S.I. No. 188/2005 - Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations, 2005

S.I. No. 188 of 2005

OCCUPATIONAL PENSION SCHEMES (PRESERVATION OF BENEFITS) (AMENDMENT) REGULATIONS, 2005

S.I. No. 188 of 2005

OCCUPATIONAL PENSION SCHEMES (PRESERVATION OF BENEFITS) (AMENDMENT) REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5 and 35 of the Pensions Act, 1990 (No. 25 of 1990), hereby makes the following Regulations:-

Citation and Commencement

1.(1)  These Regulations may be cited as the Occupational Pension Schemes (Preservation of Benefits) (Amendment Regulations, 2005

(2)  These Regulations come into operation on 11 April 2005.

Transfer Payments.

2.  The Occupational Pension Schemes (Preservation of Benefits) Regulations, 2002 (S.I. 279 of 2002) are amended —

(a)  in article 2 by deleting the definition of “the nominated figure”, and

(b)  in article 3(1)(a) by substituting “is less than €10,000” for “is less than the nominated figure”.

EXPLANATORY NOTE

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

Article 3 of the Occupational Pension Schemes (Preservation of Benefits Regulations, 2002 (S.I. 279 of 2002) provides that for the purposes of section 35 of the Pensions Act 1990 , the trustees of an occupational pension scheme may effect a transfer payment from the scheme, without the consent of the member concerned where the total amount of the transfer payment from the scheme in respect of that member is less than €3,800.

These Regulations increase that amount to €10,000.