Pensions Act, 1990

Pensions Act, 1990 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1990 Pensions Act, 1990 Pensions Act, 1990 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 25 of 1990 PENSIONS ACT, 1990 ARRANGEMENT OF SECTIONS PART I Preliminary and General Section 1. Short title and commencement. 2. Interpretation. 3. Offences. 4. Exchange of information. 5. Regulations generally. 6. Laying of regulations before Houses of Oireachtas. 7. Expenses. PART II Establishment of Pensions Board 8. Establishment day. 9. Establishment of Board. 10. Functions of Board. 11. Conferral of additional functions on Board. 12. Consultants and advisers. 13. Gifts. 14. Committees of Board. 15. Chief executive. 16. Staff of Board. 17. Superannuation of staff of Board. 18. Authorised persons. 19. Membership of either House of Oireachtas or of European Parliament by members or staff of Board. 20. Advances by Minister to Board. 21. Disclosure by member of Board of interest in proposed contract. 22. Accounts and audits of Board. 23. Reports and information to Minister. 24. Disclosure of information. 25. Fees payable to Board. 26. Provision in relation to determinations by Board under sections 38, 53, 58 and 75. PART III Preservation of Benefits 27. Interpretation (Part III). 28. Entitlement to preserved benefit. 29. Preserved benefit—defined benefit scheme. 30. Preserved benefit—defined contribution scheme. 31. Payment of preserved benefit. 32. Non-entitlement to refund of contributions. 33. Revaluation of preserved benefit. 34. Entitlement to transfer payment. 35. Power of trustees to effect transfer payment. 36. Provisions of schemes relating to forfeiture and lien to be disregarded. 37. Exclusion from and modification of Part III and Second Schedule. 38. Conflict between Part III and schemes. 39. Schemes may provide higher benefits. PART IV Funding Standard 40. Interpretation (Part IV). 41. Application (Part IV). 42. Actuarial funding certificate. 43. Effective dates for actuarial funding certificates. 44. Provisions relating to funding standard. 45. Provisions relating to schemes commencing before commencement of this Part. 46. Matters to which actuary is to have regard. 47. Limitations on calculation of resources of relevant scheme. 48. Priorities on winding up of relevant scheme. 49. Funding proposal. 50. Direction by Board to trustees. 51. Qualification for appointment as actuary of scheme. 52. Exclusion from and modification of Part IV and Third Schedule. 53. Conflict between Part IV and schemes. PART V Disclosure of Information in Relation to Schemes 54. Disclosure of information in relation to schemes. 55. Annual reports. 56. Audited accounts and actuarial valuations. 57. Modification of Part V. 58. Conflict between Part V and schemes. PART VI Trustees of Schemes 59. General duties of trustees of scheme. 60. Duty to register scheme. 61. Restriction of Perpetual Funds (Registration) Act, 1933. 62. Selection by members of funded schemes of persons for appointment as trustees. 63. Appointment and removal of trustees by High Court. 64. Appointment and removal of trustees by Board. PART VII Equal Treatment FOR Men and Women in Occupational Benefit Schemes 65. Interpretation (Part VII). 66. Schemes to comply with principle of equal treatment. 67. Principle of equal treatment. 68. Onus of proof in certain cases. 69. Supplementary provisions to section 66. 70. Equal treatment and access to schemes. 71. Non-compliance, compulsory levelling up. 72. Maternity provisions. 73. Family leave provisions. 74. Principle of equal treatment and collective agreements, etc. 75. Determination of disputes. 76. Equality officers. 77. Investigation of disputes by Court. 78. Powers of Court under section 77. 79. Failure to implement determination of Court. 80. Offences relating to certain dismissals and effect, etc. 81. Provisions supplemental to section 80. FIRST SCHEDULE An Bord Pinsean—The Pensions Board SECOND SCHEDULE Preservation and Revaluation of Benefits PART A Preservation of Benefits PART B Revaluation of Preserved Benefits THIRD SCHEDULE Funding Standard—Benefits Acts Referred to Companies Acts, 1963 to 1986 European Assembly Elections Act, 1977 1977, No. 30 European Assembly Elections Act, 1984 1984, No. 6 Finance Act, 1972 1972, No. 19 Health Acts, 1970 to 1987 Industrial Relations Act, 1946 1946, No. 26 Insurance Act, 1989 1989, No. 3 Local Government Act, 1941 1941, No. 23 Maternity (Protection of Employees) Act, 1981 1981, No. 2 Perpetual Funds (Registration) Act, 1933 1933, No. 22 Registration of Title Act, 1964 1964, No. 16 Social Welfare (Consolidation) Act, 1981 1981, No. 1 Trade Union Act, 1941 1941, No. 22 Number 25 of 1990 PENSIONS ACT, 1990 AN ACT TO REGULATE OCCUPATIONAL PENSION SCHEMES AND TO PROVIDE FOR EQUAL TREATMENT OF MEN AND WOMEN UNDER OCCUPATIONAL BENEFIT SCHEMES, FOR THOSE PURPOSES TO PROVIDE FOR THE ESTABLISHMENT OF A BODY (TO BE KNOWN AS AN BORD PINSEAN—THE PENSIONS BOARD) TO SUPERVISE SUCH SCHEMES AND THEIR OPERATION, TO DEFINE THE FUNCTIONS OF THAT BODY AND TO PROVIDE FOR CONNECTED MATTERS. [24th July, 1990] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Preliminary and General Short title and commencement. 