it by section 30 of the Act;

“the Act” means the Pensions Act, 1990 (No. 25 of 1990);

“affiliated employer” means another employer where one of the employers is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 , (No. 33 of 1963)) of the other or where both employers are subsidiaries of a third employer;

“authorised trade union” has the meaning assigned to it by section 54(6) of the Act;

“concentration of investment” in relation to a scheme, means investments exceeding a stated percentage of the resources of the scheme in one undertaking and in any associate of it or in one property, other than in the following categories-

• (a) Government securities;

• (b) insurance policies;

• (c) contracts of assurance;

• (d) managed funds;

• (e) unit trusts; or

• (f) cash deposits.

“contingent benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations, 1997 ( S.I. No. 107 of 1997 );

“DC Element” means a facility under a defined benefit scheme for the treatment of contributions or accrued rights or the receipt of transfers in respect of accrued rights (including transfer payments and transfer amounts) as if they had been paid or credited to or accrued under a defined contribution scheme;

“designated benefit” has the meaning assigned to it in the Pension Schemes (Family Law) Regulations, 1997;

“made available for inspection” means made available for inspection at a place which is convenient having regard to the circumstances of the request and to the person who made it;

“on request” means a request in writing for a specified document or item of information provided that, unless the context otherwise requires, any request made within 12 months of the last occasion on which a copy of the same document or information was made available or furnished to the same person shall not be deemed to be a valid request;

“One Member Arrangement” means a defined contribution scheme that has been established for one person only and that one person will always be the only member; unless the scheme is made the subject of a Pension Adjustment Order, in which case it may also include the person or persons referred to in the Pension Adjustment Order;

“Pension Adjustment Order” means an order made by the Court under Section 12 of the Family Law Act, 1995 (No. 26 of 1995) or Section 17 of the Family Law (Divorce) Act, 1996 (No. 33 of 1996);

“preserved benefit” has the meaning assigned to it by section 28 of the Act;

“relevant persons” means -

• (a) the members and prospective members of the scheme,

• (b) the spouses of members and of prospective members of the scheme,

• (c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, or

• (d) an authorised trade union representing the members or prospective members concerned in so far as the information is relevant to the rights of such members or prospective members of the scheme;

“scheme year” in relation to a scheme, means whichever of the periods specified in section 55(1 of the Act the trustees select;

“self-investment” in relation to a scheme, means investment of all or part of the resources of the scheme in the business of the employer of any person employed in relevant employment, or of an affiliated employer, and for this purpose the term “investment” shall be deemed to include-

• (a) shares or other securities issued by the employer or by an affiliated employer,

• (b) land which is occupied or used by or subject to lease in favour of the employer or an affiliated employer,

• (c) property, other than land, which is used for the purpose of any business carried on by the employer or an affiliated employer,

• (d) loans to the employer or an affiliated employer,

• (e) moneys due to the scheme held by the employer or an affiliated employer,

but shall not include moneys due by an employer to the relevant scheme, where such moneys are due for a period of less than that provided for under section 58A of the Act where applicable to such moneys and otherwise for a period of 30 days or less;

“Statement of Reasonable Projection - DC” means a statement prepared or caused to be prepared, in accordance with paragraph 25 of Part II of Schedule D or paragraph 13 of Part II of Schedule E, by the trustees of-

• (a) a defined contribution scheme, or

• (b) a defined benefit scheme with a DC Element,

for a member of that scheme under article 13(2), article 13(6) and article 14(4);

“transfer amount” has the meaning assigned to it in the Pension Schemes ( Family Law) Regulations, 1997.

Audited Accounts.

5. (1) In this article “relevant scheme” means a scheme (other than a One Member Arrangement) to which section 56 of the Act applies.

• (2) Subject to article 8 , the trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause-

• (a) the accounts of such a scheme to be audited by the auditor of the scheme in respect of each scheme year which commences on or after 23 September 2005, and

• (b) the auditor's report to be prepared on the accounts,

as soon as reasonably practicable after the end of the scheme year.

• (3) The audited accounts shall include the information specified in Schedule A to these Regulations which is applicable and material to the relevant scheme.

