Occupational and Private Pensions

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The Pensions Act 1990 provides for the regulation of occupational and private pension schemes, trust Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) and provide the statutory basis for the Pensions Authority (formerly known as the Pensions Board), the Pensions Council and the Pensions Ombudsman.  

Pensions Act 1990

The Pensions Act 1990 has been amended on a regular basis to provide for changes in the regulatory and supervisory structures to reflect developments in pensions and financial environments.

Amendments to the Pensions Act 1990 are normally provided for in Social Welfare Bills (which are known as Social Welfare and Pensions Bills).

Regulations made under Pensions Act

There are a number of principal Pension Regulations which deal with –

Pension Scheme Trustees
S.I. No. 293 of 2006 / Occupational Pension Schemes (Trustee) Regulations, 2006
These regulations set out the experience and qualifications necessary and determine that only one trustee of a relevant scheme need possess such experience and qualifications to satisfy the requirements for all trustees of that scheme.

S.I. No. 294 of 2006 / Occupational Pensions Schemes (Investment) Regulations, 2006
These regulations, as amended, provide that when investing resources the trustees of a scheme must invest on predominantly regulated markets; invest at a prudent level; ensure diversification of investment and maintain a written statement of investment policy principles

Funding Standard
S.I. No. 419/1993 – Occupational Pension Schemes (Funding Standard) Regulations, 1993
These Regulations, as amended, deal with a number of matters with regard to the implementation of the funding standard requirements set down in Part IV of the Pensions Act, 1990.

Funding Standard Reserve
S.I. No. 175 of 2013 - The Occupational Pension Schemes (Funding Standard Reserve) Regulations 2013 
These Regulations, as amended, deal with a number of matters with regard to the implementation of the funding of defined benefit pension schemes as set down in Part IV of the Pensions Act, 1990.

Preservation of Pension Benefits
S.I. No. 279/2002 - Occupational Pension Schemes (Preservation of Benefits) Regulations, 2002
These Regulations, as amended, provide for matters to do with the preservation of benefits including transfer payments in certain circumstances, certain situations where a change in employment or to ownership of a business occurs, and modifications to the calculation of preserved benefit where there is a change in normal pensionable age.

Revaluation of Benefits
Annual Occupational Pension Schemes (Revaluation) Regulations
These Regulations are made annually and provide for the revaluation of preserved pension benefits.

Disclosure of Information
S.I. No. 301/2006 - Occupational Pension Schemes (Disclosure of Information) Regulations, 2006
The Regulations, as amended, regulate the disclosure of financial and other information by occupational pension schemes.

Personal Retirement Savings Accounts
S.I. No. 341/2003 - Personal Retirement Savings Accounts (Operational Requirements) (Amendment) Regulations, 2003
These Regulations prescribe the information which must be furnished to the Pensions Authority by the PRSA provider.  The Regulations also empower the Pensions Authority to impose conditions on a PRSA provider in respect of advertising of PRSA products.

Pensions Ombudsman
S.I. No. 397/2003 - Pensions Ombudsman Regulations, 2003
These Regulations, as amended, provide for certain matters in relation to the operation and jurisdiction of the Pension Ombudsman.

Last modified:04/11/2015