Pensions Act, 1990
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Interpretation. |
2.—(1) In this Act, unless the context otherwise requires— | |
“actuarial value” means the equivalent cash value of a benefit (including, where appropriate, provision for any revaluation of such benefit) calculated by reference to appropriate financial assumptions and making due allowance for the probability of survival to normal pensionable age and thereafter in accordance with normal life expectancy on the assumption that the member of a scheme, at the effective date of calculation, is in a normal state of health having regard to his age; | ||
“actuary”, in relation to a scheme, means a person appointed in pursuance of this Act to act as actuary, for the purposes of this Act, of the scheme, and “actuarial” shall be construed accordingly; | ||
“additional voluntary contributions” means such contributions (if any) as are paid on a voluntary basis by a member of a scheme and are designed to fully provide additional benefits; | ||
“administrator” has the meaning assigned to it by section 13 (1) of the Finance Act, 1972 ; | ||
“auditor”, in relation to a scheme, means a person appointed in pursuance of this Act to act as auditor, for the purposes of this Act, of the scheme; | ||
“benefits”, in relation to a scheme, means, other than in Part VII , either or both of the following, that is to say— | ||
(a) benefit for the member of a scheme at normal pensionable age or in respect of earlier or later retirement, or on leaving the relevant employment, and | ||
(b) benefit for the member's widow, widower, or dependants or others, on the death of the member; | ||
“the Board” means the body established by section 9 ; | ||
“chairman of the Board” shall be construed in accordance with paragraph 3 of the First Schedule ; | ||
“the chief executive” means the chief officer of the Board appointed under section 15 ; | ||
“defined benefit scheme” means, subject to section 27 , a scheme which is not a defined contribution scheme; | ||
“defined contribution scheme” means, subject to section 27 , a scheme which, under its rules, provides long service benefit, the rate or amount of which is in total directly determined by the amount of the contributions paid by or in respect of the member and includes a scheme the contributions under which are used, directly or indirectly, to provide— | ||
(a) benefits, other than long service benefit, and | ||
(b) long service benefit the rate or amount of which is in total directly determined by the part of the contributions aforesaid that is used for the provision of the long service benefit; | ||
“the establishment day” means the day appointed by the Minister under section 8 ; | ||
“functions” includes powers and duties; | ||
“funded scheme” means a scheme under which some or all of its resources are set aside in advance to provide benefits in a manner which is independent of the employer's business activities; | ||
“long service benefit” means the benefits which will be payable under a scheme in accordance with an obligation to or in respect of a member of a scheme on the assumption that he remains in relevant employment until such time as he attains normal pensionable age; | ||
“member”, in relation to a scheme, means any person who, having been admitted to membership under the rules of the scheme, remains entitled to any benefit under the scheme; | ||
“the Minister” means the Minister for Social Welfare; | ||
“normal pensionable age” means the earliest age at which a member of a scheme is entitled to receive benefits under the rules of the scheme on retirement from relevant employment, disregarding any provisions under such rules for early retirement on grounds of ill-health or otherwise; | ||
“occupational pension scheme” means any scheme or arrangement— | ||
(a) which is comprised in one or more instruments or agreements, and | ||
(b) which provides or is capable of providing in relation to employees in any description of employment who reside within the State, benefits, and | ||
(c) (i) which has been approved of by the Revenue Commissioners for the purpose of Chapter II of Part I of the Finance Act, 1972 , or | ||
(ii) the application for approval of which under Chapter II of Part I of the Finance Act, 1972 , is being considered, or | ||
(iii) which is a statutory scheme to which section 17 of the Finance Act, 1972 , applies; | ||
“prescribed” means prescribed by regulations made by the Minister under this Act; | ||
“preserved benefit” has the meaning assigned to it by section 28 (2); | ||
“prospective member” means any person who is already in relevant employment and who, by virtue of his contract of service or the rules of the scheme is or will be eligible to join the scheme or will in any event join the scheme if his service in relevant employment continues and the relevant terms of his contract of employment or, as the case may be, the relevant terms of the rules of the scheme remain unaltered during that time; | ||
“reckonable service” means service in the relevant employment during membership of the scheme but does not include service as a member of the scheme where either— | ||
(a) the only benefit thereunder is in respect of death prior to normal pensionable age, or | ||
(b) the member has been notified in writing by the trustees that such service does not entitle him to long service benefit; | ||
“regulations” means regulations made by the Minister under this Act; | ||
“relevant employment” means any employment (or any period treated as employment) to which a scheme applies; | ||
“resources”, in relation to a scheme, means the funds out of which the benefits provided by the scheme are payable from time to time, including the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme; | ||
“revaluation percentage” has the meaning assigned to it by section 33 ; | ||
“rules”, in relation to a scheme, means the provisions of a scheme, by whatever name they are called; | ||
“scheme” means an occupational pension scheme; | ||
“trustees”, in relation to a scheme, which is established under a trust, means the trustees of the scheme and, in relation to a scheme not so established, means the administrator of the scheme and, accordingly, references to trustees shall, except in sections 59 , 62 , 63 and 64 , be construed as including references to administrators. | ||
(2) In this Act— | ||
(a) a reference to a Part is to a Part of this Act unless it is indicated that a reference to a Part of a Schedule to this Act or of some other enactment is intended, | ||
(b) a reference to a section or a Schedule is a reference to a section of, or a Schedule to, this Act unless it is indicated that reference to some other enactment is intended, | ||
(c) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs unless it is indicated that reference to some other provision is intended. | ||
(3) In this Act a reference to an enactment shall be construed as a reference to that enactment as amended or extended by any other enactment including this Act. |