|
|
Continuation of scheme regarding obligations and benefits.
|
12.— (1) After a transfer order has been made in relation to a covered pension fund, the relevant pension scheme has effect, in relation to the making of contributions by members and the employers concerned and in relation to benefits, in accordance with subsections (2) to (5).
|
|
| |
(2) An obligation to make contributions referred to in subsection (1) has effect as an obligation—
|
|
| |
(a) in the case of each member’s obligation to make contributions, to make those contributions to the relevant body concerned, or to permit the relevant body to withhold those contributions from salary, wages or other payments due, in each case at the same rate as immediately before the date of effect of the relevant transfer order, and
|
|
| |
(b) in the case of an employer’s obligation to make contributions, to make those contributions at the same rate as immediately before the date of effect of the order,
|
|
| |
to be paid into or disposed of for the benefit of the Exchequer in accordance with the directions of the Minister for Finance or otherwise paid or disposed of as that Minister may direct.
|
|
| |
(3) After a transfer order has been made in relation to a covered pension fund, any right of members of the relevant pension scheme to make voluntary contributions (including contributions for any purchase of notional service and buyback of years, repayment of a marriage gratuity and a transfer value paid in to the benefit of the member, but not including additional voluntary contributions treated under the Act of 1990 as paid to a defined contribution scheme (within the meaning given by that Act), or contributions to a PRSA (within the meaning given by that Act)) to the scheme continues to have effect according to the terms of the scheme.
|
|
| |
(4) As soon as practicable after the coming into effect of a transfer order in relation to a covered pension fund, the relevant body in relation to the relevant pension scheme shall set up, subject to the approval of 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, an appropriate mechanism to account separately for contributions referred to in subsections (2) and (3).
|
|
| |
(5) On and after the coming into effect of a transfer order in relation to a covered pension fund, the obligation to pay benefits in accordance with the relevant pension scheme becomes an obligation of the relevant body in relation to the scheme.
|
|
| |
(6) If the aggregate of members and employers’ contributions paid to or withheld or retained by a relevant body under subsections (2) and (3) (being contributions that the Minister has directed the body to apply to the payment of benefits under the relevant pension scheme) are insufficient to meet the body’s obligations to pay those benefits in accordance with the scheme, the Minister for Finance shall make good the deficiency by payments to the relevant body from funds provided by the Oireachtas for the purpose.
|