1.—(1) This Act may be cited as the Pensions Act, 1990. (2) This Act shall come into operation on such day or days as may be appointed by order or orders of the Minister, either generally or with reference to a particular purpose or provision, and different days may be so appointed for different purposes and different provisions of this Act. Interpretation. 2.—(1) In this Act, unless the context otherwise requires— “actuarial value” means the equivalent cash value of a benefit (including, where appropriate, provision for any revaluation of such benefit) calculated by reference to appropriate financial assumptions and making due allowance for the probability of survival to normal pensionable age and thereafter in accordance with normal life expectancy on the assumption that the member of a scheme, at the effective date of calculation, is in a normal state of health having regard to his age; “actuary”, in relation to a scheme, means a person appointed in pursuance of this Act to act as actuary, for the purposes of this Act, of the scheme, and “actuarial” shall be construed accordingly; “additional voluntary contributions” means such contributions (if any) as are paid on a voluntary basis by a member of a scheme and are designed to fully provide additional benefits; “administrator” has the meaning assigned to it by section 13 (1) of the Finance Act, 1972 ; “auditor”, in relation to a scheme, means a person appointed in pursuance of this Act to act as auditor, for the purposes of this Act, of the scheme; “benefits”, in relation to a scheme, means, other than in Part VII , either or both of the following, that is to say— (a) benefit for the member of a scheme at normal pensionable age or in respect of earlier or later retirement, or on leaving the relevant employment, and (b) benefit for the member's widow, widower, or dependants or others, on the death of the member; “the Board” means the body established by section 9 ; “chairman of the Board” shall be construed in accordance with paragraph 3 of the First Schedule ; “the chief executive” means the chief officer of the Board appointed under section 15 ; “defined benefit scheme” means, subject to section 27 , a scheme which is not a defined contribution scheme; “defined contribution scheme” means, subject to section 27 , a scheme which, under its rules, provides long service benefit, the rate or amount of which is in total directly determined by the amount of the contributions paid by or in respect of the member and includes a scheme the contributions under which are used, directly or indirectly, to provide— (a) benefits, other than long service benefit, and (b) long service benefit the rate or amount of which is in total directly determined by the part of the contributions aforesaid that is used for the provision of the long service benefit; “the establishment day” means the day appointed by the Minister under section 8 ; “functions” includes powers and duties; “funded scheme” means a scheme under which some or all of its resources are set aside in advance to provide benefits in a manner which is independent of the employer's business activities; “long service benefit” means the benefits which will be payable under a scheme in accordance with an obligation to or in respect of a member of a scheme on the assumption that he remains in relevant employment until such time as he attains normal pensionable age; “member”, in relation to a scheme, means any person who, having been admitted to membership under the rules of the scheme, remains entitled to any benefit under the scheme; “the Minister” means the Minister for Social Welfare; “normal pensionable age” means the earliest age at which a member of a scheme is entitled to receive benefits under the rules of the scheme on retirement from relevant employment, disregarding any provisions under such rules for early retirement on grounds of ill-health or otherwise; “occupational pension scheme” means any scheme or arrangement— (a) which is comprised in one or more instruments or agreements, and (b) which provides or is capable of providing in relation to employees in any description of employment who reside within the State, benefits, and (c) (i) which has been approved of by the Revenue Commissioners for the purpose of Chapter II of Part I of the Finance Act, 1972 , or (ii) the application for approval of which under Chapter II of Part I of the Finance Act, 1972 , is being considered, or (iii) which is a statutory scheme to which section 17 of the Finance Act, 1972 , applies; “prescribed” means prescribed by