Occupational and Private Pension Schemes

The primary role of the Department of Employment Affairs and Social Protection with regard to occupational pensions is to ensure compliance with the Pensions Act 1990 and to oversee the pension sector from a policy perspective. The regulatory role for the sector is overseen by the Pensions Authority.

The Pensions Act 1990 provides for the regulation of occupational and private pension schemes, trust Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) and provides the statutory basis for the Pensions Authority (formerly known as the Pensions Board) and the Pensions Council. The Act is amended on a regular basis to provide for changes in the regulatory and supervisory structures to reflect developments in pensions and financial environments.

Amendments to the Pensions Act 1990 are normally provided for in Social Welfare Bills (which are known as Social Welfare and Pensions Bills).

(NB it should be noted that the regulations listed below may have been subject to amendment since they came into force)

There are a number of principal Pension Regulations which deal with the following –

Occupational and Private Pension Schemes

S.I. No. 325 of 1991 - Occupational Pension Schemes (Registration) Regulations, 1991

These Regulations prescribe the information to be furnished to the Authority for the purpose of registration of schemes.

S.I. No. 293 of 2006 - Occupational Pension Schemes (Trustee) Regulations 2006

These Regulations set out the experience and qualifications that trustees, or persons appointed by trustees, shall possess for the purposes of the investment of the resources of a scheme.

S.I. No. 610 of 2002 - Occupational Pension Schemes (Fees) (Amendment) Regulations, 2002

These Regulations provide for increases in the level of annual fees paid by occupational pension schemes to the Pensions Authority with effect from 1 January 2003.

S.I. No. 301 of 2006 - Occupational Pension Schemes (Disclosure of Information) Regulations, 2006

The Regulations, as amended, regulate the disclosure of financial and other information by occupational pension schemes.

S.I. No. 294 of 2006 - Occupational Pensions Schemes (Investment) Regulations, 2006

These Regulations, as amended, set out the investment and borrowing rules for trustees of schemes for the purposes of investing the resources of a scheme.

S.I. No. 292 of 2006 - Occupational Pension Schemes (Cross-Border) Regulations, 2006

These Regulations provide information on the requirements for pension schemes to be authorised to operate 'cross-border' in Ireland.

S.I. No. 419 of 1993 – Occupational Pension Schemes (Funding Standard) Regulations, 1993

These Regulations, as amended, deal with a number of matters with regard to the implementation of the funding standard requirements set down in Part IV of the Pensions Act, 1990.

S.I. No. 175 of 2013 - The Occupational Pension Schemes (Funding Standard Reserve) Regulations 2013

These Regulations, as amended, deal with a number of matters with regard to the implementation of the funding standard reserve requirements of defined benefit pension schemes as set down in Part IV of the Pensions Act, 1990.

S.I. No. 279 of 2002 - Occupational Pension Schemes (Preservation of Benefits) Regulations, 2002

These Regulations, as amended, provide for matters to do with the preservation of benefits including transfer payments in certain circumstances, certain situations where a change in employment or to ownership of a business occurs, and modifications to the calculation of preserved benefit where there is a change in normal pensionable age.

S.I. No. 277 of 2002 - Occupational Pension Schemes (Preservation of Benefits) (Special Calculations) Regulations, 2002

These Regulations provide for the calculation of the preserved benefit entitlements of members who have completed periods of reckonable services in more than one scheme relating to the same employment.

Annual Occupational Pension Schemes (Revaluation) Regulations

These Regulations are made annually and provide for the revaluation of preserved pension benefits.

S.I. No. 365 of 1992 - Occupational Benefit Schemes (Equal Treatment) Regulations, 1992

These Regulations allow that in applying the principle of equal treatment in occupational benefit schemes from 1 January 1993 under the provisions of the Pensions Act, entitlements which accrued prior to 17 May 1990 under pensions scheme rules may be retained for a period of 25 years where they arise from the application of different retirement ages for men and women and 6 years in any other case.

