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S.I. No. 301/2006 - Occupational Pension Schemes (Disclosure Of Information) Regulations, 2006

Type Statutory Instrument

Publication 2006-05-31

Last updated 2022-06-24

State In force superseded text

Text As published

Source Irish Statute Book

articles Not indexed

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.

12 amending acts · 2022-06-24, S.I. No. 295/2022 - Occupational Pension Schemes (Disclosure of Information) (Amendment) …

Reform history JSON API

11 A statement that the information is issued on behalf of the trustees and that the trustees are required under the provisions of section 59(1)(a) of the Act to ensure, insofar as is reasonable, that the contributions payable by the employer and the members of the scheme, where appropriate, are received.

12.

A notification that the information specified in paragraph 13 is available to that person in electronic format and details of how the information can be accessed.

13.

(a) A description of the benefits available under the scheme and how they are calculated, including preserved benefits and a statement that benefits may be adjusted due to Pension Adjustment Orders,

(b) whether the scheme provides a pension integrated with the social welfare pension and, if so, a statement that the scheme takes account of the social welfare pension,

(c) a statement 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 number of the information service of the Department of Social and Family Affairs,

(d) whether additional benefits can be secured, purchased or granted under the scheme by way of any or all of -

(i) notional service;

(ii) additional voluntary contribution; or

(iii) transfer of rights from another scheme or PRSA,

(e) worked examples of the main benefits based on a range of salary bands (or on a range of rates applicable in the scheme) and a range of pensionable service bands,

(f) names of trustees of the scheme at the date specified, and

(g) relevant pay scales applicable at the date of the statement.

PART II - DEFINED CONTRIBUTION SCHEME

DC ELEMENT OF A DEFINED BENEFIT SCHEME

14.

(a) The member's date of entry into current membership of the scheme and the normal pensionable age in accordance with the rules of the scheme, and

(b) The amount of contributions (including additional voluntary contributions) paid by the member of the scheme and the amount of any transfer payment received on behalf of the member from another scheme or PRSA.

15.

(a) (i) The accumulated value as at a specified date in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, of the contributions (including additional voluntary contributions) and transfers in respect of accrued rights (including transfer payments and transfer amounts) paid, credited or received on behalf of the member by the scheme to provide benefits payable at or from normal pensionable age or death thereafter. This value must be expressed on the assumption which must be stated, that the member remains in reckonable service to normal pensionable age and it must not include any estimate of bonus interest or other additions after the specified date other than those which are explicitly guaranteed under the policy of assurance or other contract to which the contributions have been applied; and

(ii) a statement of whether or not this value is guaranteed and, if not guaranteed, that the amount available at normal pensionable age could be higher or lower than the value stated.

(b) (i) If different by reference to the accumulated value in paragraph 15(a), the amount of money that would be available as at the specified date in respect of the member for transfer out of the scheme on the assumption which must be stated, that the member's service in relevant employment terminated as at the specified date; and

(ii) A statement of whether or not this value is guaranteed and, if not guaranteed, that the amount available in respect of the member for transfer out of the scheme at any date after the specified date, if the member's service in relevant employment terminated, could be higher or lower than the value stated.

(c) 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.

(d) A statement that 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.

16.

The amount of benefit or benefits payable under a defined contribution scheme or under the DC Element of a defined benefit scheme in respect of the death of the member prior to normal pensionable age without regard to possible increases in his salary, or (if relevant) any change in the accumulated value of the contributions after a specified date.

17.

In the case of a defined contribution scheme or the DC Element of a defined benefit scheme 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, if so-

(a) the amount of these additional benefits or an explanation of how they will be calculated, and

(b) a statement of how the option may be exercised.

18.

The member's name, date of birth, known marital status and gender.

19.

Name of trustees to the scheme at the date specified.

20.

If a Pension Adjustment Order has been received in respect of the member's benefits under a defined contribution scheme or the DC Element of a defined benefit 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.

21.

A statement specifying in the case of a defined contribution scheme or the DC Element of a defined benefit scheme-

(a) each contribution (including additional voluntary contributions) paid or credited by or on behalf of the member to the scheme between the current and previous dates specified ,

(b) the amount of any transfer in respect of accrued rights (including transfer payments and transfer amounts) received or made by the scheme on behalf of the member between the current and previous dates specified,

(c) the aggregate net amounts under sub-paragraphs (a) and (b) invested by the trustees in the scheme on behalf of the member between the current and previous dates specified, and

(d) a statement explaining the difference between the amount under sub-paragraph (c) and the aggregate gross amounts under sub-paragraphs (a and (b).

22.

