S.I. No. 594/2005 - Occupational Pension Schemes (Trustee) Regulations, 2005

S.I. No. 594 of 2005

OCCUPATIONAL PENSION SCHEMES (TRUSTEE) REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Council Directive 2003/41/EC of 3 June 2003¹ hereby makes the following Regulations:

Citation and commencement.

1.  (1)  These Regulations may be cited as the Occupational Pension Schemes (Trustee Regulations, 2005.

(2)  These Regulations come into operation on 23 September 2005.

Definitions.

2.  In these Regulations-

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

“investment manager” means-

(a)  an investment firm authorised in accordance with Council Directive 93/22/EEC of 10 May 1993² by a competent authority where the firm's authorisation permits it to engage in the proposed activities as an investment manager; and

(b)  an insurance undertaking authorised to transact insurance business in the State whether by establishment, branch or provision of services, that falls within any of the Classes of Insurance I, III or VII as set out in the Annex to the Council Directive 79/267/EEC of 5 March 1979³ ; and

(c)  a credit institution within the meaning of Article 1 of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000, relating to the take up and pursuit of the business of credit institutions.

Interpretation.

3.  For the purposes and the purposes only of section 59A (inserted by section 34 of the Social Welfare and Pensions Act, 2005 (No.4 of 2005)) of the Act-

(a)  “prescribed” includes prescribed by regulations made under section 3 of the European Communities Act 1972 , and

(b)  “regulations” includes regulations made by the Minister under the European Communities Act 1972 .

Qualifications and experience of trustees.

4.  (1)  Subject to article 4, the qualifications and experience specified for the purposes of section 59A(2) of the Act are qualifications and experience appropriate and relevant to investment of the resources of the scheme.

(2)  For the purposes of sub-article (1), the trustees of a scheme will be regarded as possessing such qualifications and experience if they-

(a)  enter into a contractual arrangement with one or more investment managers to provide an investment service in respect of the investment of the resources of the scheme, or

(b)  satisfy the Board that they have such qualifications and experience.

5.  Where the requirements of sub-article 4(2) of these Regulations are met by at least one trustee of the scheme, then all trustees of that scheme shall be regarded as satisfying such requirements.

EXPLANATORY NOTE

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

Article 9 of Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (IORPs), requires that IORPs registered in Ireland must fulfil a number of minimum conditions, such as being run by people of good repute who have appropriate qualifications, experience and properly constituted rules.

Section 59A of the Pensions Act, 1990 , (inserted by section 34 of the Social Welfare and Pensions Act, 2005 specifies what constitutes good repute and requires that trustees of pension schemes either possess certain experience and qualifications or enter into arrangements with advisers who possess the qualifications and experience specified.

These regulations provide that the experience and qualifications necessary relate to the investment of the resources of the scheme and determine that only one trustee of a relevant scheme need possess such experience and qualifications to satisfy the requirements for all trustees of that scheme.

¹O.J. No. L235, 23.9.2003, p.10

²OJ L 141, 11.6.1993, p.27

³OJ L 63, 13.3.1979, p.1