• (4) The auditor's report on the accounts of the relevant scheme shall include -

• (a) a statement whether, in his opinion, the requirements of sub-article (3) are satisfied;

• (b) a statement that, in his opinion, the accounts show a true and fair view of the financial transactions of the relevant scheme during the scheme year and of the amount and disposition of the assets and liabilities (other than liabilities to pay pensions and other benefits in the future) at the end of the scheme year;

• (c) a statement that, in his opinion, contributions payable to the relevant scheme during the scheme year have been received by the trustees within 30 days of the end of the scheme year and that, in his opinion, such contributions have been paid in accordance with the rules of the relevant scheme and, if appropriate, with the recommendation of the actuary; and

• (d) if any of the statements under paragraphs (a), (b) or (c) is qualified, a statement of the reasons.

• (5) The audited accounts of a relevant scheme shall be signed-

• (a) by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee; or

• (b) if there is a person authorised under the rules of the scheme, by such person.

• (6) A person shall not be qualified for appointment as auditor of a relevant scheme, for the purposes of the Act if he is -

• (a) a member or a trustee of the relevant scheme;

• (b) a director or employee of any of the trustees of the relevant scheme; or

• (c) the employer of any member employed in relevant employment or a director or employee of that employer or any affiliated employer.

Valuation Reports.

6. (1) In this article “relevant scheme” means a scheme to which section 56, other than subsection (2A), of the Act applies.

• (2) The trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause -

• (a) the resources and liabilities of the scheme to be valued by the actuary of the scheme at a date referred to in these Regulations as the “effective date”, and

• (b) the actuary's report to be prepared on the valuation

as soon as reasonably practicable after the effective date.

• (3) The effective date of the first actuarial valuation to be prepared under section 56(1) of the Act shall be-

• (a) in relation to a scheme other than an external scheme which is a relevant scheme which commenced before the 1st day of January, 1991, a date not later than the 31st day of December 1993, and

• (b) in relation to a scheme other than an external scheme which is a relevant scheme which commenced on or after the 1st day of January, 1991 but before the 23^rd September 2005, a date not later than 3½ years after the commencement of the relevant scheme,

• (c) in relation to a scheme other than an external scheme which is a relevant scheme which commenced on or after the 23^rd September 2005, a date not later than 3 years after the commencement of the relevant scheme,

• (d) in relation to a relevant scheme which is an external scheme which commenced before the 1st day of July 1991, a date not later than the 31st day of December 1994,

• (e) in relation to a relevant scheme which is an external scheme which commenced on or after the 1st day of July 1991 but before the 23^rd September 2005, a date not later than 3½ years after the commencement of the relevant external scheme, and

• (f) in relation to a relevant scheme which is an external scheme which commenced on or after the 23^rd September 2005, a date not later than 3 years after the commencement of the relevant scheme.

• (4) Subject to sub-article (5), the effective date of any subsequent actuarial valuation shall be a date not later than 3 ½ years after the effective date of the immediately preceding actuarial valuation or such later date as may be approved by the Pensions Board.

• (5) Where an actuarial valuation has been prepared, having an effective date on or after 23 September 2005, any subsequent actuarial valuation shall have an effective date not later than 3 years after the effective date of the immediately preceding valuation.

• (6) The trustees of a defined contribution scheme shall, in accordance with section 56(2A) of the Act -

• (a) cause the liabilities of the scheme to be valued as at the last day of each scheme year, and

• (b) cause a report of that valuation to be prepared as soon as reasonably practicable after the last day of each scheme year.

• (7) Subject to sub-article (8), a person shall not be qualified for appointment as actuary of a scheme, for the purposes of the Act, unless he is -

• (a) in the case of a scheme specified in Schedule C to the Occupational Pension Schemes (Funding Standard) Regulations, 1993, ( S.I. No.419 of 1993 ),

• (i) a Fellow Member of the Society of Actuaries in Ireland, or

• (ii) a civil servant who is approved by the Minister with the consent of the Minister for Finance as being a proper person to act for the purposes of the Act in connection with that scheme, or

• (b) in the case of a scheme not specified in Schedule C to the Occupational Pension Schemes (Funding Standard) Regulations, 1993, a Fellow Member of the Society of Actuaries in Ireland who has been granted and holds a valid Scheme Actuary Certificate under the rules of that Society:

• (8) Any person with other actuarial qualifications who, at any time prior to 1 April 1999 held an appointment as actuary of a scheme with the approval of the Minister under Article 5(8)(c) of the Occupational Pension Schemes (Disclosure of Information Regulations 1991 ( S.I. No.215 of 1991 ) and who satisfies the requirements of the Minister shall, for so long as such person satisfies the requirements of the Minister continue to be qualified for appointment as actuary in connection with that scheme and may be approved by the Minister, at the request of the trustees of the scheme concerned as being a proper person to act for the purposes of the Act in connection with any other scheme.