S.I. No. 155 of 2016 - Occupational Pension Schemes (Section 48A) Regulations, 2016

These Regulations require trustees to comply with guidelines or guidance notes issued by the Pensions Authority or the Minister for Social Protection in relation to Section 48A of the Pensions Act which provides for the payment of certain amounts by the Minister for Finance to the trustees of a relevant scheme which is being wound up after 25 December 2013, where the resources of that scheme are not sufficient to discharge the liabilities in respect of certain benefits.

S.I. No. 509 of 2009 - Occupational Pension Schemes (Wind-up) Regulations, 2009

These Regulations allow the trustees of an occupational pension scheme the option of providing for the payment of pensions under the Pensions Insolvency Payment Scheme established under Section 22 of the Social Welfare and Pensions Act 2009.

S.I. No. 392 of 2014 - Occupational Pension Schemes (Sections 50 and 50B) Regulations, 2014

These Regulations set out the procedure to be followed when the Pensions Authority is considering making a unilateral direction under section 50 of the Pensions Act to restructure the benefits of a pension schemes or a direction to wind up a pension scheme under section 50B of the Pensions Act.

S.I. No. 532 of 2008 - Occupational Pension Schemes (Small Schemes in Wind Up Exemption from Actuarial Funding Certificate Requirements)

These Regulations prescribe the extent to which Part IV of the Act does not apply to a small scheme which has commenced wind-up.

S.I. No. 177 of 2009 - Occupational Pension Schemes (Duties of Trustees In Connection With Bulk Transfer) Regulations, 2009

These Regulations prescribe the duties of trustees effecting a bulk transfer from a pension scheme (including on the wind-up of a scheme) for which the consent of members is not required.

S.I. 137 of 2007 - Occupational Pension Schemes (Review of Actuarial Work) Regulations, 2007

These Regulations provide for the requirement that an actuary to a scheme have his or her actuarial work reviewed for compliance with the Pensions Act and in accordance with the professional guidance issued by the Society of Actuaries in Ireland.

S.I. No. 603 of 2005 - Occupational Pension Schemes (Professional Guidance) Regulations, 2005

These Regulations specify the provisions of the Pensions Act in relation to which guidance issued by the Society of Actuaries in Ireland, may not be altered without Ministerial consent.

S.I. No. 77 of 1997 - Occupational Pension Schemes (Oral Hearing) Regulations, 1997

These Regulations provide for the procedure to be adopted when the Pensions Board have decided to hold an oral hearing before making a determination under the provisions of the Pensions Act.

S.I. No. 107 of 1997 - Pension Schemes (Family Law) Regulations, 1997

These Regulations provide, inter alia, for the manner in which a contingent benefit, a designated benefit, a residual benefit or a transfer amount payable on foot of a pension adjustment order are to be calculated.

S.I. No. 233 of 2004 - Occupational Pension Schemes (Annual Reports) Regulations, 2004

These Regulations sets a time limit of not later than four weeks after the annual report is required to be made available to members for trustees to provide such notification to the Board.

Trust RACs

S.I. No. 187 of 2007 - Trust RACS (Registration) Regulations, 2007

These Regulations prescribe the information to be furnished to the Authority for the purpose of registration of trust RACs.

S.I. No. 186 of 2007 Trust RACs (Trustee) Regulations 2007

These Regulations set out the experience and qualifications that trustees, or persons appointed by trustees, shall possess for the purposes of the investment of the resources of a trust RAC.

S.I. No. 768 of 2007 - Trust RACs (Fees) Regulations, 2007

These Regulations prescribe the basis for the calculation of annual fees by trust RACs to the Pensions Authority and the procedure for their collection.

S.I. No. 182 of 2007– Trust RACs (Disclosure of Information) Regulations, 2007

These Regulations prescribed the information to be made available by trustees of large trust RACs available to their members. The information is similar to that which is required to be made available by the trustees of large defined contribution occupational pension schemes.

S.I. No. 185 of 2007 – Trust RACS (Investment) Regulations, 2007

These Regulations, as amended, set out the investment and borrowing rules for trustees of trust RACs for the purposes of investing the resources of a trust RAC.

