S.I. No. 128/2003 - Pensions (Amendment) Act, 2002, (Sections 29 and 37) (Commencement) Order, 2003

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 (Sections 29 and 37) (Commencement) Order, 2003.

Commencement.

2. Sections 29 and 37 of the Pensions (Amendment) Act, 2002 shall come into operation on 1 July 2003.

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 sections 29 and 37 of the Pensions (Amendment) Act, 2002 .

Section 29 amends section 43 of the Pensions Act, 1990 , to provide a mechanism to identify schemes whose funding is likely to fall below the Minimum Funding Standard in the three and a half year interval between Actuarial Funding Certificates and to provide for corrective action is such cases.

Section 37 requires additional information in the annual report regarding the funding position of a scheme.