S.I. No. 215/1991 - Occupational Pension Schemes (Disclosure of Information) Regulations, 1991.

S.I. No. 215 of 1991.

OCCUPATIONAL PENSION SCHEMES (DISCLOSURE OF INFORMATION) REGULATIONS, 1991.

The Minister for Social Welfare, in exercise of the powers conferred on him by sections 5,51,54,55,56 and 57 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:—

1 Citation and Commencement.

1. (1) These Regulations may be cited as the Occupational pension Schemes (Disclosure of Information) Regulations, 1991.

(2) These Regulations shall come into operation on the 1st day of August, 1991.

2 Revocation.

2. The Occupational Pension Schemes (Disclosure of Information) Regulations, 1990 ( S.I. No. 332 of 1990 ) are hereby revoked.

3 Definitions.

3. In these Regulations—

"the Act" means the Pensions Act, 1990 (No. 25 of 1990);

"affiliated employer" means another employer where one of the employers is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 (No. 33 of 1963)) of the other, or where both employers are subsidiaries of a third employer;

"authorised trade union" has the meaning assigned to it by section 54 (6) of the Act;

"made available for inspection" means made available for inspection at a place which is convenient having regard to the circumstances of the request and of the persons who made it;

"on request" means a request in writing for a specified document or item of information provided that any request made within 12 months of the last occasion on which a copy of the same document or information was made available or furnished to the same person shall not be deemed to be a valid request;

"preserved benefit" has the meaning assigned to it by section 28 of the Act;

"scheme year", in relation to a scheme, means whichever of the periods specified in section 55 (1) of the Act the trustees select;

"self-investment", in relation to a scheme, means investment of all or part of the resources of the scheme in the business of the employer of any person employed in relevant employment, or of an affiliated employer, and for this purpose the term "investment" shall be deemed to include—

(a) shares or other securities issued by the employer or by an affiliated employer,

(b) land which is occupied or used by or subject to a lease in favour of the employer or an affiliated employer,

(c) property, other than land, which is used for the purpose of any business carried on by the employer or an affiliated employer,

(d) loans to the employer or an affiliated employer,

(e) moneys due to the scheme held by the employer or an affiliated employer;

"concentration of investment", in relation to a scheme, means investments exceeding a stated percentage of the resources of the scheme in one unertaking and in any associate of it or in one property, other than in the following categories:—

(a) Government securities;

(b) insurance policies;

(c) contracts of assurance;

(d) managed funds;

(e) unit trusts; and

(f) cash deposits.

4 Audited Accounts.

4. (1) In this article "relevant scheme" means a scheme to which the Act applies by virtue of section 56.

(2) Subject to sub-article (3) of this article and to article 7 of these Regulations, the trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause—

(a) the accounts of such a scheme to be audited by a qualified auditor in respect of each scheme year which commences on or after the 1st day of January, 1991 (or, where the relevant scheme had been in operation for only part of that scheme year for that part of that scheme year), and

(b) the auditor's report to be prepared on the accounts,

as soon as reasonably practicable after the end of the scheme year.

(3) A copy of the latest audited accounts and the auditor's report on the accounts shall be made available by the trustees of the scheme not later than 9 months after the end of the scheme year to which it relates, or such later date as may be approved by the Board, in the manner specified in sub-article (4) of this article to the following persons:

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, and

(d) an authorised trade union representing the members concerned.

(4) A copy of the latest audited accounts and the auditor's report on the accounts shall be furnished free of charge—

(a) to an authorised trade union representing the members of the relevant scheme not later than 9 months after the end of the scheme year to which it relates or such later date as may be approved by the Board;

(b) on request, to any of the persons specified in paragraphs (a), (b) and (c) of sub-article (3) of this article not later than 4 weeks after the request is made.

(5) A copy of any earlier audited accounts or auditor's report on the accounts prepared under section 56 of the Act shall be made available for inspection free of charge on request to any of the persons specified in sub-article (3) of this article not later than 4 weeks after the request is made.

(6) The audited accounts shall consist of accounts containing the information specified in Schedule A to these Regulations which is applicable and material to the relevant scheme.

