S.I. No. 359/2003 - Pensions (Amendment) Act, 2002, (Section 125) (Commencement) Order, 2003
The Minister for Social and Family Affairs, in exercise of the powers conferred on her by section 1 of the Pensions (Amendment) Act, 2002 (No. 18 of 2002), hereby orders as follows: | ||||||
Citation. | 1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Section 125) (Commencement) Order, 2003. | |||||
Commencement. | 2. The 31st day of July 2003 is hereby appointed as the day on which Section 125 shall come into operation. | |||||
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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 125 of the Pensions Act, 1990 as inserted by the Pensions (Amendment) Act, 2002 with effect from 31st July 2003. | ||||||
Section 125 (1) provides that existing Retirement Annuity Contract (RAC) policyholders will be permitted, by mutual agreement and subject to Regulations to transfer assets from an RAC to a PRSA. | ||||||
Section 125(2) provides that where a Defined Contribution scheme is to be terminated and it's assets transferred to a PRSA or PRSAs, the employer must provide to members all relevant information relating to the termination of the trust and the conclusion of the PRSA contract at least 3 months before the trust is terminated. |