S.I. No. 372/1991 - Occupational Pension Schemes (Fees) Regulations, 1991.

S.I. No. 372 of 1991.

OCCUPATIONAL PENSION SCHEMES (FEES) REGULATIONS, 1991.

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

1 Citation.

1. These Regulations may be cited as the Occupational Pension Schemes (Fees) Regulations, 1991.

2 Definitions.

2. In these Regulations:

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

"active member", in relation to a scheme, means any member who is resident in the State and in reckonable service at the commencement of the relevant scheme year;

"additional voluntary contribution scheme" means a scheme where the benefits are secured in full by members' additional voluntary contributions;

"death benefit only scheme" means a scheme, the only benefits under which are those payable in the event of death;

"frozen scheme" means either—

(a) a scheme which provides benefits only in respect of members whose service in relevant employment has terminated, or

(b) a scheme, other than a death benefit only scheme, where continuing service by the members in relevant employment does not entitle them to long service benefit and where no new members may be admitted;

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

3 Fees payable by schemes.

3. (1) There shall be paid annually by the trustees of a scheme to the Board out of the resources of the scheme the appropriate fee specified in sub-articles (2), (3) or (4) of this article as the case may be.

(2) In the case of a funded scheme (other than a scheme specified in sub-articles (3) or (4) of this article) the amount of the fee shall be, where the number of active members in the scheme at the commencement of the relevant scheme year—

(a) is greater than 1 but not greater than 500, an amount calculated by multiplying £2 by the said number of active members;

(b) is greater than 500 but not greater than 1,000, £1,000;

(c) is greater than 1,000, an amount calculated by multiplying £1 by the said number of active members.

(3) In the case of a scheme which is either—

(a) a frozen scheme,

(b) a death benefit only scheme,

(c) an additional voluntary contribution scheme,

(d) a scheme with less than 2 active members,

the amount of the fee shall be Nil.

(4) In the case of a scheme to which Part I of Schedule C to the Occupational Pension Schemes (Funding Standard) Regulations, 1991 applies the amount of the fee payable shall be an amount equivalent to 40% of the fee calculated in accordance with sub-article (2) above.

4 Payment of the fee.

4. The fees specified in Article 3 shall be remitted to the Board—

(a) not later than 3 months after the commencement of the scheme year, or the 31st day of December each year, whichever is the earlier, or

(b) on such other date as may be specified by the Board in the case of certain categories of schemes.

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

30th day of December, 1991.

BRENDAN DALY,

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 30th

day of December, 1991.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

Section 25 of Pensions Act, 1990 provides for the payment of annual fees by occupational pension schemes to the Pensions Board. These Regulations prescribe the basis for the calculation of fees and the procedures for their collection.