S.I. 203 of 2012


Print page
 

S.I. 203 of 2012

 

Occupational Pension Schemes (Disclosure of Information) (Amendment) (No. 3) Regulations, 2012

 

EXPLANATORY NOTE

 

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

These Regulations contain additional disclosure obligations for occupational pension schemes arising out of matters contained in the Social Welfare and Pensions Act, 2012.

The regulations are amended to require:

  • (a) an annual report to contain — a copy of the latest funding standard reserve certificate and, where section 44 of the Act applies to the scheme, a risk statement, and — a statement explaining the meaning and effect of valuing pensions in payment on the basis of guidance issued by the Board under section 42 of the Act;
  • (b) the basic information provided to members, in relation to a scheme to which section 44 of the Act applies, on or after 1 January 2013 to include a risk statement;
  • (c) the information made available—
    • to members and prospective members in relevant employment,
    • to members on termination of relevant employment,
    • on retirement or death of a member or beneficiary and
    • in respect of pension adjustment orders to include a risk statement where that information is provided on or after 1 January 2013;
  • (d) trustees of a scheme to which section 44 of the Act applies to submit an annual actuarial data return, completed by the actuary, to the Board in respect of scheme years ending on or after 1 July 2012;
  • (e) trustees of a scheme to comply with certain requirements where some or all of the pensions in payment under the scheme are to be valued on the basis set out in guidance issued by the Board under section 42 of the Act and prescribed by Regulations;
  • (f) the notes to the accounts to contain certain information in relation to policies the form of which has been certified under section 53B of the Act.

The regulations are also amended to permit the accounts of a scheme to exclude insurance policies the form of which has been certified under section 53B of the Act and which fully match pension obligations.

Last modified:02/03/2017