S.I. No 186 of 2007.

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S.I. 186 of 2007




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

Article 9 of Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (IORPs), requires that IORPs registered in Ireland must fulfil a number of minimum conditions, such as being run by people of good repute who have appropriate qualifications and experience.

Section 59A of the Pensions Act 1990 (inserted by section 34 of the Social Welfare and Pensions Act 2005 and amended by section 37 of the Social Welfare and Pensions Act 2007) specifies what constitutes good repute and requires that trustees of pension schemes and trust RACs either possess certain experience and qualifications or enter into arrangements with advisers who possess the qualifications and experience specified.

These regulations provide that the experience and qualifications necessary relate to the investment of the resources of the trust RAC and determine that only one trustee of a relevant trust RAC need possess such experience and qualifications to satisfy the requirements for all trustees of that trust RAC. Similar regulations have already been made in relation to occupational pension schemes.

Last modified:25/09/2008

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