S.I. No. 184 of 2007 - Trust RACS (Cross-Border) Regulations, 2007

These Regulations provide information on the requirements for trust RACs to be authorised to operate 'cross-border' in Ireland.

Personal Retirement Savings Accounts

S.I. No. 503 of 2002 - Personal Retirement Savings Accounts (Operational Requirements) Regulations, 2002

These Regulations prescribe the information which must be furnished to the Pensions Authority by the PRSA provider. The Regulations also empower the Pensions Authority to impose conditions on a PRSA provider in respect of advertising of PRSA products.

S.I. No. 506 of 2002 - Personal Retirement Savings Accounts (Fees) Regulations, 2002

These Regulations contain the detailed provisions in relation to the amount of these fees and the time of payment.

S.I. No. 501 of 2002 - Personal Retirement Savings Accounts (Disclosure) Regulations, 2002

These Regulations govern the disclosure of information to be made by or on behalf of a PRSA provider both prior to the conclusion of a PRSA contract and at specified times after a PRSA contract has been concluded.

S.I. No. 429 of 2003 - Occupational Pension Schemes and Personal Retirement Savings Accounts (Transfer) Regulations, 2003

These regulations provide for transfer payments from an occupational pension scheme to a Personal Retirement Savings Account (PRSA) and from a PRSA to an occupational pension scheme.

S.I. No. 716 of 2003 - Occupational Pensions Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003

These regulations provide for transfer payments from occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) to an overseas arrangement that provides for retirement benefits.

S.I. No. 386 of 2012 - Personal Retirement Savings Accounts (Exempt Unit Trust Charges) Regulations, 2012

These Regulations expand the definitions of ‘charges’ for the purpose of Part X of the Pensions Act 1990, to include charges incurred in respect of an exempt unit trust where the units of that exempt unit trust were purchased with PRSA contributions.

S.I. No. 611 of 2002 - Personal Retirement Savings Accounts (Functions of Pensions Authority) Regulations 2002

These regulations prescribe the information to be contained on the register in relation to PRSA providers and PRSA products which must be kept by the Pensions Authority. The regulations also prescribe the information to be contained on the database of statistics to be maintained by the Pensions Authority and require the Pensions Authority, from time to time, to monitor a PRSA provider's promotional material as the Pensions Authority sees fit.

Regulatory Own Funds

S.I. No. 432 of 2011 - Trust RAC (Regulatory Own Funds and Technical Provisions Requirement) Regulations, 2011

These Regulations prescribe the amount of additional resources required to cover the risk of providing a guaranteed level of benefits or a guaranteed level of investment performance.

S.I. No. 387 of 2011 - Occupational Pension Schemes (Regulatory Own Funds Scheme) Regulations, 2011

These Regulations prescribe the amount of additional resources required to cover the risk of providing a guaranteed level of benefits or a guaranteed level of investment performance.

Certified Policies or Contracts of Assurance

S.I. No. 6 of 2012 - Pensions Act (Register and Database of Certified Policies or Contracts of Assurance) Regulations, 2012

These Regulations prescribe the information to be contained on the register which the Pensions Authority must keep in relation to the form of policies or contracts of assurance certified by the Authority under section 53B of the Act.

Registered Administrators

S.I. No. 276 of 2008 - Pensions Act, 1990 (Registration and Renewal of Registration of Administrators) Regulations, 2008

These Regulations prescribe the content of the application form which must be completed and submitted to the Pensions Authority by persons applying to be registered with the Authority as a registered administrator; and the renewal form which must be completed and submitted to the Pensions Authority by a registered administrator on an annual basis.

S.I. No. 275 of 2008 - Pensions Act, 1990 (Register of Administrators) Regulations, 2008

These Regulations set out the information required to be included in the Register of Administrators established by the Pensions Authority.

Note: In addition to these Regulations matters relevant to registered administrators are also provided for in:

• S.I. No. 301 of 2006 - Occupational Pension Schemes (Disclosure of Information) Regulations, 2006
• S.I. No. 182 of 2007– Trust RACs (Disclosure of Information) Regulations, 2007