S.I. No. 429/2003 - Occupational Pension Schemes and Personal Retirement Savings Accounts (Transfer) Regulations, 2003

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by section 5 and sections 34 , 48 (both amended by the Pensions (Amendment) Act, 2002 (No. 18 of 2002)) and 124 (as inserted by section 3 of the Pensions (Amendment) Act, 2002 ) of the Pensions Act, 1990 (No. 25 of 1990) hereby makes the following Regulations: -

Citation.

1. These Regulations may be cited as the Occupational Pension Schemes and Personal Retirement Savings Accounts (Transfer) Regulations 2003.

Definitions.

2. In these Regulations

“Act” means the Pensions Act, 1990 ;

“transfer payment” has the meaning assigned to it by section 34(2).

Transfer payments from existing schemes to PRSAs.

3. A member of a scheme who is entitled to a transfer payment under section 34(2) of the Act may direct the trustees of the scheme to apply the transfer payment in the making of a payment to a PRSA Provider for application under a PRSA operated by that provider in respect of which the member is a contributor so long as the transfer payment is one which might be made under rules which, if included in a scheme, would not expose that scheme to a risk of ceasing to be an approved scheme under section 772 (3D) of the Taxes Consolidation Act, 1997 (No. 39 of 1997).

Transfer payments from wound up schemes.

4. In applying the resources of a relevant scheme which has been wound up, the trustees may discharge the liability of the scheme for benefits payable to or in respect of any member by the making of a payment to a PRSA Provider for application under a PRSA operated by that provider in respect of which the member is a contributor so long as the transfer payment is one which might be made under rules which, if included in a scheme, would not expose that scheme to a risk of ceasing to be an approved scheme under section 772 (3D) of the Taxes Consolidation Act, 1997 .

Transfer of PRSA assets.

5. A PRSA contributor may transfer his PRSA assets into a defined benefit scheme or defined contribution scheme of which he is a member or a prospective member and the trustees of which are willing to accept such assets.

EXPLANATORY NOTE

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

These regulations provide for transfer payments from an occupational pension scheme to a Personal Retirement Savings Account (PRSA) and from a PRSA to an occupational pension scheme.

Article 3 provides that a member of a scheme who is entitled to a transfer payment may direct the trustees of the scheme to make the payment to a PRSA provided that the payment is one which would not expose the scheme to a risk of ceasing to be an approved scheme under section 772 (3D) of the Taxes Consolidation Act, 1997 (No. 39 of 1997).

Article 4 provides that where a scheme is wound up, the trustees may discharge the liability of the scheme for members benefits by making a payment to a PRSA to which the member is a contributor provided that the payment is one which would not expose the scheme to a risk of ceasing to be an approved scheme under section 772 (3D) of the Taxes Consolidation Act 1997 .

Article 5 provides that a PRSA contributor may transfer his or her assets to a defined benefit or defined contribution occupational pension scheme of which he is a member or a prospective member where the trustees are willing to accept such assets.