S.I. No. 188/2007 - Occupational Pension Schemes (Investment) (Amendment) Regulations, 2007
OCCUPATIONAL PENSION SCHEMES (INVESTMENT) (AMENDMENT) REGULATIONS, 2007 | ||
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 4th May, 2007. | ||
The Minister for Social and Family Affairs, in exercise of the powers conferred on him by sections 5, 59(1), 59(1A) (all as amended by section 37 of the Social Welfare and Pensions Act 2007 (No.8 of 2007)) and 59(1C) (inserted by section 33 of the Social Welfare and Pensions Act 2005 ) of the Pensions Act 1990 (No. 25 of 1990) hereby makes the following Regulations: | ||
Citation and Construction. | ||
1. (1) These Regulations may be cited as the Occupational Pension Schemes (Investment) (Amendment) Regulations, 2007. | ||
(2) These Regulations and the Occupational Pension Schemes (Investment) Regulations 2006 ( S.I. No. 294 of 2006 ) shall be construed together as one and may be cited as the Occupational Pension Schemes (Investment) Regulations 2006 to 2007. | ||
Commencement. | ||
2. These Regulations come into operation on 27 April 2007. | ||
Amendment to Regulations. | ||
3. The Occupational Pension Schemes (Investment) Regulations 2006 ( S.I. No. 294 of 2006 ) are amended by inserting the following after article 6— | ||
“ 7. The provisions of Article 6(4) apply in respect of that proportion of the assets of the scheme attributable to each individual member of the scheme, other than a one member arrangement, in the same manner as they apply to the assets of the scheme as a whole.”. | ||
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GIVEN under my Official Seal, | ||
25 April 2007 | ||
SÉAMUS BRENNAN | ||
Minister for Social and Family Affairs | ||
EXPLANATORY NOTE | ||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||
These Regulations amend the Occupational Pension Schemes (Investment) Regulations 2006 ( S.I. No. 294 of 2006 ) by clarifying that the investment rules in Article 6(4) of the 2006 Regulations apply on an individual member basis as well as a scheme basis, except for a one member arrangement. Assets attributable to individual scheme members must be predominantly invested in regulated markets as well as the assets of the scheme as a whole. | ||
This statutory instrument does not apply to one member arrangements. | ||
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