S.I. No. 295/2022 - Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2022

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 24th June, 2022.

I, HEATHER HUMPHREYS, Minister for Social Protection, in exercise of the powers conferred on me by section 5 and section 55 (as amended by section 37 of the Social Welfare and Pensions Act 2007 (No. 8 of 2007)) of the Pensions Act 1990 (No. 25 of 1990) (as adapted by the Employment Affairs and Social Protection (Alteration of Name of Department and Title of Minister) Order 2020 ( S.I. No. 447 of 2020 )), and with the consent of the Minister for Public Expenditure and Reform, hereby make the following Regulations:

Citation

1. These Regulations may be cited as the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2022.

Amendments

2. The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 ( S.I. No. 301 of 2006 ) are amended –

(a) in Regulation 7 –

(i) in sub-article (1), by the deletion of “(other than a One Member Arrangement)”;

(ii) in sub-article (2), by the substitution of “The trustees” for “Subject to article 8, the trustees”, and

(iii) in sub-article (6), by the substitution of “in the case of a sole trustee which is a body corporate, by two directors of that body corporate.” for “if there is only one trustee, by that trustee.”;

(b) by the deletion of Regulation 8;

(c) in Regulation 9 –

(i) in sub-article (1)(a), by the substitution of “5 or 7” for “5, 7 or 8”, and

(ii) in sub-article (2), by the substitution of “5 or 7” for “5, 7 or 8”, and

(d) in Schedule B –

(i) in paragraph (1)(a), by the deletion of “or sub-article (5) of article 8”;

(ii) in paragraph (2) -

(I) by the insertion of “, depositary” after “custodian”;

(II) by the deletion of “or sub-article (5) of article 8”, and

(III) by the deletion of “or 8”;

(iii) by the insertion of the following paragraph after paragraph 2:

“2A. In the case of a scheme to which the Regulations of 2021 apply, the name of each person appointed by the trustees to carry out a key function, including any service provider to which a key function is, or was, outsourced in respect of the scheme during the scheme year.”;

(iv) by the substitution of the following paragraph for paragraph 15:

“15. A statement confirming that the trustees and, if applicable, the persons charged with the administration of the scheme have access to guidelines, guidance notes and codes of practice issued by the Pensions Authority in accordance with section 10 of the Act.”;

(v) in paragraph 18, by the substitution of “any regulations made under section 55 of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017)” for “article 5 of the Pensions Ombudsman Regulations 2003 ( S.I. No. 397 of 2003 )”, and

(vi) in paragraph 20, by the substitution of “Financial Reporting Standard 102” for “Financial Reporting Standard 8”.

Given under

The Minister for Public Expenditure and Reform consents to the making of the foregoing Regulations.

GIVEN under my Official Seal of the Minister for Public Expenditure and Reform,

16 May, 2022.

MICHAEL MCGRATH,

Minister for Public Expenditure and Reform.

GIVEN under my Official Seal,

16 May, 2022.

HEATHER HUMPHREYS,

Minister for Social Protection.

EXPLANATORY NOTE

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

These Regulations amend S.I. No. 301 of 2006 by –

- making a number of text amendments to Regulation 7;

- deleting Regulation 8;

- making minor amendments to Regulation 9 to take account of the deletion of Regulation 8, and

- amending Schedule B in respect of the information to be contained in Annual Reports prepared in accordance with section 55 of the Pensions Act 1990 , as amended.