S.I. No. 609/2002 - Pensions (Amendment) Act, 2002, (Certain Sections) (Commencement) Order, 2002

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by section 1 of the Pensions (Amendment) Act, 2002 (No. 18 of 2002), hereby orders as follows:

Citation.

1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Certain Sections) (Commencement) Order, 2002.

Commencement.

2. The 1^st day of January, 2003, is hereby appointed as the day on which Section 41 and Section 42 (for the purpose of inserting into the Principal Act so much of Section 59 mentioned in that section as imposes obligations on trustees (other than obligations in relation to the investment of resources of the scheme in accordance with directions given by members) (that is to say Section 59(1)) shall come into operation.

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 certain provisions of the Pensions (Amendment) Act, 2002 as follows:

This Order provides that section 41 of the Pensions (Amendment) Act, 2002 , comes into operation on 1^st January 2003. Section 41 inserts a new section (58A) into the Pensions Act 1990 the effect of which is to require employers to remit certain contributions in respect of schemes within a specified time limit.

The Order also provides that section 42, in so far as it inserts section 59 (1) in to the Pensions Act, 1990 come into operation on 1^st January 2003. Section 59(1) amends the existing section 59 by inserting an additional requirement that contributions received by trustees must be invested within 10 days of receipt. It also implements Article 5 of the Mobility Directive by providing that trustees must make arrangements to pay benefits, net of taxes and transaction charges, in any Member State.