A statement that the method of calculation of contributions payable in respect of the member is set out in the scheme rules and in the letter or booklet containing basic information about the scheme which the trustees are required to make available/furnish to the member on request under articles 10 and 11 and the name and address of the person from whom the rules, letter or booklet are available.

23.

A statement that the member should contact in the first instance the person specified in article 12(3), and then, if necessary, the trustees and the employer and then, if necessary the Pensions Board, if he is concerned that contributions payable in respect of him during the scheme year have not been paid in accordance with the rules of the relevant defined contribution scheme or the DC Element of a defined benefit scheme.

24.

A statement that the information, specified in paragraph 21, is issued on behalf of the trustees and that the trustees are required under the provisions of section 59(1)(a) of the Act to ensure, insofar as is reasonable, that the contributions payable by the employer and the members of the scheme, where appropriate, are received.

25 A Statement of Reasonable Projection - DC, which-

(a) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the scheme based, in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, on the contributions paid and/or credited, by or on behalf of the member to the scheme at the date of the statement and based on any transfer in respect of accrued rights (including transfer payments and transfer amounts) received by the scheme on behalf of the member at the date of the statement;

(b) specifies the level of benefits which could reasonably be expected at a specified date or dates to be payable under the scheme based, in the case of a defined contribution scheme or the DC Element of a defined benefit scheme, on the contributions and transfers paid, credited or received and those contributions proposed to be paid or credited, by or on behalf of the member to the scheme, at the date of the statement;

(c) includes a statement of the material assumptions (including, as may be relevant assumptions as to investment return, future contributions, date of termination of reckonable service and date of retirement on which the levels of benefits mentioned in sub-paragraphs (a) and (b) have been calculated but disregarding the effects of inflation; and

(d) a statement advising the member of the importance of making adequate financial provision for retirement.

Provided that if the statement is being produced under Article 13(2) to a member within 2 months of his becoming a member, it shall specify only the level of benefits which could reasonably be expected at a specified date or dates to be payable under the scheme based on the contributions proposed to be paid and/or credited by or on behalf of the member to the scheme at the date of the statement and the assumptions previously stated.

26.

The amount of contributions (including additional voluntary contributions) paid by or on behalf of the member to the scheme before the 1st day of January 1991 and the amount of any transfer payment received on behalf of the member from another scheme prior to that date shall, where it is available to the trustees, be furnished to any member of a defined contribution scheme or the DC Element of a defined benefit scheme, whose service in relevant employment has not terminated before normal pensionable age on request as soon as practicable after the request is made, and in any event within 2 months of the request being made.

PART III - TERMINATION OF RECKONABLE SERVICE WITHOUT TERMINATION OF RELEVANT EMPLOYMENT - ALL SCHEMES

27.

The fact that the member's reckonable service in the scheme has terminated and the date upon which it so terminated.

28.

(a) Whether a part of the resources of the scheme has been or will be applied in respect of the member in the making of a payment to another scheme of the same employer or a policy or contract of assurance within the meaning of section 34(3)(b) of the Act, including the effective date of any such application and the name, address or title of the person to whom enquiries about the other scheme or policy or contract of assurance should be sent, and

(b) If any actual or potential benefits in respect of the member remains in the scheme after a period of six months has elapsed from the date of termination of reckonable service, the information specified in Part I or Part II of Schedule D, as appropriate, as if the member had requested such information.

29.

How the transfer of accrued rights from the other scheme will be treated in connection with the provision of long service benefit or additional long service benefit under the scheme.

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)

An explanation of any rights and options available to a member whose service in relevant employment terminates before he has acquired an entitlement to a preserved benefit including-

(a) details of whether a refund of contributions is available or would be available in any circumstances, and in the latter case a statement of the circumstances and, in either case, an estimate of the amount of the refund and an explanation of the method of calculating it, and

(b) the name or title and address of the person from whom details of any other rights and options may be obtained on request.

The rights and options (if any) available to a member whose service in relevant employment terminates before he attains normal pensionable age, including details of-

(a) the amount of preserved benefit payable under the rules of the scheme to or in respect of a member, and the method by which such amount has been calculated;

(b) the amount of benefits (if any) payable under the rules of the scheme to or in respect of a member in addition to those specified in sub-paragraph (a), and, for a member whose relevant employment terminated after 1^st day of January 1991, the method by which such amount has been calculated;

(d) whether there is an option to have alternative benefits payable immediately and the relevant details of such alternative benefits;

(e) the provisions (or, as the case may be, a statement that there are no provisions under which benefits may or will be increased, and the extent to which such increases are dependent on the exercise of a discretion;

(f) whether a refund of contributions is available, or would be available in any circumstances, and in the latter case, a statement of the circumstances, and in either case, an estimate of the amount of the refund and an explanation of the method of calculating it;

(g) the name and address of the scheme, its trustees and those responsible for the payment of the member's benefits.

