S.I. No. 277 of 2008.
SOCIAL WELFARE AND PENSIONS ACT 2008 (SECTION 27) (COMMENCEMENT) ORDER 2008
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
This Order provides for the commencement of sections 27 of the Social Welfare and Pensions Act 2008 with effect from the 1st November 2008.
Section 27 of the Social Welfare and Pensions Act 2008 provides amendments to the Pensions Act, 1990 to bring registered administrators of pension schemes within the remit of the Act in relation to certain core functions that they perform on behalf of the trustees of pensions schemes.
Pension scheme administrators will now be required to register with the Pensions Board before they carry out their functions and the Pensions Board will have responsibility to audit administration service standards and to remove registration or apply sanctions if required standards are not met.
These amendments insert a new Part VIA into the Pensions Act, 1990 which includes a range of provisions relating to a registered administrator of a pension scheme. These provisions include the creation of a register of administrators, registration and renewal requirements, duties of a registered administrator, termination of registration and provisions for appeal. Amendments consequential to the regulation of registered administrators are applied to other parts of the Pensions Act including provisions regarding the disclosure for information and the application of the offences regime.