Annual Reports.

• (2) Subject to article 8, the trustees of a relevant scheme shall, in accordance with section 55 of the Act, prepare, in respect of each scheme year commencing on or after 23 September 2005, an annual report of the scheme as soon as reasonably practicable after the end of the scheme year.

• (3) A copy of the latest annual report prepared in accordance with this article, shall be made available in accordance with article 9(1).

• (4) The trustees shall inform the members of the relevant scheme then in relevant employment of the availability of the annual report not later than 4 weeks after the time specified in article 9(1).

• (5) The annual report in respect of a relevant scheme shall contain the following:

• (a) a copy of the audited accounts in respect of the scheme year,

• (b) a copy of the auditor's report on the accounts as specified in sub-article (4) of article 5 and where the auditor's report is qualified the trustees should state whether the matter has been resolved,

• (c) where applicable, a copy of the latest actuarial funding certificate prepared under section 42 of the Act,

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

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

• (f) such other information as is specified in paragraphs 1 to 18 of Schedule B in so far as it applies to the relevant scheme.

• (6) The annual report shall be signed by two trustees on behalf of the trustees or, if there is only one trustee, by that trustee.

Alternative arrangements for annual reports and audited accounts for certain schemes.

8. (1) In this article -

“relevant scheme” means any defined benefit scheme or any defined contribution scheme (other than a One Member Arrangement) which, at the commencement of the scheme year is a small scheme;

“relevant benefits” means immediate retirement benefits other than annuities which have been purchased and which match fully the pension obligations of the scheme in respect of specific individual members or other persons in respect of such members or both.

• (2) In the case of a relevant scheme, the provisions of sections 55 and 56 of the Act shall be so modified that the trustees of a relevant scheme may, instead of complying with the provisions of articles 5 and 7, cause an annual report of the scheme to be prepared in respect of each scheme year commencing on or after 23 September 2005 in any of the following ways -

• (a) by a person who could be appointed as an auditor of a relevant scheme,

• (b) in the case of a relevant scheme where some or all of the relevant benefits are secured under one or more policies or contracts of assurance with the one undertaking (within the meaning of the Insurance Act, 1989 (No 3. of 1989)), by a person designated by the undertaking as authorised for that purpose, or

• (c) in the case of a relevant scheme, where some or all of the relevant benefits are secured by one or more policies or contracts of assurance with more than one undertaking (within the meaning of the Insurance Act, 1989 (No.3 of 1989)), by a person designated as authorised for that purpose by the undertaking preparing the report provided always such undertaking shall obtain from the other undertakings a statement as to the relevant benefits secured under one or more policies or contracts of assurance with those undertakings,

as soon as reasonably practicable after the end of the scheme year.

• (3) The trustees shall inform the members of the relevant scheme, then in relevant employment, of the availability of the annual report not later than 4 weeks after the time specified in article 9(1).

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

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

• (b) a statement 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.

• (c) If the statement under sub-paragraph (b)(i) or sub-paragraph (b)(ii) is qualified, a statement of the reasons;

• (d) 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,

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

• (f) 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

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

• (5) The annual report prepared under this article shall be signed by two trustees on behalf of the trustees, or if there is only one trustee, by that trustee and where a statement is qualified in accordance with sub-article (4)(c), the trustees must state whether the matter is resolved.

Disclosure of reports - audited accounts, valuation reports and annual reports.

9. (1) (a) A copy of the latest accounts and reports prepared under articles 5, 7 or 8, shall be made available by the trustees of the relevant scheme not later than 9 months after the end of the scheme year to which it relates, or such later date as may be approved by the Board, in the manner specified in sub-article (2), to the relevant persons.

• (b) A copy of the latest valuation report prepared under article 6(2) shall be made available by the trustees of the relevant scheme not later than 9 months after the effective date, or such later date as may be approved by the Board, in the manner specified in sub-article (3) to the relevant persons.

• (2) A copy of the latest reports and accounts prepared under articles 5, 7 and 8 shall be furnished free of charge -

• (a) to an authorised trade union representing the members of the relevant scheme not later than 9 months after the end of the scheme year to which it relates or such later date as may be approved by the Board, and

• (b) on request, to any of the other relevant persons not later than 4 weeks after the request is made.