Whether any amount of money is available in respect of the member for transfer out of the scheme and, if so -

(a) an estimate of the amount available, calculated on the basis that the member's service in relevant employment terminated or will terminate on one particular date;

(b) the accrued rights to which that amount relates, and

(c) if the amount available reflects a reduction made in accordance with the proviso to section 34(2) of the Act, this must be stated together with the amount of the reduction.

The procedures for claiming the member's benefits payable in the event of the termination of his service in relevant employment prior to normal pensionable age.

If any transfer payment has been effected or any amount has been paid in respect of the benefits specified in sub-paragraph (b) of paragraph 2 by the trustees of the scheme without the consent of the member the name and address of the scheme to which the transfer payment or any amount has been paid or of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the member.

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.

PART II - DEFINED CONTRIBUTION SCHEME DC ELEMENT OF A DEFINED BENEFIT SCHEME

An explanation of any rights and options available to a member whose service in relevant employment terminates before he has acquired an entitlement to a preserved benefit including details of -

(a) whether a refund of contributions is available or would be available in any circumstances, and in the latter case a statement of the circumstances and, in either case, an estimate of the amount of the refund and an explanation of the method of calculating it, and

(b) the name and address of the person from whom details of any other rights and options may be obtained on request.

The rights and options (if any) available to a member whose service in relevant employment terminates before he attains normal pensionable age, including details of-

(a) the accumulated value as at a specified date of the appropriate contributions payable under the rules of the scheme to or in respect of a member,

(b) the accumulated value as at the same date of any other contributions to which the member is entitled,

(d) whether there is an option to have benefits payable immediately and the relevant details of such benefits,

(e) whether a refund of contributions is available, or would be available in any circumstances, and in the latter case a statement of the circumstances, and in either case, an estimate of the amount of the refund and an explanation of the method of calculating it, and

(f) the name and address of the scheme, its trustees and those responsible for the payment of the member's benefits.

Whether any amount of money is available in respect of the member for transfer out of the scheme and, if so -

(a) an estimate of its amount calculated on the basis that the member's service in relevant employment terminated or will terminate on one particular date; and

(b) the accrued rights to which it relates.

10.

The procedures for claiming the member's benefits payable in the event of the termination of his service in relevant employment prior to normal pensionable age.

11.

If any transfer payment has been effected or any amount has been paid in respect of the benefits specified in sub-paragraph (b) of paragraph 8 by the trustees of the scheme without the consent of the member, the name and address of the scheme to which the transfer payment or any amount has been paid or of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the member.

12.

Whether a Pension Adjustment Order has been issued in respect of the member's benefit under the scheme 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.

13.

A Statement of Reasonable Projection - DC which specifies the level of benefits which could reasonably be expected at a date specified in the projection to be payable under the scheme based, in the case of a defined contribution scheme or the DC Element of a defined benefit scheme on the contributions paid and/or credited and the additional voluntary contributions paid and/or credited, by or on behalf of the member to the scheme, at the date of the statement and on any transfer in respect of accrued rights (including transfer payments and transfer amounts) received by the scheme on behalf of the member at the date of the statement. This level of benefits must be expressed on assumptions, which must be stated, as to investment return and the benefits not becoming payable before the date specified in the projection.

SCHEDULE F INFORMATION TO BE MADE AVAILABLE - RETIREMENT OR DEATH OF MEMBER OR BENEFICIARY

The amount of benefit which is payable to or in respect of the person and any options relating thereto and the procedure for exercising them.

The method by which the amount specified in paragraph (1) has been calculated.

If the amount of benefit is payable periodically the conditions (if any) subject to which the payment will continue.

If a benefit is payable periodically the provisions (if any) under the rules of the scheme whereby the amount payable will be altered.

An explanation of the option available to members to take a level pension with no subsequent increases or a lower initial pension which would increase each year during payment.

SCHEDULE G INFORMATION TO BE CONTAINED IN REPORT TO THE PENSIONS BOARD - SCHEMES IN WIND-UP

The report to which article 16(3) refers shall contain the following information -

The date of the winding-up event.

An estimate of the realisable value of the assets of the scheme as at a stated date not being earlier than the date the winding up commenced, in the case of the first such report, and not being earlier than three months before the date of the report, in any other case.

An estimate of the cost of discharging the liabilities of the scheme as at the stated date.

A statement of the trustees' realisations and disbursements in respect of the scheme during the period from the commencement of the winding-up to the stated date, including -

(a) a record of aggregate receipts (or if subsequently requested by the Board a breakdown of receipts) deriving from income earned by the scheme and from the realisation of assets,

(b) a record of aggregate payments (or if subsequently requested by the Board, a breakdown of payments) for and costs and charges,

(d) all payments to or for the benefit of the employers of the members, and

(e) any remuneration payable to the trustees.

