S.I. No. 187/2005 - Social Welfare and Pensions Act 2005 (Sections 38 & 39) (Commencement) Order, 2005
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 1 (4) of the Social Welfare and Pensions Act 2005 (No. 4 of 2005) hereby orders as follows: | ||||||||||
Citation. | 1. This Order may be cited as the Social Welfare and Pensions Act 2005 (Sections 38 and 39) (Commencement Order, 2005. | |||||||||
Commencement. | 2. The 11th day of April 2005 is appointed as the day on which sections 38 and 39 of the Social Welfare and Pensions Act 2005 (No. 4 of 2005) come into operation. | |||||||||
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EXPLANATORY NOTE | ||||||||||
(This note is not part of the Instrument and does not purport to be a legal interpretation). | ||||||||||
This Order provides for the commencement of sections 38 and 39 of the Social Welfare and Pensions Act 2005 with effect from 11th April 2005. | ||||||||||
Section 38 extends, from 15 to 30 days, the period from the initiation of a Personal Retirement Savings Account (PRSA) contract to the date on which it becomes enforceable. This is in line with the waiting period imposed on foot of Directive 2002/65/EC in relation to distance marketing of consumer financial services. | ||||||||||
In cases of transfers from an Occupational Pension Scheme to a PRSA, members must be provided with a certificate comparing potential benefits from the occupational pension scheme to those from the PRSA, other than in cases where the transfer value is less than €4,000. Section 39 increases this limit from €4,000 to €10,000. |