S.I. No. 155 of 2016


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S.I. No. 155 of 2016

Occupational Pension Schemes (Section 48A) Regulations 2016

 

EXPLANATORY NOTE

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

Section 48A of the Pensions Act provides for the payment of certain amounts by the Minister for Finance to the trustees of a relevant scheme which is being wound up after 25 December 2013, where the resources of that scheme are not sufficient to discharge the liabilities in respect of certain benefits.

Section 48A(1) of the Pensions Act requires the trustees to direct the actuary to prepare a statement and section 48A(2) of the Pensions Act requires the trustees to make an application to the Pensions Authority certifying the relevant amount.

These regulations require trustees to comply with guidelines or guidance notes issued by the Pensions Authority or the Minister for Employment Affairs and Social Protection in relation to the preparation of the statement under section 48A(1) and an application by the trustees under section 48A(2).

These regulations also extend the provisions of the Occupational Pension Schemes (Professional Guidance) Regulations, 2005 to include guidance made by the Pensions Authority in relation to the preparation of the statement under section 48A(1) and an application by the trustees under section 48A(2).

Last modified:08/04/2016