Financial Measures (Miscellaneous Provisions) Act 2009

Transfer orders.

5.— (1) The Minister for Finance where that Minister is the relevant Minister in relation to a covered pension fund, and in any other case the relevant Minister in relation to the covered pension fund concerned acting with the consent of the Minister for Finance, may make a transfer order in relation to the fund.

(2) Before making a transfer order in relation to a covered pension fund the relevant Minister shall consult—

(a) in the case of a fund that is constituted as a trust, the trustees of that trust, and

(b) the board of directors or other governing body of the relevant body for the fund,

to the extent that he or she considers necessary or reasonable in the circumstances.

(3) Consultation that took place before the passing of this Act with the persons concerned satisfies the obligation in subsection (2).

(4) A transfer order—

(a) shall specify its date of effect,

(b) shall either set out a list of the instruments or provisions that contain the relevant pension scheme, or contain some other appropriate means of identifying those instruments or provisions, and

(c) may make any provision necessary to give effect to the transfer of assets under the order.

(5) In subsection (4) “ instrument ” includes a trust deed, a university statute and a college statute.

(6) Notice of the making of a transfer order shall be published as soon as practicable in Iris Oifigiúil.

(7) A transfer order shall be laid before each House of the Oireachtas as soon as may be after it is made.