regulations made by the Minister under this Act; “preserved benefit” has the meaning assigned to it by section 28 (2); “prospective member” means any person who is already in relevant employment and who, by virtue of his contract of service or the rules of the scheme is or will be eligible to join the scheme or will in any event join the scheme if his service in relevant employment continues and the relevant terms of his contract of employment or, as the case may be, the relevant terms of the rules of the scheme remain unaltered during that time; “reckonable service” means service in the relevant employment during membership of the scheme but does not include service as a member of the scheme where either— (a) the only benefit thereunder is in respect of death prior to normal pensionable age, or (b) the member has been notified in writing by the trustees that such service does not entitle him to long service benefit; “regulations” means regulations made by the Minister under this Act; “relevant employment” means any employment (or any period treated as employment) to which a scheme applies; “resources”, in relation to a scheme, means the funds out of which the benefits provided by the scheme are payable from time to time, including the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme; “revaluation percentage” has the meaning assigned to it by section 33 ; “rules”, in relation to a scheme, means the provisions of a scheme, by whatever name they are called; “scheme” means an occupational pension scheme; “trustees”, in relation to a scheme, which is established under a trust, means the trustees of the scheme and, in relation to a scheme not so established, means the administrator of the scheme and, accordingly, references to trustees shall, except in sections 59 , 62 , 63 and 64 , be construed as including references to administrators. (2) In this Act— (a) a reference to a Part is to a Part of this Act unless it is indicated that a reference to a Part of a Schedule to this Act or of some other enactment is intended, (b) a reference to a section or a Schedule is a reference to a section of, or a Schedule to, this Act unless it is indicated that reference to some other enactment is intended, (c) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs unless it is indicated that reference to some other provision is intended. (3) In this Act a reference to an enactment shall be construed as a reference to that enactment as amended or extended by any other enactment including this Act. Offences. 3.—(1) (a) Where a trustee contravenes, in his capacity as trustee, a provision of this Act or a regulation thereunder, he shall be guilty of an offence. (b) Where an actuary or auditor of a scheme contravenes, in his capacity as such actuary or auditor, a provision of this Act or a regulation thereunder, he shall be guilty of an offence. (c) In a prosecution for an offence under paragraph (a) or (b) it shall be a defence for the accused person to prove that the contravention to which the offence relates was attributable to a contravention by one or more other persons of a provision of this Act or a regulation thereunder and that he took such reasonable steps (if any) in the circumstances as were open to him to secure the compliance of the person or persons aforesaid with the provision concerned. (2) Where in any report, certificate or other document required for the purposes of any provision of this Act or regulations thereunder, a person makes a statement which is, to his knowledge, false or misleading in any material particular, he shall be guilty of an offence. (3) A person guilty of an offence under subsection (1) or (2) shall be liable— (a) on summary conviction to a fine not exceeding £1,000 or to imprisonment for a term not exceeding one year, or to both, (b) on conviction on indictment to a fine not exceeding £10,000 or to imprisonment for a term not exceeding 2 years, or to both. (4) Where an offence under this Act is committed by a body corporate and is proved to have been so committed with the consent or connivance of or to be attributable to any neglect on the part of any person, being a director, manager, secretary or other officer of the body corporate, or a person who was purporting to act in such capacity, that person shall, as well as the body corporate, be guilty of an offence and shall be liable to be proceeded against and punished as if he were guilty of the first-mentioned offence. (5) Proceedings for a summary offence under this Act may be brought and prosecuted by the Board. Exchange of information. 4.—Notwithstanding anything contained in any enactment, information held by the Board for the purposes of this Act may be transferred by the Board to the Revenue Commissioners and information held by the Revenue Commissioners for the purposes of Chapter II of Part I of the Finance Act, 1972 relating to occupational pension schemes may be transferred by the Revenue Commissioners to the Board. Regulations generally. 