(7) The auditor's report on the accounts of the relevant scheme shall include—

(a) a statement whether, in his opinion, the requirements of sub-article (6) of this article are satisfied;

(b) a statement whether, in his opinion, the accounts show a true and fair view of the financial transactions of the relevant scheme during the scheme year;

(c) a statement whether or not, in his opinion, contributions payable to the relevant scheme during the scheme year have been received by the trustees within 30 days of the end of the scheme year and have been paid in accordance with the rules of the relevant scheme and, if appropriate, with the recommendation of the actuary; and

(d) if any of the statements under paragraphs (a), (b) or (c) is qualified, a statement of the reasons.

(8) The audited accounts of a relevant scheme shall be signed—

(a) by the trustee of the scheme and, if there are two or more trustees, by at least two such trustees, or

(b) if there is a person authorised under the rules of the scheme, by such person.

(9) A person shall not be qualified for appointment as auditor of a relevant scheme, for the purposes of the Act, if he is—

(a) a member or a trustee of the relevant scheme,

(b) a person employed by any of the trustees of the relevant scheme,

(c) the employer of any member employed in relevant employment or a director, employee of that employer or any affiliated employer.

5 Actuarial Valuations.

5. (1) In this article "relevant scheme" means a scheme to which the Act applies by virtue of section 56.

(2) The trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause—

(a) the resources and liabilities of the scheme to be valued by the actuary of the scheme at a date referred to in these Regulations as the "effective date", and

(b) the actuary's report to be prepared on the valuation (referred to in this article as the "valuation report")

as soon as reasonably practicable after the effective date but subject always to sub-article (3) of this article.

(3) A copy of the latest valuation report shall be made available by the trustees of the relevant scheme not later than 9 months after the effective date, or such later date as may be approved by the Board, in the manner specified in sub-article (4) of this article to the following persons:

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, and

(d) an authorised trade union representing the members concerned.

(4) A copy of the latest valuation report shall be—

(a) made available for inspection free of charge, on request, to any of the persons specified in sub-article (3) of this article not later than 4 weeks after the request is made, and

(b) furnished on request and on payment of a reasonable charge to any of the persons specified in sub-article (3) of this article not later than 4 weeks after the request is made.

(5) A copy of any earlier valuation report prepared under section 56 of the Act, shall be made available for inspection free of charge, on request, to any of the persons specified in sub-article (3) of this article not later than 4 weeks after the request is made.

(6) The effective date of the first actuarial valuation to be prepared under section 56 (1) of the Act in relation to a relevant scheme, shall be—

(a) in the case of a relevant scheme which commenced before the 1st day of January, 1991, a date not later than the 31st day of December, 1993, and

(b) in the case of a relevant scheme which commenced on or after the 1st day of January, 1991, a date not later than 3½ years after the commencement of the relevant scheme.

(7) The effective date of any subsequent actuarial valuation shall be a date not later than 3½ years after the effective date of the immediately preceding actuarial valuation.

(8) A person shall not be qualified for appointment as actuary of a relevant scheme, for the purposes of the Act unless he is—

(a) a Fellow of the Institute of Actuaries, or

(b) a Fellow of the Faculty of Actuaries, or

(c) a person with other actuarial qualifications who is approved by the Minister, at the request of the trustees of the scheme concerned, as being a proper person to act for the purposes of the Act in connection with that scheme.

6 Annual Reports.

6. (1) In this article "relevant scheme" means a scheme to which the Act applies by virtue of section 55.

(2) Subject to sub-article (3) of this article and to article 7 of these Regulations, the trustees of a relevant scheme shall, in accordance with section 55 of the Act, prepare in respect of each scheme year commencing on or after the 1st day of January, 1991, an annual report of the scheme as soon as reasonably practicable after the end of the scheme year.

(3) A copy of the latest annual report shall be made available by the trustees of the relevant scheme not later than 9 months after the end of the scheme year to which it relates, or such later date as may be approved by the Board, in the manner specified in sub-article (5) of this article to the following persons:

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, and

(d) an authorised trade union representing the members concerned.

(4) The trustees shall inform the members of the relevant scheme of the availability of the annual report not later than 4 weeks after the time specified in sub-article (3) of this article.

(5) A copy of the latest annual report shall be furnished free of charge—

(a) to an authorised trade union representing the members of the relevant scheme not later than 9 months after the end of the scheme year to which it relates or such later date as may be approved by the Board;

(b) on request, to any of the persons specified in paragraphs (a), (b) and (c) of sub-article (3) of this article not later than 4 weeks after the request is made.