• (3) A copy of the latest valuation report prepared in accordance with article 6(2) shall be -

• (a) made available for inspection free of charge, on request, to any of the relevant persons, not later than 4 weeks after the request is made, and

• (b) furnished on request and on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.

• (4) A copy of any earlier audited accounts, auditor's report on the accounts, valuation or annual reports, shall be -

• (a) made available for inspection free of charge on request to any of the relevant persons not later than 4 weeks after the request is made, and

• (b) furnished on request (not being a request made within 3 years of the last occasion on which a copy of the same audited accounts was furnished) and on payment of a reasonable charge (unless the trustees decide otherwise) to any of the relevant persons not later than 4 weeks after the request is made.

Disclosure of Information in relation to schemes - constitution of the scheme.

10. (1) Subject to sub-article (4), the trustees of a scheme shall make available in the manner specified in sub-articles (2) and (3) below, to the relevant persons the following-

• (a) the contents of the trust deed where the scheme is constituted by such a deed,

• (b) the contents of any document constituting the scheme where the scheme is not constituted by a trust deed,

• (c) the contents of the rules of the scheme,

• (d) the contents of any document which amends or supplements or wholly or partly supersedes a document the contents of which fall to be furnished under paragraphs (a), (b) and (c), and

• (e) the name and address of the employer of any member employed in relevant employment.

• (2) A copy of any document specified in sub-article (1) or of the information referred to in paragraph (e) of that sub-article, shall be made available for inspection, free of charge, on request, but without limitation as to the number of requests in any twelve month period to any of the relevant persons not later than 4 weeks after such request is made.

• (3) A copy of any of the documents specified in sub-article (1) shall, on request, be furnished on payment of a reasonable charge to any of the relevant persons not later than 4 weeks after the request is made.

• (4) Where different rules are applicable to different members and prospective members nothing in this article shall be construed as requiring the trustees to furnish a document or part of a document, in relation to a member or prospective member, that is not relevant to his rights under the scheme.

Disclosure of information in relation to schemes - basic information about the scheme.

11. (1) Subject to sub-article (5), the trustees of a scheme shall furnish in writing the information specified in Schedule C to the persons specified in sub-articles (2) and (3).

• (2) The information specified in Schedule C shall be furnished to every person who becomes a member of a scheme within 2 months of his becoming a member.

• (3) The information specified in Schedule C shall, not later than 4 weeks after the request is made, be furnished on request to the relevant persons.

• (4) The trustees of the scheme shall notify the members of the scheme of any material alteration in the information specified in paragraphs 1 to 21 of Schedule C within 4 weeks of the date of making of any such alteration.

• (5) Where different rules are applicable to different members and prospective members of a scheme, nothing in this article shall be construed as requiring the trustees to disclose information in relation to a member or prospective member that is not relevant to his rights under the scheme.

Disclosure of information in relation to schemes - general requirements relating to information to be made available to individuals under articles 13 to 18.

12. (1) The trustees of a scheme shall furnish in writing the information specified in Schedules D to I to these Regulations, to the persons specified, and in the circumstances specified in articles 13 to 18.

• (2) The information to be furnished, by the trustees under articles 13 to 18 shall, except where otherwise specified in these Regulations, relate to a date specified for this purpose by the trustees, not being a date earlier than 12 months before the date on which such information is so furnished.

• (3) When any information specified in Schedules D to I is provided, it shall be accompanied by a written statement that further information about the scheme is available giving the name and address of the person to whom enquiries should be sent.

• (4) Where there is a right to request the method of calculation of any benefit, the information in respect of which is to be furnished under articles 13 to 18, such information shall be accompanied by a written statement that the calculation method is available upon request.

• (5) The trustees of a scheme shall furnish in writing the information specified in Schedules D to I to the same extent to or in respect of scheme members who move to another Member State as to or in respect of scheme members who remain within the State.

Information to be made available - member or prospective member in relevant employment.

13. (1) Other than in the case of a scheme to which sub-article (7) applies, such information relating to a defined benefit scheme other than the DC Element of a defined benefit scheme as is specified in paragraphs 1 to 11 of Part I of Schedule D shall be furnished to any member of such a 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 shall 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.

• (2) Such information as is specified in paragraphs 14 to 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.

