S.I. No 184 of 2007.


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S.I. 184 of 2007

TRUST RACS (CROSS-BORDER) REGULATIONS 2007

 

EXPLANATORY NOTE

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

Under the terms of Article 20 of Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (IORPs), undertakings based in Ireland must be allowed to make contributions to IORPs based in other European States and equally IORPs registered in Ireland must be allowed to accept contributions from undertakings located in other European States.

Section 37 of the Social Welfare and Pensions Act 2005 inserted a new Part XII into the Pensions Act to deal with such cross border schemes. Part XII deals with conditions for prior authorisation to operate as a cross border scheme and the conditions for approval to accept contributions when authorised to operate as a cross border scheme. Part XII has now been amended by the Social Welfare and Pensions Act 2007 so as to apply also to trust RACs, which are another form of IORP.

These regulations provide for—

  • The disclosure of information provisions of the Pensions Act to be applied to Irish-based members of overseas trust RACs;
  • The information required when an application for authorisation of a trust RAC to operate cross-border is submitted to the Board;
  • Additional conditions of authorisation for trust RACs;
  • The information required to be submitted to the Pensions Board once a trust RAC proposes to accept contributions from a foreign employer.

These regulations apply to trust RACs. Similar regulations have already been made in relation to occupational pension schemes.


Last modified:25/09/2008
 

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