Social Welfare Law Reform and Pensions Act 2006

SCHEDULE 8

Miscellaneous Amendments to Pensions Act 1990

Item

Provision Affected

Amendment

1.

Section 2(1)

( a) In the definition of “scheme” insert “and section 121” after “Part VII”.

( b) In the definition of “trustees”, insert “59A,” after “59,”.

2.

Section 5

Insert the following after subsection (2):

“(2A) The power to make regulations under this section includes power to make provision by regulation to give effect to—

( a) any provision of the Treaties of the European Communities, or

( b) any act adopted by an institution of the European Communities which regulates any of the matters to which this Act applies.”.

3.

Section 35

In subsection (1), substitute “section 34(3)( b) or ( d)” for “section 34(3)( b)”.

4.

Section 43(1)

( a) In paragraph ( c), substitute “2007, and” for “2007.”.

( b) Insert the following after paragraph ( c):

“( d) in the case of a scheme which has been excluded, in whole or in part, from the application of this Part by virtue of regulations made under section 52 and which is no longer so excluded, not later than 6 months after the date on which the exclusion ceases to apply.”.

5.

Section 54(4)

Insert the following after paragraph ( c):

“( d) The Minister may make regulations providing that some or all of the information required to be disclosed in accordance with this section shall be prepared in accordance with the advice of an actuary and any applicable professional guidance issued by the Society of Actuaries in Ireland and specified in the regulations or with any applicable guidance issued by any other person (including the Minister) and specified in the regulations.”.

6.

Section 55

( a) In subsection (2), substitute the following for paragraph ( c):

“( c) where so prescribed and to such extent as may be prescribed, a small scheme the winding up of which has commenced, unless, in accordance with the regulations prescribing the class of scheme for the purpose of this paragraph, the Board considers it necessary or appropriate and in the interests of the members of the scheme having regard to the circumstances of any particular case that subsection (1) should apply in whole or in part.”,

( b) In subsection (4), substitute “at the effective date of the next actuarial funding certificate or, where applicable, any later date specified under section 49(3)” for “at the effective date of the next actuarial funding certificate”.

( c) In subsection (5), substitute “at the effective date of the next actuarial funding certificate or, where applicable, any later date specified under section 49(3)” for “at the effective date of the next actuarial funding certificate”.

7.

Section 56(6)( b)

In subparagraphs (iv) and (v), substitute “small scheme” for “scheme” in each place where it occurs.

8.

Section 91

In the definition of “contributor”, substitute “on a winding up or on making a transfer payment in accordance with section 35” for “on a winding up”.

9.

Section 121

In subsection (10), insert the following after the definition of “excluded employee”:

“‘scheme’ means an occupational pension scheme and an overseas pension scheme within the meaning of section 770(1) of the Taxes Consolidation Act 1997.”.

10.

Section 149

Substitute the following for subsection (4):

“(4) The conditions of authorisation are that—

( a) the trustees and the scheme comply with the provisions of this Act applicable to the trustees and the scheme and, in the case of a small scheme, comply with subsection (3), and

( b) the trustees and the scheme comply with any other conditions that may be prescribed.”.