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Transfer orders.
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5.— (1) The Minister for Finance where that Minister is the relevant Minister in relation to a covered pension fund, and in any other case the relevant Minister in relation to the covered pension fund concerned acting with the consent of the Minister for Finance, may make a transfer order in relation to the fund.
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(2) Before making a transfer order in relation to a covered pension fund the relevant Minister shall consult—
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(a) in the case of a fund that is constituted as a trust, the trustees of that trust, and
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(b) the board of directors or other governing body of the relevant body for the fund,
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to the extent that he or she considers necessary or reasonable in the circumstances.
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(3) Consultation that took place before the passing of this Act with the persons concerned satisfies the obligation in subsection (2).
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(4) A transfer order—
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(a) shall specify its date of effect,
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(b) shall either set out a list of the instruments or provisions that contain the relevant pension scheme, or contain some other appropriate means of identifying those instruments or provisions, and
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(c) may make any provision necessary to give effect to the transfer of assets under the order.
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(5) In subsection (4) “ instrument ” includes a trust deed, a university statute and a college statute.
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(6) Notice of the making of a transfer order shall be published as soon as practicable in Iris Oifigiúil.
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(7) A transfer order shall be laid before each House of the Oireachtas as soon as may be after it is made.
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