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:


1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Section 125) (Commencement) Order, 2003.


2. The 31st day of July 2003 is hereby appointed as the day on which Section 125 shall come into operation.

GIVEN under the Official Seal of the Minister for Social

and Family Affairs, this 31st day of July 2003.



Minister for Social and Family Affairs


(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.