S.I. No. 359/2003 -- Pensions (Amendment) Act, 2002, (Section 125) (Commencement) Order, 2003
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PENSIONS (AMENDMENT) ACT, 2002, (SECTION 125) (COMMENCEMENT) ORDER, 2003 |
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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: |
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| Citation. |
1. This Order may be cited as the Pensions (Amendment) Act, 2002 (Section 125) (Commencement) Order, 2003. |
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| 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 |
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(This note is not part of the Instrument and does not purport to be a legal interpretation.) |
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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. |
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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. |
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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. |