(6) A copy of any earlier reports prepared under section 55 of the Act shall be made available for inspection free of charge, on request, to any of the persons specified in sub-article (3) of this article not later than 4 weeks after the request is made.

(7) The annual report shall contain the following:

(a) in respect of the relevant scheme year, a copy of the audited accounts (if any) or a summary of the information specified in paragraphs 1 to 4 of Schedule A, as the case may be, and

(b) a copy of the auditor's report on the accounts as specified in sub-article (7) of article 4 of these Regulations, and

(c) where appropriate, a copy of the latest actuarial funding certificate (if any) prepared under section 42 of the Act, and

(d) such other information as is specified—

(i) in paragraphs 1 to 6 of Schedule B to these Regulations so far as it applies to the relevant scheme, and

(ii) in paragraphs 7 to 10 of the said Schedule (except in the case of a relevant scheme that is not a funded scheme).

7 Alternative arrangements for annual reports and audited accounts for certain schemes.

7. (1) This article shall apply to a scheme which, at the commencement of the scheme year, is either—

(a) a defined contribution scheme, or

(b) a small scheme as defined in sub-article (2) of this article.

(2) For the purposes of this article—

(a) "small scheme" means any defined benefit scheme where, at the commencement date of the relevant scheme year, there are less than 50 active members, and

(b) "active member", in relation to a scheme, means any member who is in reckonable service at the commencement date of the relevant scheme year.

(3) In the case of a scheme to which this article applies the provisions of sections 55 and 56 of the the Act shall be so modified that the trustees of such a scheme may, instead of complying with the provisions of articles 4 and 6 of these Regulations, cause an annual report of the scheme to be prepared in respect of each scheme year commencing on or after the 1st day of January, 1991—

(a) in the case of a scheme where the benefits are secured under one or more policies or contracts of assurance with an undertaking (within the meaning of the Insurance Act, 1989 (No. 3 of 1989)), by a person designated by the undertaking as authorised for that purpose, and

(b) in any other case, by a person who would be regarded as a qualified auditor under article 4 (9) of these Regulations,

as soon as reasonably practicable after the end of the scheme year but subject always to sub-article (4) of this article.

(4) A copy of the latest annual report prepared under this article shall be made available by the trustees of the relevant scheme not later than 9 months after the end of the scheme year to which it relates, or such later date as may be approved by the Board, in the manner specified in sub-article (6) of this article, to the following persons:

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme qualifying or prospectively qualifying for its benefits, and

(d) an authorised trade union representing the members concerned.

(5) The trustees shall inform the members of the relevant scheme of the availability of the annual report not later than 4 weeks after the time specified in sub-article (4) of this article.

(6) A copy of the latest annual report shall be furnished free of charge—

(a) to an authorised trade union representing the members of the relevant scheme not later than 9 months after the end of the scheme year to which it relates or such later date as may be approved by the Board;

(b) on request, to any of the persons specified in paragraphs (a), (b) and (c) of sub-article (4) of this article not later than 4 weeks after the request is made.

(7) A copy of any earlier reports prepared under section 55 of the Act shall be made available for inspection free of charge, on request, to any of the persons specified in sub-article (4) of this article not later than 4 weeks after the request is made.

(8) An annual report prepared under sub-article (3) of this article shall contain the following:—

(a) a statement of the amount of the contributions paid by the employer and the members to the scheme during the scheme year;

(b) (i) a statement, whether or not contributions payable during the scheme year have been received by the scheme within 30 days of the end of the scheme year and have been paid in accordance with the rules of the scheme and, if appropriate, with the recommendation of the actuary; and

(ii) if the statement under subparagraph (i) is qualified, a statement of the reasons;

(c) a statement of the manner in which the resources of the scheme are invested including the extent of any self-investment in excess of 5 per cent. of the resources of the scheme;

(d) except in the case of a defined contribution scheme, a copy of the latest actuarial funding certificate (if any) prepared under section 42 of the Act;

(e) an investment report containing—

(i) a statement by the investment manager of the investment policies pursued during the year on behalf of the scheme and any material changes in these policies during the year;

(ii) a review of the investment performance of the scheme's fund during the year; and

(f) the information specified in paragraphs 1 and 4 of Schedule B.

