|
|
Amendment of section 34 of Principal Act.
|
22.—Section 34 of the Principal Act is amended—
|
|
| |
(a) by the substitution for subsection (2) of the following:
|
|
| |
“(2) A member of a scheme to whom this section applies shall be entitled to the transfer of an amount of money from the scheme (in this Part referred to as a ‘transfer payment’) in accordance with subsection (3) equal—
|
|
| |
(a) in the case of a defined benefit scheme, to the actuarial value of the preserved benefit, and of any amount payable under section 29(4), on the date on which the relevant application under subsection (3) is received by the trustees or on a date selected by the trustees which is not earlier than three months before, nor later than three months after, the first-mentioned date, and
|
|
| |
(b) in the case of a defined contribution scheme, to the accumulated value of the appropriate contributions under the scheme in respect of the member, such value to be determined on a date not later than three months following the date of the receipt of the application,
|
|
| |
and in each case regulations may prescribe that the transfer payment is to be calculated in accordance with any applicable professional guidance issued by the Society of Actuaries in Ireland and specified in the regulations or with any applicable guidance issued by any other person (including the Minister) and specified in the regulations:
|
|
| |
Provided that—
|
|
| |
(i) in the case of a member who is entitled to a preserved benefit under section 28(2)(b), the part of the transfer payment which represents the actuarial value of benefits specified in section 44(a)(v) may be reduced by multiplying it by the specified percentage shown in the most recent actuarial funding certificate in respect of that scheme, and
|
|
| |
(ii) in the case of a relevant scheme, if there is contained in the most recent actuarial funding certificate provided under section 42 in respect of the scheme a statement to the effect that the scheme does not satisfy the funding standard, the transfer payment may be reduced by the trustees on the advice of the actuary, having regard to the provisions of section 48.”;
|
|
| |
(b) in subsection (3)—
|
|
| |
(i) in paragraph (b) by the substitution for “for the purposes of this Act.” of “for the purposes of this Act, or”; and
|
|
| |
(ii) by the insertion of the following paragraphs after paragraph (b):
|
|
| |
“(c) in the making of a payment to another scheme which is not a funded scheme, which provides or is capable of providing long service benefit, of which he is a member or a prospective member and the trustees of which are willing to accept payments made under this paragraph, or
|
|
| |
(d) where so prescribed, and in accordance with such conditions as may be prescribed, in the making of a payment to the trustees, custodians, managers or administrators of an arrangement for the provision of retirement benefits established within the State, not being an arrangement of the kind mentioned in paragraph (a), (b) or (c), or
|
|
| |
(e) where so prescribed, and in accordance with such conditions as may be prescribed, in the making of a payment to the trustees, custodians, managers or administrators of an arrangement for the provision of retirement benefits established outside the State.”;
|
|
| |
and
|
|
| |
(c) by the insertion in subsection (6) after “subsection (3)(a)” of “or (c)”.
|
