S.I. No. 843/2007 - Pensions (Amendment) Act 2002 (Section 43) (Commencement) Order, 2007

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 4th January, 2008.

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 1 (3) of the Pensions (Amendment) Act 2002 (No. 18 of 2002), hereby orders as follows:

Citation.

This Order may be cited as the Pensions (Amendment) Act 2002 (Section 43) (Commencement) Order, 2007.

Commencement.

The 31st day of December 2007 is appointed as the day on which section 43 of the Pensions (Amendment) Act 2002 (No. 18 of 2002) comes into operation.

GIVEN under the Official Seal of the Minister for Social and Family Affairs,

18 December 2007

MARTIN CULLEN

Minister for Social and Family Affairs.

EXPLANATORY NOTE

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

This Order provides for the commencement of section 43 of the Pensions (Amendment) Act 2002 with effect from 31 December 2007. Section 43 provides for the insertion section 59D, 59E and 59F into the Pensions Act 1990 .

Section 59D provides that regulations may be made for additional requirements in relation to the disclosure of information and consultation with scheme members prior to the finalisation of the winding-up of a pension scheme.

Section 59E provides that regulations may be made requiring disclosure to scheme members prior to bulk transfers.

Section 59F Provides that regulations may be made to provide that changes in scheme rules and exercise of any discretionary power to augment members’ benefits may be deemed null and void in certain circumstances as the Minister may provide by way of regulations.