8 Disclosure of information in relation to schemes—constitution of the scheme.

8. (1) Subject to sub-article (5) of this article, the trustees of scheme shall make available in the manner specified in sub-articles (2) and (3) below, to the persons specified in sub-article (4) of this article the following—

(a) the contents of the trust deed in case where the scheme is constituted by such deed;

(b) the contents of any document constituting the scheme in case where the scheme is not constituted by a trust deed;

(c) the contents of the rules of the scheme;

(d) the contents of any document which amends or supplements or wholly or partly supersedes a document the contents of which fall to be furnished under paragraphs (a), (b) and (c) of this sub-article; and

(e) the name and address of the employer of any member employed in relevant employment.

(2) A copy of any document specified in sub-article (1) of this article, or of the information referred to in paragraph (e) of that sub-article, shall be made available for inspection, free of charge, on request to any of the persons specified in sub-article (4) of this article not later than 4 weeks after such request is made.

(3) A copy of any of the documents specified in sub-article (1) of this article shall, on request, be furnished on payment of a reasonable charge to any of the persons specified in sub-article (4) of this article not later than 4 weeks after the request is made.

(4) The persons to whom this article relates are:—

(a) the members and prospective members of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme and qualifying or prospectively qualifying for its benefits, and

(d) an authorised trade union representing the members concerned.

(5) Where different rules are applicable to different members and prospective members, nothing in this article shall be construed as requiring the trustees to furnish a document or part of a document, in relation to a member or prospective member that is not relevant to his rights under the scheme.

9 Disclosure of information in relation to schemes—basic information about the scheme.

9. (1) Subject to sub-article (6) of this article, the trustees of a scheme shall furnish in writing the information specified in Schedule C to these Regulations to the persons specified in sub-articles (2) and (3) of this article.

(2) The information specified in the said Schedule C shall be furnished to every person who on or after the 1st day of January, 1992, becomes a member of a scheme—

(a) which commenced before the 1st day of January, 1991, within 4 weeks of his becoming a member, and

(b) which commenced on or after that date, within 6 months of his becoming a member.

(3) The information specified in the said Schedule C shall, not later than 4 weeks after the request is made, be furnished on request to—

(a) any member or prospective member of the scheme,

(b) the spouses of members and of prospective members of the scheme,

(c) persons within the application of the scheme and qualifying or prospectively qualifying for its benefits, and

(d) an authorised trade union representing the members and prospective members concerned insofar as the information is relevant to the rights of such members and prospective members of the scheme.

(4) The trustees of the scheme shall notify the members of the scheme of any material alteration in the information specified in paragraphs 1 to 15 of the said Schedule C within 6 months of the date of making of any such alteration.

(5) The trustees of the scheme shall notify the members or the prospective members of the scheme of any material alteration in the information specified in paragraph 16 of the said Schedule C within 4 weeks of the date of the making of any such alteration.

(6) Where different rules are applicable to different members and prospective members of a scheme nothing in this article shall be construed as requiring the trustees to disclose information in relation to a member or prospective member that is not relevant to his rights under the scheme.

10 Disclosure of information in relation to schemes—information to be made available to individuals.

10. (1) The trustees of a scheme shall furnish in writing the information specified in Schedules D to F to these Regulations, to the persons specified, and in the circumstances specified in articles 11 to 14 of these Regulations.

(2) The information to be furnished by the trustees under articles 11 to 14 shall relate to a date specified for this purpose by the trustees, not being a date earlier than 12 months before the date on which such information is so furnished.

(3) When any information specified in the said Schedules D to F is provided it shall be accompanied by a written statement that further information about the scheme is available giving the address to which enquiries about it should be sent.

11 Information to be made available to a member or prospective member in relevant employment.

11. (1) Such information as is specified in paragraphs 1 to 5 of Part I of the said Schedule D shall be furnished to any member of a defined benefit scheme whose service in relevant employment has not terminated before normal pensionable age, on request as soon as practicable after the request is made.

(2) Such information as is specified in paragraphs 6 to 10 of Part II of the said Schedule D shall be furnished to any member of a defined contribution scheme whose service in relevant employment has not terminated before normal pensionable age, on request as soon as practicable after the request is made.

(3) The information specified in paragraph 5 of Part I, or paragraph 10 of Part II of the said Schedule D, as appropriate, shall be furnished by the trustees to any prospective member of the scheme on request as soon as practicable after the request is made.