5.—(1) The Minister may make regulations— (a) for any purpose in relation to which regulations are provided for by any of the provisions of this Act, and (b) for prescribing any matter or thing referred to in this Act as prescribed or to be prescribed. (2) Except in so far as this Act otherwise provides, any power conferred thereby to make regulations may be exercised— (a) either in relation to all cases to which the power extends, or in relation to all those cases subject to specified exceptions, or in relation to any specified cases or classes of case, and (b) so as to make, as respects the cases in relation to which it is exercised— (i) the full provision to which the power extends or any lesser provision (whether by way of exception or otherwise), (ii) the same provision for all cases in relation to which the power is exercised or different provision for different cases or classes of case, or different provision as respects the same case or class of case for different purposes of this Act, (iii) any such provision either unconditionally or subject to any specified condition. (3) Without prejudice to any specific provision of this Act, any regulations may contain such incidental or supplementary provisions as may appear to the Minister to be expedient for the purpose of the regulations. Laying of regulations before Houses of Oireachtas. 6.—Every regulation made by the Minister under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything done thereunder. Expenses. 7.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. PART II Establishment of Pensions Board Establishment day. 8.—The Minister may by order appoint a day to be the establishment day for the purposes of this Part. Establishment of Board. 9.—(1) On the establishment day there shall stand established a body to be known as An Bord Pinsean—The Pensions Board, and in this Act referred to as “the Board”, to perform the functions conferred on it by this Act. (2) The provisions of the First Schedule shall have effect with respect to the Board. Functions of Board. 10.—(1) The functions of the Board shall be— (a) to monitor and supervise the operation of this Act and pensions developments generally; (b) to advise the Minister either at his request or on its own initiative on all matters relating to the functions assigned to the Board under this Act and on matters relating to pensions generally; (c) to issue guidelines on the duties and responsibilities of trustees of schemes and codes of practice on specific aspects of their responsibilities; (d) to encourage the provision of appropriate training facilities for trustees of schemes; (e) to advise the Minister on standards for trustees of schemes and on their implementation; (f) to publish an annual report and such other reports as it may from time to time consider necessary; (g) to perform such tasks as the Minister may from time to time request. (2) The Board shall have such powers as are necessary for or incidental to the performance of its functions. Conferral of additional functions on Board. 11.—(1) The Minister may, with the consent of the Minister for Finance, by order— (a) confer on the Board such additional functions connected with the functions for the time being of the Board as he considers appropriate, and (b) make such provision as he considers necessary or expedient in relation to matters ancillary to or arising out of the conferral on the Board of functions so conferred. (2) The Minister may by order amend or revoke an order under this section (including an order under this subsection). (3) Every order made by the Minister under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which the House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. Consultants and advisers. 12.—Subject to the prior approval of the Minister, the Board may from time to time engage such consultants or advisers as it may consider necessary for the performance of its functions, and any fees due to a consultant or adviser engaged under this section shall be paid by the Board out of moneys at its disposal. Gifts. 13.—(1) The Board may accept gifts of money, land or other property upon such trusts or conditions (if any) as may be specified by the donor. (2) The Board shall not accept a gift if the trusts or conditions attached to it would be inconsistent with its functions. Committees of Board. 14.