A summary report as to the progress of the dissolution of the scheme, including -

(a) a statement of whether any observations have been made or will be invited under section 59D, and

(b) an estimate of the time necessary to complete dissolution;

Such other information as the Board may require from time to time by written notice to the trustees of the scheme.

SCHEDULE H INFORMATION TO BE MADE AVAILABLE - PENSION ADJUSTMENT ORDERS

A statement with the details both as to the amount of and the nature of the benefit to be provided under the Pension Adjustment Order.

A note that further information may be obtained from the Pensions Board.

The name or title, and the address of the person to whom enquiries should be sent.

A statement that the non-member spouse or person specified in the Pension Adjustment Order is advised to notify the trustees of any change of address.

An estimate of the transfer amount which may be applied by the non-member spouse. If the amount available reflects a reduction made in accordance with the proviso to section 34(2) of the Act, this must be stated together with the amount of the reduction.

A statement of the options available to the non-member spouse.

The date of the application of the transfer amount.

The name and address of the scheme to which the transfer amount has been applied or of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the non-member spouse.

An estimate of the contingent benefit payable under the Pension Adjustment Order.

10.

A statement that any contingent benefit awarded under a Pension Adjustment Order ceases to have effect

11.

A statement that the member spouse has ceased to be a member of the scheme.

SCHEDULE I INFORMATION IN RELATION TO INVESTMENT ALTERNATIVES FOR SCHEMES WHICH PROVIDE FOR MEMBERS' DIRECTIONS ON INVESTMENT

A description of the different types of investments which could be made at the direction of the member (the “investment alternatives”).

A statement as to which one or more of the investment alternatives will be the default investment strategy which the trustees shall implement in respect of a member unless the member directs the trustees in writing to invest in one or more of the investment alternatives as selected by the trustees. The statement may include a provision that where more than one investment alternative is included by the trustees in the statement under this paragraph, the trustees may decide at the date of investment in which one or more of the investment alternatives, and in what proportions, the trustees will invest.

The identity of the investment manager or managers.

With respect to each investment alternative, a general description by the trustees of or information received by the trustees in respect of-

(a) its investment objectives,

(b) its risk and return characteristics, and

With regard to members' directions-

(a) an explanation of when members may give or vary directions;

(b) an explanation of any specified limitations on such directions under the terms of the scheme, the investment alternative or otherwise;

A description of the charges levied on each investment alternative which reduce contributions on their investment and/or the rate of return to members.

The name or title and address of the person or persons to whom enquiries about the investment alternatives should be sent.

If the scheme rules include a provision that the trustees are not liable for poor investment returns as a result of investments made by the trustees or made by the trustees as a result of directions from a member, a statement to that effect.

Information on the investment portfolio, risk exposures and the costs related to investments.


		GIVEN under the Official Seal of the Minister for Social and Family Affairs, this 24^th day of May 2006.
		SÉAMUS BRENNAN
		Minister for Social and Family Affairs

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


		GIVEN under the Official Seal of the Minister for Finance, this 31^ST day of May 2006
		BRIAN COWEN
		Minister for Finance.

EXPLANATORY NOTE

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

These Regulations revoke and replace Regulation 633 of 2005.

Recent case law in Ireland has suggested that a provision of domestic legislation cannot be used for the purposes of implementing EC law unless it is clear that such delegated legislation is clearly authorised by the primary legislation.

To this end, section 5 of the Pensions Act 1990 was amended by section 44 of the Social Welfare Law Reform and Pensions Act, 2006 to expressly state that regulations made under the Pensions Act may be used to implement law.

As these Regulations implement some aspects of Directive 2003/41 on the activities and supervision of occupational pensions, they are now being re made under the appropriate Pensions Act powers including the amended section 5.

There are some minor changes to the Regulations as promulgated in 2005 and these are

• insertion of sub-article 12(6) to provided that the Statement of Reasonable Projection should be calculated in accordance with the guidance issued by the Society of Actuaries.

• removal of the requirement in paragraph 22(d) of Schedule B, that the investment report contain the latest statement of investment policy principles.

• amendment of article 7(5)(f) to provide that the annual report shall contain a statement as to whether the relevant scheme is a defined contribution or a defined benefit scheme. This is similar to the requirement in relation to the alternative annual report.

• Inclusion of a “PRSA” in Schedule D in relation to transfer payments received from another scheme.

• Textual amendment to paragraph 6 of Schedule to provide that on leaving employment, a scheme member's statement would not refer to a pension adjustment order unless one had already issued.

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