• (3) Such information as is specified in paragraphs 27 and 28 of Part III of Schedule D shall be furnished to any member of a scheme whose reckonable service in that scheme has been terminated before normal pensionable age, but whose service in relevant employment has not terminated. The information specified in paragraph 27 of Schedule D shall be furnished within 4 weeks of the termination of reckonable service and the information specified in paragraph 28 of Schedule D shall be furnished as soon as practicable, but in any event not later than 6 months after such termination of reckonable service.

• (4) Such information as is specified in paragraph 29 of Part III of Schedule D shall be furnished to a member of a scheme where a transfer of accrued rights has been received from another scheme of the same employer and where the member's reckonable service in that other scheme has terminated before normal pensionable age, but where service in relevant employment has not terminated. This information shall be furnished as soon as practicable, but in any event not later than 12 weeks after such transfer has been received.

• (5) The information specified in paragraph 5 of Part I, or paragraph 17 of Part II of Schedule D, as appropriate, shall be furnished by the trustees to any prospective member of the scheme on request as soon as practicable after the request is made, and in any event within 2 months of the request being made.

• (6) In addition to being furnished in accordance with sub-article (2), the Statement of Reasonable Projection - DC referred to in paragraph 25 of Part II of Schedule D, shall be furnished to every member of a defined contribution scheme and the DC Element of a defined benefit scheme-

• (a) within 2 months of his becoming a member of a defined contribution scheme or the DC Element of a defined benefit scheme or a transfer being received in respect of him into a defined contribution scheme or the DC Element of a defined benefit scheme, and

• (b) not later than 4 weeks after a request for the statement is made by a member or prospective member of a defined contribution scheme or the DC Element of a defined benefit scheme on payment of a reasonable charge (unless the trustees decide otherwise), and

• (c) not later than 4 weeks after the date of a variation of scheme benefits as a result of which the trustees are required to notify a member of a material alteration in the information specified in Schedule C insofar as it relates to a defined contribution scheme or the DC Element of a defined benefit scheme.

• (7) Such information as is specified in either paragraph 12 or 13 of Part I of Schedule D shall, in the case of a defined benefit scheme established by a public authority, be furnished to every member who is not furnished with the information specified in sub-article (1) and 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.

• (8) In this article “public authority” means -

• (a) a Minister of the Government,

• (b) the Commissioners of Public Works in Ireland,

• (c) a local authority for the purposes of the Local Government Act, 1941,

• (d) the Health Service Executive established under the Health Act, 2004

• (e) a health board established under the Health Act, 1970,

• (f) the Eastern Regional Health Authority established under the Health (Eastern Regional Health Authority) Act, 1999 ,

• (g) an Area Health Board established under the Health (Eastern Regional Health Authority) Act, 1999 ,

• (h) a board or other body, but not a company, established by or under statute.

Information to be made available - termination of relevant employment

14. (1) The information specified in paragraph 1 of Part I of Schedule E shall be furnished to any member of a defined benefit scheme excluding the DC Element of a defined benefit scheme who has not acquired an entitlement to a 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.

• (2) The information specified in paragraphs 2 to 6 of Part I of Schedule E shall be furnished as appropriate -

• (a) to any member of a defined benefit scheme excluding 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 benefit scheme excluding 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 benefit scheme excluding 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.

• (3) The information specified in paragraph 7 of Part II of Schedule E shall be furnished to any member of a defined contribution scheme or of the DC Element of a defined benefit scheme who has not acquired an entitlement to a 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.

• (4) The information specified in paragraphs 8 to 13 of Part II of Schedule E shall 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

• (d) 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.

Information to be made available - retirement or death of a member or beneficiary.

15. (1) Where, on or after the commencement of this article, a benefit under the scheme has become payable or is about to become payable to any of the persons specified in sub-article (3), the information specified in paragraphs 1, 3, 4 and 5 of Schedule F, together with the information specified in paragraph 2 of Schedule F in the case of a defined benefit scheme where the benefit is payable on death, shall be furnished to that person as soon as practicable and in any event within 2 months after the benefit becomes payable. In the case of a defined benefit scheme the information specified in paragraph 2 of Schedule F shall, where the benefit is payable otherwise than on death, be furnished on request as soon as practicable and in any event within 2 months after the request is made.

• (2) Where the amount of benefit payable under the scheme to a person specified in sub-article (3) is or is about to be altered otherwise than in accordance with paragraph 4 of Schedule F, a statement of the amount of the revised benefit shall be furnished to him as soon as practicable and in any event within 2 months after the alteration is made including, in the case where such alteration represents an increase in benefit, a statement of the conditions (if any) subject to which the payment of that increase will continue.