—(1) The Board may establish committees to assist and advise it in relation to the performance of any of its functions. (2) The members of a committee established under this section shall be appointed by the Board. (3) A committee established under this section may include persons who are not members of the Board. (4) A member of a committee established under this section may be removed from office at any time by the Board. (5) The Board may at any time dissolve a committee established under this section. (6) The Board may appoint a person to be chairman of a committee established under this section. (7) There may be paid out of the income of the Board to members of a committee established under this section such allowances for expenses incurred by them as the Board may, with the consent of the Minister and the Minister for Finance, determine. Chief executive. 15.—(1) There shall be a chief officer of the Board who shall be known, and is referred to in this Act, as the chief executive. (2) The chief executive shall be appointed, and may be removed from office at any time, by the Board with the consent of the Minister. (3) The chief executive shall not be a member of the Board. (4) The chief executive shall carry on and manage and control generally the administration and business of the Board and perform such other functions as may be determined by the Board. (5) The chief executive shall devote the whole of his time to his duties as chief executive and shall not hold any other office or position without the consent of the Board. (6) The chief executive shall hold office on and subject to such terms and conditions (including terms and conditions relating to remuneration) as may be approved of by the Minister with the consent of the Minister for Finance. (7) The chief executive shall be paid, out of moneys at the disposal of the Board, such allowances for expenses incurred by him in the performance of his functions as may be determined by the Minister with the consent of the Minister for Finance. (8) The chief executive may make proposals to the Board on any matter relating to its activities. Staff of Board. 16.—(1) The Board may appoint such, and such number of, persons to be members of the staff of the Board as it may determine with the consent of the Minister and the Minister for Finance. (2) (a) A member of the staff of the Board shall hold his office or employment on such terms and conditions (including terms and conditions relating to remuneration and superannuation) as the Board may, with the consent of the Minister and the Minister for Finance, determine. (b) A member of the staff of the Board referred to in paragraph (a) shall be paid, out of the moneys at the disposal of the Board, such remuneration and allowances for expenses incurred by him as the Board may, with the consent of the Minister and the Minister for Finance, determine. (c) The Board may, with the consent of the Minister, at any time remove any officer or servant of the Board from being its officer or servant. (3) The grades of the staff of the Board, and the number of staff in each grade, shall be determined by the Board with the consent of the Minister and the Minister for Finance. (4) The Board may perform any of its functions through or by the chief executive or any other member of its staff duly authorised by the Board in that behalf. Superannuation of staff of Board. 17.—(1) The Board may, with the consent of the Minister and the Minister for Finance, make a scheme or schemes for the granting of superannuation benefits to or in respect of persons appointed to whole-time positions on the staff of the Board. (2) A scheme under subsection (1) shall fix the time and conditions of retirement for all persons (including the chief executive) to or in respect of whom superannuation benefits are payable under the scheme or schemes and different times and conditions may be fixed in respect of different classes of persons. (3) The Board may, with the consent of the Minister and the Minister for Finance, make a scheme amending or revoking a scheme under this section including a scheme under this subsection. (4) If any dispute arises as to the claim of any person to, or the amount of, any superannuation benefit payable in pursuance of a scheme or schemes under this section such dispute shall be submitted to the Minister who shall refer it to the Minister for Finance, whose decision shall be final. (5) No superannuation benefits shall be granted by the Board on the resignation, retirement or death of a member of the staff of the Board (including the chief executive) otherwise than in accordance with a scheme or schemes under this section. (6) A scheme under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the scheme is passed by either such House within the next 21 days on which that House has sat after the scheme is laid before it, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. Authorised persons. 18.