S.I. No. 716/2003 - Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5 , 34 and 124 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 (Overseas Transfer Payments) Regulations, 2003.

Definitions

2.   In these Regulations -

“Act” means the Pensions Act, 1990 ;

“overseas arrangement” means an arrangement for the provision of retirement benefits established outside the State;

“relevant benefits” has the meaning assigned to it in section 770 (1) of the Taxes Consolidation Act, 1997 .

Overseas transfers.

3.     (a)  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 an overseas arrangement, or

(b)  a PRSA contributor who is entitled to transfer his PRSA assets under section 124 (2) of the Act may direct the PRSA provider to transfer those assets to an overseas arrangement,

provided that:

(i)       the trustees or PRSA provider have satisfied themselves that the retirement benefits to be provided under the overseas arrangement are relevant benefits by obtaining written confirmation to that effect from the trustees, custodians managers or administrators of an overseas arrangement to which the transfer is to be made, and

(ii)      the trustees or PRSA provider have satisfied themselves that the overseas arrangement has been approved by an appropriate regulatory authority for the country concerned, and

(iii)     the trustees or PRSA provider have received from the member of the scheme or the PRSA contributor such information in such form as may for the time being be approved by the Pensions Board.

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 occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) to an overseas arrangement that provides for retirement benefits.

Article 3 provides that such transfers can be made provided that the trustees of the scheme or the PRSA provider, as appropriate have satisfied themselves that the benefits provided under the overseas arrangement are relevant benefits within the meaning of section 770 (1) of the Taxes Consolidation Act, 1997 . Trustees and providers are required to obtain written confirmation to that effect from the trustees, custodians, managers or administrators of an overseas arrangement to which the transfer is to be made.

Article 3 also provides that the trustees or the PRSA provider must be satisfied that the overseas arrangement has been approved by an appropriate regulatory authority in the country concerned and must receive from the transferee such information as may be approved by the Pensions Board.