This section contains guidance (known as ‘statutory guidance’) issued by the Pensions Authority and prescribed by the Minister for Social Protection under regulations.
Statutory guidance has the force of law and shall not be altered without the prior consent of the Minister for Social Protection. It should be read in conjunction with the provisions of the Pensions Act, 1990, as amended (the Act), and regulations made thereunder to which it relates. The statutory guidance can be viewed by selecting the relevant link on the left.
- Section 34 guidance sets out the assumptions which must be used when calculating a transfer payment on a standard basis. This statutory guidance should be read in conjunction with the relevant professional guidance issued by the Society of Actuaries in Ireland (Asp Pen-2).
- Section 42 guidance prescribes the manner in which the actuary may value pensions in payment when completing an actuarial funding certificate and/or funding standard reserve certificate, where a scheme holds sovereign bonds and/or sovereign annuities.
- Section 47 guidance in relation to employer undertakings prescribes the manner in which trustees may include an unsecured undertaking as a scheme resource for the purpose of determining whether the scheme satisfies the funding standard reserve.
- Section 47 guidance in relation to contingent assets prescribes the requirements which a contingent asset must satisfy to be included as a scheme resource for the purpose of determining whether the scheme satisfies the funding standard or the funding standard reserve.
- Section 48A guidance prescribes the requirements in relation to the preparation of the actuarial statement under section 48A(1) and the trustees’ application to the Pensions Authority under section 48A(2) of the Act.
- Section 49 guidance prescribes the requirements with which the actuary must comply with when certifying a funding proposal; the circumstances in which the Pensions Authority may specify a later date for submission of a funding proposal; the circumstances in which trustees are not required to submit a funding proposal; the trustees’ obligations on failure to comply with a funding proposal; and the circumstances in which the Pensions Authority may declare a funding proposal invalid.
- Section 50 guidance prescribes the requirements with which trustees must comply with when making an application to the Pensions Authority under section 50 of the Act.