Amendments to Disclosure of Information Regulations by Occupational Pension Schemes
Wednesday, 3 July 2019: The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 (S.I. No. 301 of 2006) have been amended by Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2019 (S.I. No. 239 of 2019). These Regulations transpose an obligation imposed by Article 6(3) of Directive 2014/50/EU (the Portability Directive) into Irish law and are effective from 30 May 2019.
The purpose of the amendments are to provide that survivors, in receipt of a pension from a defined benefit scheme, can request certain specified information on the value of and the conditions governing the treatment of their benefits and to oblige the trustees of a scheme to furnish the requested information within a specified period.
Regulation 2 of S.I. No. 239 of 2019 amends Regulation 15 of S.I. No. 301 of 2006 by inserting a new provision which states that in the case of a defined benefit scheme where the benefit is payable on death, and for so long as the benefit is payable out of the scheme, the information specified in paragraphs 1, 3 and 4 of Schedule F shall be furnished on request as soon as practicable and in any event within 2 months after the request is made.
For further information please see:
Paragraph 60 of the Authority’s Guidance Notes on the Disclosure of Information by Occupational Pension Schemes has been updated to reflect the amendments. The updated Guidance Notes are available here.
-Ends-
For further information, contact:
Technical Unit
The Pensions Authority
Tel: 01 613 1900
Note to Editors
The Pensions Authority
The Pensions Authority (the “Authority”) is the statutory body established by the Pensions Act 1990 (the “Act”) to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Employment Affairs and Social Protection on overall pension policy development. See www.pensionsauthority.ie