12 Information to be made available—termination of relevant employment.

12. (1) The information specified in paragraph 1 of Part I of Schedule E shall be furnished to any member of a defined benefit scheme who has not acquired an entitlement to a preserved benefit (within the meaning of the Act) as soon as practicable after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate.

(2) The information specified in paragraphs 2 to 5 of Part I of the said Schedule E shall be furnished as appropriate—

(a) to any member of a defined benefit scheme who has acquired an entitlement to preserved benefit (within the meaning of the Act) as soon as practicable after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate,

(b) to any member of a defined benefit scheme whose service in relevant employment has terminated or is about to terminate and who has not acquired an entitlement to a preserved benefit (within the meaning of the Act) on request as soon as practicable after the request is made, and

(c) to any other member of a defined benefit scheme, on request, as soon as practicable after the request is made.

(3) The information specified in paragraph 6 of Part II of the said Schedule E shall be furnished to any member of a defined contribution scheme who has not acquired an entitlement to a preserved benefit (within the meaning of the Act) as soon as practicable after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate.

(4) The information specified in paragraphs 7 to 10 of Part II of the said Schedule E shall be furnished as appropriate—

(a) to any member of a defined contribution scheme who has acquired an entitlement to preserved benefit (within the meaning of the Act) as soon as practicable after he or his employer has notified the trustees that his service in relevant employment has terminated or is about to terminate,

(b) to any member of a defined contribution scheme whose service in relevant employment has terminated or is about to terminate and who has not acquired an entitlement to a preserved benefit (within the meaning of the Act) on request as soon as practicable after the request is made, and

(c) to any other member of a defined contribution scheme, on request, as soon as practicable after the request is made.

13 Information to be made available—retirement or death of member or beneficiary.

13. (1) Where, on or after the commencement of these Regulations, a benefit under the scheme has become payable or is about to become payable to a person (within the meaning of section 54 (2) of the Act), the information specified in paragraphs 1 to 3 of Schedule F shall be furnished to that person as soon as practicable after the benefit becomes payable provided his address is known to the trustees.

(2) Where the amount of benefit payable to a person under the scheme is or is about to be altered otherwise than in accordance with paragraph 3 of Schedule F, a statement of the amount of the revised benefit shall be furnished to him as soon as practicable after the alteration is made including, in the case where such alteration represents an increase in benefit, a statement of the conditions (if any) subject to which the payment of that increase will continue.

14 Information to be made available—wind up of scheme.

14. Where a decision has been made to wind up the scheme the trustees shall—

(a) as soon as possible but in any event not later than 12 weeks after such a decision has been made notify all members of the scheme and authorised trade unions of the decision;

(b) as soon as practicable after the proceeds of the realisation of the resources of the scheme are applied in accordance with the rules respecting a winding up furnish each member with—

(i) information relating to the rights and options (if any) available to him as regard his benefit entitlements in accordance with the rules of the scheme respecting a winding up;

(ii) an explanation as to the manner in which any surplus or deficit in the resources of the scheme have been dealt with;

(iii) information as to who will be liable to pay the benefits after the scheme is wound up and the address to which enquiries should be sent concerning a person's entitlements.

SCHEDULE A

Article 4.

CONTENTS OF ACCOUNTS

1. An account of the financial additions to and withdrawals from the fund of the scheme during the scheme year to which the accounts relate.

2. (a) A statement, at the end of the scheme year to which the accounts relate, of the resources at market value, or where the market value is not readily ascertainable the trustees' estimate thereof and of the liabilities of the scheme.

(b) The statement referred to at subparagraph (a) above need not include:—

(i) insurance policies which have been purchased and which match and fully guarantee the pension obligations of the scheme in respect of specific individual members or other persons in respect of such members or to both,

(ii) liabilities to pay benefits in the future,

(iii) additional voluntary contributions, if any, under the scheme separately invested from the resources of the scheme.

(c) Where additional voluntary contributions are separately invested from the resources of the scheme in the form of a defined contribution scheme they should be disclosed separately from the transactions and the statement referred to in subparagraph (a) above but accounted for within the accounts of the scheme in the notes thereto.

(d) The notes thereto should include a statement of the distribution of the investments of the scheme detailing, where appropriate, particulars of any self-investment or concentration of investment, in excess of 5 per cent. of the resources of the scheme.