• (3) The persons to whom this article relates are-

• (a) the members of the scheme,

• (b) the spouses of members of the scheme, and

• (c) persons within the application of the scheme and qualifying for its benefits.

Information to be made available - scheme in wind up.

16. (1) In this article “scheme in wind up” means a scheme in respect of which an act or event has occurred or a decision has been taken which, under the rules of the scheme, causes that scheme to wind up;

• (2) In the case of a scheme in wind up, the trustees shall-

• (a) as soon as possible, but in any event not later than 12 weeks after the act or event or decision requiring the scheme to wind up or the date on which the trustees first become aware or ought reasonably to have been aware that such an event has occurred, notify the Pensions Board and all persons specified in sub-article (5) of such an act, event or decision ;

• (b) as soon as practicable after the resources of the scheme have been ascertained furnish each person specified in sub-article (5)(a), (b) and (c) with information relating to the rights and options (if any) available to him as regards his benefit entitlements in accordance with the rules of the scheme respecting a winding up;

• (c) as soon as practicable after the resources of the scheme have been applied furnish each person specified in sub-article (5)(a) and (b)with -

• (i) in the case of a defined benefit scheme other than the DC Element of the defined benefit scheme such information as is specified in paragraphs 1 to 6 of Part I of Schedule E relating to the rights secured for him,

• (ii) in the case of a defined contribution scheme including the DC Element of a defined benefit scheme such information as is specified in paragraphs 7 to 12 of Part II of Schedule E relating to the rights secured for him,

• (iii) an explanation as to the manner in which any surplus or deficit in the resources of the scheme has been dealt with, and

• (iv) information as to who will be liable to pay the benefits after the scheme is wound up and the address to which enquiries should be sent concerning a person's entitlements;

• (d) as soon as practicable after the resources of the scheme have been applied furnish each person specified in sub-article (5)(c) with -

• (i) such information as is specified in Schedule F relating to the rights secured for him,

• (ii) an explanation as to the manner in which any surplus or deficit in the resources of the scheme has been dealt with, and

• (iii) information as to who will be liable to pay the benefits after the scheme is wound up and the address to which enquiries should be sent concerning a person's entitlements.

• (3) In the case of a small scheme in wind up -

• (a) Part V of the Act is modified, as respects that scheme, in that, so long as the trustees of the scheme comply with the requirements of paragraph (b), sections 55 and 56 and articles 5 to 9 and 11 to 15 shall not apply.

• (b) The trustees shall, as soon as possible but in any event not later than 3 months after the relevant date or, in the case of a small scheme that is already in wind up at the date this article comes into force, not later than 3 months after that date and thereafter in either case at intervals of 12 months or at such other intervals as the Board shall specify by written notice to the trustees of the scheme, produce to -

• (i) the Board, and

• (ii) on request, the persons specified in sub-article (5),

a report containing the information specified in Schedule G.

• (4) For the purposes of this article if the trustees are not in possession of or cannot ascertain an address for the members or beneficiaries then they shall publish a notice in a national newspaper to the effect that the scheme is winding up detailing the name and address of the person to whom enquiries should be sent concerning entitlements under the scheme.

• (5) The persons to whom this article relates are -

• (a) the members of the scheme being in relevant employment at the date of the decision or the occurrence of the event requiring the scheme to wind up,

• (b) the members of the scheme who have acquired an entitlement to a deferred benefit under the scheme at the date of the decision or the occurrence of the event requiring the scheme to wind up where such benefit had not come into payment at that date,

• (c) members who are in receipt of benefits under the scheme and other persons who are in receipt of or who are entitled to receive benefits under the scheme, and

• (d) any authorised trade union which represents those members.

Information to be made available - Pension Adjustment Orders.

17. (1) The information specified in paragraphs 1 to 4 of Schedule H shall be furnished to a non-member spouse or other person specified in a Pension Adjustment Order relating to a member as soon as practicable and in any event within 2 months of notification to the trustees of the granting of a Pension Adjustment Order in relation to the member's benefits.

• (2) The information specified in paragraphs 2, 5 and 6 of Schedule H shall be furnished to a non-member spouse on request, as soon as practicable and in any event within 2 months after the request is made.

