Financial Measures (Miscellaneous Provisions) Act 2009

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Exercise of discretions under relevant pension scheme after making of transfer order.

11.— (1) If before the coming into effect of a transfer order in relation to a covered pension fund a provision of the relevant pension scheme conferred a discretion in relation to one or more members’ rights or benefits, the provision continues in effect after the coming into effect of the order, but the discretion is to be exercised, where the Minister for Finance is the relevant Minister in relation to the scheme, by that Minister, and in any other case by the relevant Minister in relation to the scheme and the Minister for Finance acting jointly.

(2) After the coming into effect of a transfer order in relation to a covered pension fund, the Minister for Finance where that Minister is the relevant Minister in relation to the scheme, and in any other case the relevant Minister in relation to the scheme and the Minister for Finance acting jointly, may delegate, in writing, the exercise of a discretion referred to in subsection (1)—

(a) in the case of a university pension scheme, to the Higher Education Authority or the governing body of the relevant body concerned, and

(b) in the case of any other relevant pension scheme, to the board of directors or other governing body of the relevant body concerned.