S.I. No. 506/2002 - Personal Retirement Savings Accounts (Fees) Regulations, 2002
The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5 , 96 and 117 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations: - | ||||||||
Citation. | 1. These Regulations may be cited as the Personal Retirement Savings Accounts (Fees) Regulations, 2002. | |||||||
Definitions. | 2. In these Regulations “the Act” means the Pensions Act, 1990 (No. 25 of 1990) . | |||||||
Fees. | 3.(1) The fees payable under section 96(1)(f) of the Act, at the time of application to the Board by the applicant, shall be: | |||||||
(a) in the case of an applicant in respect of whom no PRSA product has yet been approved by the Board, a fee of €20,000 to include approval of one PRSA product, and | ||||||||
(b) in the case of an applicant in respect of whom a PRSA product has been approved by the Board, a fee of €5,000 to include approval of one PRSA product. | ||||||||
(2) The amount of the annual fee payable by a PRSA provider to the Board under section 117(5) shall be: | ||||||||
(a) €2000 multiplied by the number of PRSA products of that PRSA provider for the time being approved by the Board, and | ||||||||
(b) an amount equal to 0.05% of the total PRSA assets held under the terms of PRSA contracts of that PRSA provider. | ||||||||
(3) The fee specified in sub-article (2) shall be remitted to the Board on or before 31 January in each year. | ||||||||
| ||||||||
The Minister for Finance hereby consents to the making of the foregoing Regulations. | ||||||||
| ||||||||
EXPLANATORY NOTE | ||||||||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||||||||
Section 96 of the Pensions Act, 1990 provides for the payment of a fee by an applicant for approval of a PRSA product. Section 117 (5) of the Pensions Act, 1990 provides for the payment of an annual fee by a PRSA provider. These regulations contain the detailed provisions in relation to the amount of these fees and the time of payment. |