3. A reconciliation of the account mentioned in paragraph 1 with the statement mentioned in paragraph 2.

4. In respect of every amount shown in the accounts, a statement of the corresponding amount for the scheme year previous to the one to which the accounts relate, except in a case where article 4 of these Regulations is complied with by trustees of a scheme for the first time.

5. A statement whether the accounts have been prepared in accordance with the Statement of Recommended Practice (SORP) No. 1 of the Consultative Committee of Accountancy Bodies as amended from time to time current to the end of the scheme year to which the accounts relate and, where this is not the case, the particulars of any material departures from that Statement.

SCHEDULE B

Article 6.

THE ANNUAL REPORT — INFORMATION TO ACCOMPANY AUDITED ACCOUNTS AND ACTUARIAL FUNDING CERTIFICATE

1. The names of all persons who were trustees of the scheme during the scheme year to which the information relates.

2. The name of each actuary, auditor, solicitor, bank and other person and organisation acting for or retained by the trustees during the scheme year, with an indication (except where article 6 of these Regulations is complied with by the trustees for the first time) of any change since the previous scheme year.

3. The address to which enquiries about the scheme generally or about an individual's entitlement to benefit should be sent.

4. Any changes since the previous scheme year in the information specified in Schedule C to these Regulations.

5. The number of members in relevant employment and in receipt of benefit under the rules of the scheme as at any one date during the scheme year.

6. A statement of whether or not increases were made during the scheme year, to—

(a) pensions in the course of payment, and

(b) benefits payable following termination of a member's service in relevant employment,

and by what percentage, or (except in the case of a scheme that is not funded) if there have been different increases for different individuals or groups of individuals, the average percentage increase of such increases with, in either case, a statement whether the increases were to any extent discretionary, and if so to what extent.

7. A review by the trustees of the financial development of the scheme during the scheme year, as shown by the audited accounts, and a statement concerning the latest actuarial funding certificate and funding proposal (if any) submitted to the Pensions Board.

8. The name of each person or organisation concerned in the management of the investments of the scheme during the year and the extent of any delegation of this function by the trustees.

9. Whether or not the scheme is bearing the costs of any investment manager and, if so, the basis on which such investment manager is paid.

10. An investment report containing—

(a) a statement by the trustees, or the investment manager, of the investment policies pursued during the year on behalf of the scheme, and any material changes in these policies during the year;

(b) a review of the investment performance of the scheme's fund during the year, and the nature, disposition, marketability, security and valuation of the scheme's resources.

SCHEDULE C

Article 9.

BASIC INFORMATION ABOUT THE SCHEME

1. The categories of persons who are eligible to be members of the scheme.

2. The categories of persons who are required, as a condition of their employment, to be members of the scheme.

3. The conditions of membership.

4. How members' contributions are calculated.

5. How employers' contributions are calculated.

6. Whether the scheme is approved under Chapter II of Part I of the Finance Act, 1972 and, if not, whether an application for such approval of the scheme is under consideration by the Revenue Commissioners.

7. Whether the scheme is a defined benefit scheme or a defined contribution scheme for the purposes of the Pensions Act, 1990 .

8. What benefits, if any, are payable under the scheme, and how they are calculated.

9. The conditions on which benefits are paid and any options relating thereto.

10. Which benefits, if any, are payable only at some person's discretion.

11. Which of the benefits are, and which are not funded.

12. Which of the benefits, if any, are such that fulfilment of the obligation to pay them to or in respect of particular members is guaranteed by means of one of more insurance policies which are specifically allocated to the provision of benefits payable to or in respect of those members. Where the payment of the benefit under any life assurance policy is subject to the satisfaction of any underwriting criteria this should be stated.

13. The short title of the Act or Acts of the Oireachtas (if any) which provides for both—

(a) the setting up of the scheme, and

(b) the determination of the rate or amount of the benefits under the scheme.

14. Whether, and if so to what extent, the employer of any person who is entitled to benefits under the scheme has entered into an obligation to pay the benefits if the scheme's resources are insufficient to do so.

15. Whether there is a discretionary power under the scheme rules to increase pensions after they have become payable, and if so, who may exercise it. Where such increases are discretionary the member must be advised that the annual report will contain a statement of the current practice in relation to pensions increases (if any).

16. The address to which enquiries about the scheme generally or about an individual's entitlement to benefit should be sent.

SCHEDULE D

Article 11.

