S.I. No. 320/1998 - Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1998

S.I. No. 320 of 1998.

OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD) (AMENDMENT) REGULATIONS, 1998

The Minister for Social, Community and Family Affairs, in exercise of the powers conferred on him by sections 5 , 5A and 52 of the Pensions Act, 1990 (No. 25 of 1990) , hereby makes the following Regulations: —

1 Citation and Construction

1. (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1998.

(2) These Regulations and the Occupational Pension Schemes (Funding Standard) Regulations, 1993 ( S.I. No. 419 of 1993 ) shall be construed together as one and may be cited as the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 1998.

2 Revocation

2. The Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1995 ( S.I. No. 273 of 1995 ) are hereby revoked.

3 Modification of Part IV in the case of certain schemes

3. Article 7 of the Occupational Pension Schemes (Funding Standard) Regulations 1993 is hereby amended by the substitution for sub-article (2) of the following sub-article:

" (2) (a) In the case of an external scheme section 43 (1) of the Act is hereby modified by the substitution for paragraphs (a) and (b) of the following:

' (a) in the case of a relevant scheme which commenced before the commencement of this Part and to which paragraph (c) does not apply, not later than 4 years after such commencement or such later date not being later than 1 January 1999 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme.

(b) (i) in the case of a relevant scheme which commenced between 1 January 1991 and 30 June 1991 and to which paragraph (c) does not apply, not later than 31 December 1994 or such later date not being later than 1 January 1999 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme,

(ii) in the case of a relevant scheme which commenced on or after 1 July 1991 and to which paragraph (c) does not apply, not later than 3 ½ years after the commencement of the scheme or such later date not being later than 1 January 1999 as the Board may determine on application in the case of any particular external scheme to be reasonable and not contrary to the interests of the members of the scheme, and

(c) in the case of a relevant scheme being an external scheme which applied for and was granted an extension to 1 January 1998 of the latest effective date of the first actuarial funding certificate, not later than 1 January 1999,' ".

GIVEN under the Official Seal of the Minister for Social Community and Family Affairs, this 27th day of AUGUST, 1998.

DERMOT AHERN

Minister for Social, Community and Family Affairs.

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

GIVEN under the Official Seal of the Minister for Finance, this 2nd day of SEPTEMBER, 1998.

CHARLIE MCCREEVY

Minister for Finance.

EXPLANATORY NOTE

Theses Regulations revoke and replace the Occupational Pension Schemes (Funding Standard) (Amendment) Regulations, 1995 ( S.I. No. 273 of 1995 )

These Regulations

(a) extend the latest effective date of first actuarial certificates to 1 January 1999 in the case of external schemes that applied for and were granted by the Pensions Board, an extension to 1 January 1998 of the latest effective date, and

(b) in the case of external schemes to which (a) does not apply, extend the latest effective date of first actuarial funding certificates to 1 January 1999, where the scheme applies to and receives the approval of the Pensions Board for such an extension.

The Regulations also provide that in considering such an application, the Board must be satisfied that granting an extension will not be contrary to the interests of the members of the scheme.

The extension of the latest effective date to 1 January 1999 has the effect of extending the latest date for submission of such actuarial funding certificates to the Board to 1 October 1999.