S.I. No. 567/2006 - Personal Retirement Savings Accounts (Disclosure) (Amendment) Regulations, 2006

S.I. No. 567 of 2006

PERSONAL RETIREMENT SAVINGS ACCOUNTS (DISCLOSURE) (AMENDMENT) REGULATIONS, 2006

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 111 and 115 (both inserted by Section 3 of the Pensions (Amendment) Act, 2002 (No. 18 of 2002)) and 116 (as amended by section 24 of the Social Welfare (Miscellaneous Provisions) Act, 2003 (No. 4 of 2003)) of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations -

Citation and construction.

1. (1) These Regulations may be cited as the Personal Retirement Savings Accounts (Disclosure) (Amendment) Regulations, 2006.

(2) These Regulations and the Personal Retirement Savings Accounts (Disclosure) Regulations 2002 (S.I. 501 of 2002) and the Personal Retirement Savings Accounts (Disclosure) (Amendment) Regulations 2003 (S.I. 342 of 2003) shall be construed together as one and may be cited as the Personal Retirement Savings Accounts (Disclosure) Regulations 2002 to 2006.

Commencement.

3. These Regulations come into operation on 1 January 2007.

Amendment to regulations.

3. The Personal Retirement Savings Accounts (Disclosure) Regulations, 2002 ( S.I. No. 501 of 2002 ) are amended by substituting the following for Part I of Schedule B to the regulations -

“PART I

1. A Preliminary Disclosure Certificate shall be prepared using a single rate of investment return prior to taking benefits, before deduction of all anticipated charges relating to a proposed contract of not more than 6% per annum.

2. A Statement of Reasonable Projection shall be prepared using a single rate of investment return prior to taking benefits, before deduction of all charges relating to a contract of not more than 6% per annum.”.

	GIVEN under the Official Seal of the Minister for Social and Family Affairs this 13^th day of November 2006.
	SÉAMUS BRENNAN
	Minister for Social and Family Affairs

EXPLANATORY NOTE

[This note is not part of the Instrument and does not purport to be a legal interpretation]

The Regulations amend the Personal Retirement Savings Account (Disclosure) Regulations 2002 to provide that the rate of return used in the Preliminary Disclosure Certificate and the Statement of Reasonable Projection shall be not more that 6% per annum.