S.I. No. 330/1990 - Pensions Act, 1990 (Parts III, IV and V) (Commencement) Order, 1990.

S.I. No. 330 of 1990.

PENSIONS ACT, 1990 (PARTS III, IV AND V) (COMMENCEMENT) ORDER, 1990.

The Minister for Social Welfare, in exercise of the powers conferred on him by section 1 (2) of the Pensions Act, 1990 (No. 25 of 1990), hereby orders as follows:—

1. This Order may be cited as the Pensions Act, 1990 (Parts III, IV and V) (Commencement) Order, 1990.

2. Parts III, IV and V of the Pensions Act, 1990 shall come into operation on the 1st day of January, 1991.

GIVEN under the Official Seal of the Minister for Social Welfare,

this 21st day of December, 1990.

MICHAEL WOODS,

Minister for Social Welfare.

EXPLANATORY NOTE.

This Order brings into effect from 1st January, 1991 the provisions of Parts III, IV and V of the Pensions Act, 1990 .

Part III provides for the introduction of a compulsory system of preservation and revaluation of benefits of pension scheme members who leave employment after 1st January, 1991 but before normal pension age. These new preservation requirements will only relate to service or contributions after that date.

Part IV introduces a new minimum funding standard for certain defined benefit schemes. Part V provides for the disclosure of information to pension scheme members.