INFORMATION TO BE MADE AVAILABLE TO A MEMBER OR PROSPECTIVE MEMBER IN RELEVANT EMPLOYMENT

PART I—DEFINED BENEFIT SCHEME

1. (a) The amount of the member's own benefits and of his survivor's benefits which would be payable under the rules of the scheme from normal pensionable age or death thereafter if his service in relevant employment were to terminate on his attaining normal pensionable age, calculated without regard to possible increases in his salary; and

(b) The method by which the amount specified in subparagraph (a) has been calculated.

(c) Where additional benefits have been secured or granted under the scheme by way of additional voluntary contributions or a transfer of rights from another scheme, or both, the amount of such benefits should be either included in the amounts specified in subparagraph (a) (with a statement to this effect) or shown separately.

2. The member's date of entry into the scheme and the amount of contributions (including additional voluntary contributions) paid by the member to the scheme and the amount of any transfer payment received on behalf of the member from another scheme.

3. The amount of the member's current pensionable salary and the method by which it is calculated.

4. The amount of survivor's benefits payable in respect of the death of the member prior to normal pensionable age without regard to possible increases in his salary.

5. Whether the member or prospective member has an option to purchase additional benefits under the scheme by way of additional voluntary contributions or to acquire rights to additional benefits in exchange for any transfer payment provided by another scheme and, if so,

(a) the amount of these additional benefits or an explanation of how they will be calculated, and

(b) a statement of how the option may be exercised.

PART II—DEFINED CONTRIBUTION SCHEME

6. The member's date of entry into the scheme and the amount of contributions (including additional voluntary contributions) paid by or on behalf of the member to the scheme since that date and the amount of any transfer payment received on behalf of the member from another scheme.

7. The amount of the current salary (if relevant) upon which contributions to the scheme by or on behalf of the member are calculated.

8. The accumulated value as at a specified date of the contributions paid by or on behalf of the member to provide benefits payable at or from normal pensionable age or death thereafter. This value may be expressed in a manner which has regard to the nature of the policy of assurance or other contract to which contributions have been applied and, where relevant, may assume that the member remains in reckonable service to normal pensionable age provided this assumption is so stated. It should not include any estimate of bonus, interest or other additions after the specified date other than those which are explicitly guaranteed under the policy or contract.

9. The amount of benefit or benefits payable in respect of the death of the member prior to normal pensionable age without regard to possible increases in his salary, or (if relevant) any change in the accumulated value of the contributions after a specified date.

10. Whether the member or prospective member has an option to purchase additional benefits under the scheme by way of additional voluntary contributions or to acquire rights to additional benefits in exchange for any transfer payment provided by another scheme and, if so,

(a) the amount of these additional benefits or an explanation of how they will be calculated, and

(b) a statement of how the option may be exercised.

SCHEDULE E

Article 12.

INFORMATION TO BE MADE AVAILABLE—TERMINATION OF RELEVANT EMPLOYMENT

PART I—DEFINED BENEFIT SCHEME

1. An explanation of any rights and options available to a member whose service in relevant employment terminates before he has acquired an entitlement to a preserved benefit (within the meaning of Part III of the Act) including:

(a) details of whether a refund of contributions is available or would be available in any circumstances, and in the latter case a statement of the circumstances and, in either case, an estimate of the amount of the refund and an explanation of the method of calculating it,

(b) the name and address of the person from whom details of any other rights and options may be obtained on request.

2. The rights and options (if any) available to a member whose service in relevant employment terminates before he attains normal pensionable age, including details of—

(a) the amount of preserved benefit (within the meaning of Part III of the Act) payable under the rules of the scheme to or in respect of a member;

(b) the amount of benefits (if any) payable under the rules of the scheme to or in respect of a member in addition to those specified in subparagraph (a);

(c) the date or dates on which such benefits become payable;

(d) whether there is an option to have alternative benefits payable immediately and the relevant details of such alternative benefits;

(e) the provisions (or, as the case may be, a statement that there are no provisions) under which benefits may or will be increased, and the extent to which such increases are dependent on the exercise of a discretion;

(f) whether a refund of contributions is available, or would be available in any circumstances, and in the latter case, a statement of the circumstances, and in either case, an estimate of the amount of the refund and an explanation of the method of calculating it;

(g) the name and address of the scheme, its trustees and those responsible for the payment of the member's benefits.

