S.I. No. 295 of 2008.
OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 2008
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations revise the list of schemes exempt from the funding standard requirements set down in Part IV if the Pensions Act 1990.
The funding standard applies to defined benefit schemes and will ensure that, over a period, sufficient assets are held within a scheme to meet liabilities in the event of the scheme being wound up. Trustees of schemes are required to submit actuarial funding certificates to the Pensions Board at regular intervals for the purpose of certifying whether or not the scheme satisfies the funding standard at the effective date.
Provision for exemption from the funding standard requirements is provided for in Section 52 of the Pensions Act, 1990 and in EU Directive 2003/41/EC.
This regulation provides for the revision of the list of schemes excluded under
S.I. 419 of 1993.
Provision is also made for the revocation of Article 7 of the Occupational Pensions Scheme (Funding Standard) Regulations, 1993 (S.I. No. 419 of 1993). This Article provided for modifications of the relevant provisions in the case of a scheme established under the
Forestry Act, 1988