S.I. No 842 of 2007.


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S.I. 842 of 2007

PENSIONS ACT (DISCLOSURE OF INFORMATION) (AMENDMENT) REGULATIONS, 2007

 

EXPLANATORY NOTE

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

These Regulations provide for some technical amendments to the Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006) as follows—

  • To clarify that small schemes operating cross-border are required to produce full annual reports and audited accounts;
  • by providing that the information in the annual benefit statement for a DC scheme should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information;
  • To defer the entry into operation of the requirement to provide a statement of reasonable projection in respect of occupational pensions, until 1 January 2009 to allow for sufficient time for the development of guidance on how the statement should be prepared;
  • By providing that the information in the statement of reasonable projection should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information;
  • To clarify that deferred members of DB and DC schemes are entitled to the information specified in paragraphs 2 to 6 of Part 1 of Schedule E, within 2 months of a request being made.
  • To make provision for members to be consulted where the trustees or employer propose in respect of a scheme in wind up to exercise any discretion as to the payment of any of the resources of the scheme to the employer or as to the abatement of assets in the case of insufficiency of resources.
  • To provide that DB and DC schemes in their annual benefit statements need only provide details of all contributions, transfers in etc received by the scheme since the previous annual benefit statement.
  • To permit defined benefit schemes to reference information already provided to members specifying how additional benefits on a defined benefits can be acquired and either the amount of the benefits or an explanation of how they will be calculated as an alternative to providing this information in the annual DB benefit statement;

In addition the regulations amend the Trust RACs (Disclosure of Information) Regulations 2007 ( S.I. 182 of 2007) to

  • by providing that the information in the annual benefit statement for a trust RAC scheme should relate to a date not being earlier than 6 months before the date of issue of the statement to allow sufficient time for the collation of the necessary information.
  • also provide for the deferral of entry into operation of the requirement to provide a statement of reasonable projection until 1 January 2009 in respect of trust RACs and to provide that the information in the statement of reasonable projection should relate to a date not earlier than six months before its issues.
  • To clarify that a trust RAC member who has notified the trust RAC that he no longer proposes to contribute to the trust RAC is entitled to the information specified in Schedule E at any time, within two months of his requesting same.
  • To provide that a trust RAC in its annual benefit statement to a member need only provide details of all contributions, transfers in etc received by the trust RAC in respect of that member since the previous annual benefit statement.

Last modified:25/09/2008
 

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