3. Whether any transfer payment is available in respect of the member and, if so—

(i) an estimate of its amount calculated on the basis that the member's service in relevant employment terminated or will terminate on one particular date; and

(ii) the accrued rights to which it relates.

4. The procedures for claiming the member's benefits payable in the event of the termination of his service in relevant employment prior to normal pensionable age.

5. If a transfer payment has been effected by the trustees of the scheme without the consent of the member the name and address of the scheme to which the transfer payment has been made or of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the member.

PART II—DEFINED CONTRIBUTION SCHEME

6. An explanation of any rights and options available to a member whose service in relevant employment terminates before he has acquired an entitlement to a preserved benefit (within the meaning of Part III of the Act) including details of:

(a) whether a refund of contributions is available or would be available in any circumstances, and in the latter case a statement of the circumstances and, in either case, an estimate of the amount of the refund and an explanation of the method of calculating it,

(b) the name and address of the person from whom details of any other rights and options may be obtained on request.

7. The rights and options (if any) available to a member whose service in relevant employment terminates before he attains normal pensionable age, including details of—

(a) the accumulated value as at a specified date of the appropriate contributions (within the meaning of Part III of the Act) payable under the rules of the scheme to or in respect of a member;

(b) the accumulated value as at the same date of any other contributions to which the member is entitled;

(c) the date or dates on which such amounts become payable and a brief explanation of how the amounts would be applied;

(d) whether there is an option to have benefits payable immediately and the relevant details of such benefits;

(e) whether a refund of contributions is available, or would be available in any circumstances, and in the latter case a statement of the circumstances, and in either case, an estimate of the amount of the refund and an explanation of the method of calculating it;

(f) the name and address of the scheme, its trustees and those responsible for the payment of the member's benefits.

8. Whether any transfer payment is available in respect of the member and, if so—

(i) an estimate of its amount calculated on the basis that the member's service in relevant employment terminated or will terminate on one particular date; and

(ii) the accrued rights to which it relates.

9. The procedures for claiming the member's benefits payable in the event of the termination of his service in relevant employment prior to normal pensionable age.

10. If a transfer payment has been effected by the trustees of the scheme without the consent of the member the name and address of the scheme to which the transfer payment has been made or of the undertaking with whom the policy or contract of assurance has been entered into on behalf of the member.

SCHEDULE F

Article 13.

INFORMATION TO BE MADE AVAILABLE — RETIREMENT OR DEATH OF MEMBER OR BENEFICIARY

1. The amount of benefit which is payable to or in respect of the person and any options relating thereto and the procedure for exercising them.

2. If the amount of benefit is payable periodically the conditions (if any) subject to which the payment will continue.

3. If a benefit is payable periodically the provisions (if any) under the rules of the scheme whereby the amount payable will be altered.

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

1st day of August, 1991.

MICHAEL WOODS,

Minister for Social Welfare.

The Minister for Finance hereby consents to the making of the foregoing Regulations.

GIVEN under the Official Seal of the Minister for Finance this

1st day of August, 1991.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations regulate the disclosure of financial and other information by occupational pension schemes. Under the Regulations the trustees of schemes are required to obtain annual audited accounts, including the auditor's report, and containing specified financial information, prepared by an auditor who fulfils certain requirements. They must also obtain an actuarial valuation of the scheme at specified intervals, prepared by a qualified actuary. Copies of the actuary's report must be made available for inspection free of charge or furnished, on request, to specified persons on payment of a reasonable charge.

In addition, trustees of schemes must provide an annual report containing information on the annual audited accounts for the scheme year, a copy of the latest actuarial funding certificate, a trustees' report and an investment report. Defined contribution schemes and certain defined benefit schemes, shall, in place of the full requirements for audited accounts and reports, have the option of issuing a shortened annual report prepared by a qualified auditor or, where the benefits are fully secured under an insurance contract, the insurance company managing the scheme.

Copies of annual reports must be made available automatically to authorised trade unions and when requested to members, prospective members and other specified persons.

The Regulations also provide for the trustees to make available documents containing information about the constitution of the scheme for inspection by specified persons, and for copies to be furnished on request on payment of a reasonable charge. Certain basic information about the contribution and benefit structure of the scheme must be given by the trustees to every member on joining the scheme and to members and other specified persons on request, and for material alterations to be drawn to the attention of members. Finally, information about individual benefit entitlements must be made available by the trustees to specified persons in specified circumstances.