• (3) The information specified in paragraphs 2, 3, 6 and 10 of Schedule H shall be furnished to a non-member spouse within 2 months after the member or his employer has notified the trustees that his relevant employment has terminated.

• (4) The information specified in paragraphs 2, 3, 6 and 11 of Schedule H shall be furnished to a non-member spouse as soon as practicable and in any event within 2 months of the member ceasing to be a member of the scheme other than by reason of death. Where the member's reckonable service has terminated and no transfer amount has been paid in accordance with subsections 5, 6, 7, 8 or 9 of Section 12 of the Family Law Act, 1995 and Section 17 of the Family Law (Divorce) Act, 1996 , such information (other than that set out in paragraph 11 of Schedule H) shall be furnished within 2 months after the member or his employer has notified the trustees of such termination.

• (5) The information specified in paragraphs 2, 7 and 8 of Schedule H shall be furnished to a non-member spouse as soon as practicable and in any event within 2 months after the trustees apply the transfer amount in accordance with sub-sections 6 and 8 of Section 12 of the Family Law Act, 1995 and of Section 17 of the Family Law (Divorce) Act, 1996 .

• (6) The information specified in paragraphs 2 and 9 of Schedule H shall be furnished on request to a non-member spouse (or other person specified in a Pension Adjustment Order affecting the member's benefits under the scheme) as soon as practicable and in any event within 2 months after the request is made.

Information to be made available - investment alternatives and default investment strategy.

18. The information specified under Schedule I shall be furnished on request to a member of a defined contribution scheme or the DC Element of a defined benefit scheme-

• (a) if the rules of the scheme provide for the trustees to invest all or part of the resources of the scheme in accordance with directions given by the members; or

• (b) if the rules of the scheme provide for such directions on condition that a determination of the sponsoring or participating employers and/or the trustees is made in favour of allowing the trustees to invite directions from members, and such a determination has been made

as soon as practicable after the request is received but in any event within 3 months of the date of the request.

Service of information and documents.

19. Any person (other than an authorised trade union) who is not employed in relevant employment shall (unless otherwise agreed with that person) be given, notified or furnished by ordinary post at the last address known to the trustees, any -

• (a) information or documentation which these Regulations require the trustees of a scheme to give, notify or furnish, or

• (b) request for information or for a document to be given, notified or furnished in pursuance of these Regulations.

SCHEDULE A CONTENTS OF ACCOUNTS

• (a) the financial transactions of the scheme during the scheme year, and

• (b) the assets and liabilities at the end of the scheme year.

• (i) insurance policies which have been purchased and which fully match the pension obligations of the scheme in respect of specific individual members or other persons in respect of such members or to both,

• (ii) liabilities to pay benefits in the future, or

• (iii) additional voluntary contributions, if any, under the scheme which are separately invested.

• (b) Where additional voluntary contributions are separately invested in the form of a defined contribution scheme they should be disclosed separately from the information referred to in paragraph 1 but accounted for within the accounts of the scheme or the notes thereto.

• (c) The notes thereto should, other than in the case of a scheme the resources of which are invested wholly in managed funds, include a statement of the distribution of the investments of the scheme detailing, where appropriate particulars of any self-investment of the resources of the scheme at any time during the scheme year or concentration of investment in excess of 5 per cent of the resources of the scheme at the scheme year end.

SCHEDULE B THE ANNUAL REPORT - INFORMATION TO ACCOMPANY AUDITED ACCOUNTS AND ACTUARIAL FUNDING CERTIFICATE

• (b) If there is more than one employer participating in the scheme at the end of the scheme year to which the annual report relates, a list of such participating employers.

3 The name or title, and the address of the person to whom enquiries about the scheme generally or about an individual's entitlement to benefit should be sent.

• (i) the number of members in reckonable service,

• (ii) the number of persons in receipt of benefits under the rules of the scheme,

• (iii) the number of members whose relevant employment has ceased but who remain entitled to benefits under the rules of the scheme, and

• (iv) the number of members in relevant employment where the only benefit under the scheme in respect of such members is in respect of death prior to normal pensionable age.

• (b) The number of members or other persons referred to in sub-paragraphs (a)(ii) and (iii need not include any member or person in respect of whom an insurance policy has been purchased and such policy has been excluded from the annual accounts in accordance with paragraph 2(a)(i) of Schedule A.

• (c) Any material changes in the information provided in the previous scheme year under sub-paragraphs (a)(i), (ii) and (iii) should be accompanied by an explanatory note.

