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SOLR_PROP

Pensions Act, 1990

Audited accounts and actuarial valuations.

56.(1) The trustees of a scheme shall cause the accounts of the scheme in respect of such periods as may be prescribed to be audited by the auditor of the scheme and shall cause the resources and liabilities of the scheme to be valued by the actuary of the scheme at such times as may be prescribed and, in respect of each such audit and valuation, shall cause to be prepared the documents to which this section applies.

(2) The documents to which this section applies are—

(a) the audited accounts of the scheme concerned,

(b) the auditor's report on the accounts specified in paragraph (a), and

(c) the actuary's report on his valuation of the assets and liabilities of the scheme.

(3) A person shall not be qualified for appointment as auditor for the purposes of this Act of a scheme—

(a) unless he is a member of a body of accountants, membership of which is recognised by the Minister for Industry and Commerce under the Companies Acts, 1963 to 1986, as qualifying a person to be an auditor of a company, or is otherwise for the time being authorised by the said Minister under the said Acts to be appointed auditor of a company, or

(b) if he is a member of a class of persons standing prescribed for the time being for the purposes of this section.

(4) A person shall not act as auditor of a particular scheme at a time when he is disqualified under this section, for appointment to that office and, if an auditor of the scheme becomes so disqualified during his term of office as such auditor, he shall thereupon vacate his office and give notice in writing to the trustees of the scheme that he has vacated his office by reason of such disqualification.

(5) The form and content of any document to which this section applies may be prescribed with the consent of the Minister for Finance and those documents shall comply with any regulation under this subsection.

(6) (a) Paragraphs (a) and (b) of subsection (2) shall not apply to a scheme—

(i) that is not a funded scheme,

(ii) the only benefit under which is in respect of death prior to normal pensionable age, and

(iii) the members of which have been notified in writing by the trustees that service by a member in relevant employment after the date of the notification does not entitle the member to long service benefit under the scheme.

(b) Paragraph (c) of subsection (2) shall not apply to a scheme—

(i) that is a defined contribution scheme,

(ii) that is not a funded scheme,

(iii) the only benefit under which is in respect of death prior to normal pensionable age, and

(iv) the members of which have been notified in writing by the trustees that service by a member in relevant employment after the date of the notification does not entitle the member to long service benefit under the scheme.