Financial Measures (Miscellaneous Provisions) Act 2009
|
Value of assets transferred to be offset against contributions to Reserve Fund. |
10.— (1) Where a transfer order has been made in relation to a covered pension fund, the value of the assets transferred pursuant to the order shall be taken to be in satisfaction or part-satisfaction, as the case requires, of the obligation of the Minister for Finance under section 18(2) of the Act of 2000 to make contributions to the Reserve Fund in the current year. | |
(2) If the aggregate value of assets transferred to the Reserve Fund under transfer orders in a year, added to any contributions made to the Reserve Fund in the same year under subsections (2), (5A) and (5C) of section 18 (as amended by section 6 (c) of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 ) of the Act of 2000, is greater than the amount required to be paid into the Reserve Fund in that year under section 18(2) of the Act of 2000, the excess amount shall be taken to be in satisfaction or part-satisfaction, as the case requires, of the amount required under that section to be paid into that Fund in any subsequent year or years. | ||
(3) For the purposes of subsections (1) and (2)— | ||
(a) as soon as practicable after a transfer order is made in relation to a covered pension fund, the trustees of the fund (or, where there is no trust deed, the board or governing body of the relevant body in relation to the fund) shall cause a valuation, on the same basis as a valuation of resources for the purpose of an actuarial valuation under Part IV of the Act of 1990, to be made of the assets of the fund as at the date of effect of the transfer order, and | ||
(b) the Commission shall determine the value of the assets of the fund, as at the date of effect of the transfer order, in consultation with the Minister, having regard to that valuation. |