S.I. No. 137/2007 - Occupational Pension Schemes (Review of Actuarial Work) Regulations, 2007

S.I. No. 137 of 2007

Occupational Pension Schemes (Review of Actuarial Work) Regulations, 2007

The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 5 and 51A (inserted by section 42 of the Social Welfare Law Reform and Pensions Act 2006 (No.5 of 2006)) of the Pensions Act, 1990 (No. 25 of 1990) hereby makes the following Regulations:-

Citation and commencement.

1. - (1)  These Regulations may be cited as the Occupational Pension Schemes (Review of Actuarial Work) Regulations, 2007.

(2)  These Regulations come into operation on 2 April 2007.

Definitions

2.         In these Regulations -

‘Act’ means the Pensions Act, 1990;

‘actuarial work’ has the meaning assigned to it in section 51A of the Act;

‘actuarial standard of practice’ means any professional guidance issued by the Society of Actuaries in Ireland.

Review of actuarial work

3.-  (1) Any actuary who has undertaken actuarial work must have that actuarial work reviewed for compliance with the Act and any regulations made under the Act.

(2)  The review under sub-article (1) of this article shall be carried out in accordance with the actuarial standard of practice in relation to the review of actuarial work issued by the Society of Actuaries in Ireland.

EXPLANATORY NOTE

This note is not part of the instrument and does not purport to be a legal interpretation

Section 51A of the Pensions Act 1990 (inserted by section 42 of the Social Welfare Law Reform and Pensions Act 2006), provides that the Minister may make regulations requiring the work carried out by a scheme Actuary to be reviewed to ensure that it complies with the provisions of the Pensions Act and any professional guidance issued by the Society of Actuaries in Ireland. Section 51A further provides that such professional guidance must contain provisions relating to certain matters including the appointment of a reviewing actuary, the frequency of reviews, and the timescale for reviews.

These Regulations now bring into effect, from the 2^nd April 2007, 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.