S.I. No. 91/2007 - Personal Retirement Savings Accounts (Disclosure) (Amendment) Regulations, 2007

S.I. No. 91 of 2007

PERSONAL RETIREMENT SAVINGS ACCOUNTS (DISCLOSURE) (AMENDMENT) REGULATIONS, 2007

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5, section 111 (as amended by section 24 of the Social Welfare (Miscellaneous Provisions) Act, 2003 (No.4 of 2003)), sections 112 and 115 (both inserted by Section 3 of the Pensions (Amendment) Act, 2002 (No. 18 of 2002)) and section 116 (as amended by section 24 of the Social Welfare (Miscellaneous Provisions) Act, 2003) of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations -

Citation and construction.

1. (1) These Regulations may be cited as the Personal Retirement Savings Accounts (Disclosure) (Amendment) Regulations, 2007.

(2) These Regulations and the Personal Retirement Savings Accounts (Disclosure) Regulations 2002 (S.I. 501 of 2002) and the Personal Retirement Savings Accounts (Disclosure) (Amendment) Regulations 2002 to 2006 shall be construed together as one and may be cited as the Personal Retirement Savings Accounts (Disclosure) Regulations 2002 to 2007.

Amendment to Regulations.

2. Schedules A and C of the Personal Retirement Savings Accounts (Disclosure) Regulations, 2002 (S.I. No. 501 of 2002) are amended -

(a)  by substituting “State (Contributory) Pension” for “Old Age (Contributory) Pension” in each place where it occurs, and

(b)  by substituting “Social Welfare (Consolidation) Act 2005” for “Social Welfare (Consolidation) Act, 1993” in each place where it occurs.

EXPLANATORY NOTE

[This note is not part of the Instrument and does not purport to be a legal interpretation]

These regulations amend the Personal Retirement Savings Accounts (Disclosure) Regulations 2002 (SI 501 of 2002).

Schedules A and C of the Personal Retirement Savings Accounts (PRSA) (Disclosure) Regulations provide for the Preliminary Disclosure Certificate and the Statement of Reasonable Projection for PRSAs. These Regulations now amend both the Disclosure Certificate and the Statement of Reasonable Projection, to reflect the change in the name of the Old Age (Contributory) Pension to State (Contributory) Pension where appropriate.

These regulations also amend Schedules A and C to the 2002 Regulations to reflect the enactment of the Social Welfare (Consolidation) Act 2005 which replaces the 1993 (Consolidation) Act.