S.I. No. 611/2002 - Personal Retirement Savings Accounts (Functions of Pensions Board) Regulations, 2002

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5 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 (Functions of Pensions Board Regulations, 2002.

Definitions.

2.         In these Regulations -

“the Act” means the Pensions Act, 1990 (No. 25 of 1990).

Register.

3.         The register required to be kept by the Board under section 117(1)(a) of the Act shall contain the information specified in the Schedule to these Regulations.

Database.

4.         The database of statistics required to be maintained by the Board under section 117(1)(b) of the Act shall contain the information required under articles 3 and 4 of the Personal Retirement Savings Accounts (Operational Requirements Regulations, 2002 ( S.I. No. 503 of 2002 ).

Monitoring of PRSA provider material.

5. (1)   For the purposes of section 117(3), the Board shall from time to time as the Board sees fit monitor a PRSA provider's promotional material and all other material required to be produced by or on behalf of a PRSA provider.

(2)   The material prescribed for the purposes of section 117(4) of the Act is any material containing information required to be disclosed by or on behalf of a PRSA provider under the Personal Retirement Savings Accounts (Disclosure Regulations, 2002 ( S.I. No. 501 of 2002 ).

SCHEDULE

Article 3

Information relating to PRSA providers and PRSA products.

The register shall contain the following information in relation to each PRSA provider:-

1.         Name.

2.         Address of registered office.

3.         Name and type (Standard PRSA or otherwise) of each approved PRSA product.

4.         PRSA product approval number issued by the Board for each PRSA product of the provider.

5.         Name of person to whom enquiries regarding the PRSA provider should be addressed.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These regulations prescribe the information to be contained on the register in relation to PRSA providers and PRSA products which the Pensions Board must keep under section 117 (1)(a) of the Pensions Act, 1990 .

The regulations also prescribe the information to be contained on the database of statistics to be maintained by the Pensions Board under section 117 (1)(b) of the Pensions Act, 1990 .

The regulations require the Pensions Board, from time to time, to monitor a PRSA provider's promotional material as the Pensions Board sees fit and also prescribes the material for the purposes of section 117 (4) of the Pensions Act, 1990 .