• (a) whether or not increases were made during the scheme year to-

• (i) pensions in the course of payment, and

• (ii) benefits payable following termination of a member's service in relevant employment,

and by what percentage, or (except in the case of a scheme that is not funded) if there have been different increases for different individuals or groups of individuals, the average percentage increase of such increases or the range of increases within these groups with in either case a statement whether the increases were to any extent discretionary, and if so to what extent and exercised by whom; and

• (b) if there were any pensions or pension increases being paid by or at the request of the trustees for which the scheme would not have a liability in the event of its winding up and whether the persons concerned have been notified in writing by or at the request of the trustees.

• (a) a statement by the trustees, or the investment manager, of the investment policies pursued during the scheme year on behalf of the scheme, and any material changes in these policies during the scheme year,

• (b) a review of the investment performance of the scheme's fund during the scheme year and the nature, disposition, marketability, security and valuation of the scheme's resources, and

• (c) the latest statement of investment policy principles.

• (a) the trustees have access to appropriate training on their duties and responsibilities as trustees, and

• (b) any costs and expenses were incurred in relation to such trustee training in the scheme year which have been met out of the resources of the scheme.

• (a) the Trustee Handbook produced by the Pensions Board, and

• (b) the Guidance Notes issued by the Pensions Board from time to time in accordance with section 10 of the Act.

• (a) contributions payable during the scheme year have been received by the trustees either in accordance with section 58A of the Act where applicable to the contributions and otherwise 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.

• (a) a summary of the investments managed by him and, other than in relation to resources invested in policies of insurance, their value at the end of a scheme year,

• (b) the investment policies pursued during the scheme year on behalf of the relevant scheme and any material changes in these policies during the scheme year,

• (c) a review of the performance of the relevant scheme's funds managed by him during the scheme year, and

• (d) the latest statement of investment policy principles.

SCHEDULE C BASIC INFORMATION ABOUT THE SCHEME

• (a) the setting up of the scheme, and

• (b) the determination of the rate or amount of the benefits under the scheme.

“This scheme is an integrated scheme meaning it is one that takes account of Old Age (Contributory) Pension (or other similar contributory benefits payable under social insurance) in designing the overall pension package. An integrated scheme looks at the Old Age (Contributory) Pension as part of the total pension package. Both employers and employees make payrelated social insurance (PRSI) contributions and these in turn entitle scheme members to Social Welfare benefits.

Integration is used as a means of taking into account the benefits payable under the Social Welfare system to calculate -

• • The amount of occupational pension required so that the combined pension from both sources is at the level being aimed for in designing the scheme;

• • The level of contributions payable by the employee towards the cost of his or her occupational pension.”.

SCHEDULE D INFORMATION TO BE MADE AVAILABLE TO A MEMBER OR PROSPECTIVE MEMBER IN RELEVANT EMPLOYMENT

PART I - DEFINED BENEFIT SCHEME

• (b) The method by which the amount specified in sub-paragraph (a) has been calculated.

• (c) In the case of any member of a defined benefit scheme who has service in relevant employment after 1 January 2007, the amount of the member's own benefits and of his survivor's benefits which would be payable under the rules of the scheme from normal pensionable age, or the age at which preserved pension becomes payable under the scheme, if his service in relevant employment were to terminate immediately or on a stated date within the 12 months preceding the date of the statement, and without regard to possible revaluation of benefits after termination of service under section 33 of the Act or otherwise and, as the trustees may decide, with or without regard to pensionable allowances or other emoluments.

• (d) The method by which the amount specified in sub-paragraph (c) has been calculated.

• (e) Where additional benefits have been secured or granted under the scheme on a defined benefit basis by way of any or all of additional voluntary contributions or a transfer of rights from another scheme or PRSA or a transfer amount in lieu of a designated benefit under a Pension Adjustment Order, the amount of such benefits should be included either in the amounts specified in sub-paragraphs (a) and (c (with a statement to this effect) or shown separately.

• (f) If the scheme provides an integrated pension (within the meaning of section 59C of the Act) the inclusion of a statement that the scheme takes account of the social welfare pension.

• (g) A statement that if the social welfare pension is payable in addition to the occupational pension, that qualification for the social welfare pension is subject to tests administered by the Department of Social and Family Affairs, and the address and telephone phone number of the information service of the Department of Social and Family Affairs.