—(1) The Board may authorise in writing a person who is an employee of the Board (in this section referred to as “an authorised person”) to inspect or investigate the state and conduct of a scheme. (2) The Board or an authorised person may, in relation to a scheme, require the employer concerned or the trustees of the scheme to furnish it within such reasonable period as may be specified with such information and explanations and such books of account and other documents in relation to the scheme as may be specified. (3) An authorised person may, on production of his authorisation if so required— (a) at all reasonable times enter the premises of any employer, trustees or agent, as the case may be, and (b) make such examination or inquiry as may be necessary for ascertaining whether the provisions of this Act are being or have been complied with. (4) The duty to produce or provide any information, document, material or explanation shall extend to any person being an officer or employee of the employer or a trustee or agent, as the case may be, or appears to the Board or the authorised person to have that information, document, material or explanation in his possession or under his control. (5) If any employer, officer or employee of the employer, trustee of a scheme or agent to the scheme— (a) wilfully obstructs an authorised person in the exercise of his powers under this section, or (b) refuses without reasonable excuse to produce to such person any information, document, material or explanation when required to do so under this section, or (c) refuses without reasonable excuse to answer any questions put to him by the authorised person with respect to the affairs of the scheme, he shall be guilty of an offence under this section and shall be liable— (i) on summary conviction to a fine not exceeding £1,000 or to imprisonment for a term not exceeding one year, or to both, (ii) on conviction on indictment to a fine not exceeding £10,000 or to imprisonment for a term not exceeding 2 years, or to both. (6) In this section “agent”, in relation to a scheme, includes the actuaries, auditors and other accountants and the financial and other advisers to the scheme. (7) Any reference in this section to an officer, employee or agent of a scheme includes a reference to a person who has been, but no longer is, an officer, employee or agent (as the case may be) of the scheme. Membership of either House of Oireachtas or of European Parliament by members or staff of Board. 19.—(1) Where a member of the Board is— (a) nominated as a member of Seanad Éireann, or (b) elected as a member of either House of the Oireachtas or as a representative in the European Parliament, or (c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984 ) of the European Assembly Elections Act, 1977 , as having been elected to the European Parliament to fill a vacancy, he shall thereupon cease to be a member of the Board. (2) Where a person who is a member of the staff of the Board is— (a) nominated as a member of Seanad Éireann, or (b) elected as a member of either House of the Oireachtas or as a representative in the European Parliament, or (c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984 ) of the European Assembly Elections Act, 1977 as having been elected to the European Parliament to fill a vacancy, he shall thereupon stand seconded from employment by the Board and shall not be paid by, or be entitled to receive from, the Board any remuneration or allowances in respect of the period commencing on such nomination or election or when he is so regarded as having been elected, as the case may be, and ending when he ceases to be a member of either such House or a representative in such Parliament. (3) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein or is a representative in the European Parliament shall, while he is so entitled or is such a representative, be disqualified from becoming a member of the Board or the staff of the Board. (4) Without prejudice to the generality of subsection (2), that subsection shall be construed as prohibiting, inter alia, the reckoning of a period mentioned in that subsection as service with the Board for the purposes of any superannuation benefits. Advances by Minister to Board. 20.—The Minister may from time to time with the consent of the Minister for Finance, advance to the Board out of moneys provided by the Oireachtas, such sums as the Minister may determine for the purposes of expenditure by the Board in the performance of its functions. Disclosure by member of Board of interest in proposed contract. 21.—A member of the Board who has— (a) any material or financial interest in any body corporate with which the Board proposes to make any contract, or (b) any material or financial interest in any contract which the Board proposes to make, shall disclose to the Board the fact of that interest and the nature thereof, and shall take no part in any deliberation or decision of the Board relating to the contract, and the disclosure shall be recorded in the minutes of the Board. Accounts and audits of Board. 22.—(1) The Board shall keep in such form as may be approved of by the Minister with the concurrence of the Minister for Finance all proper and usual accounts of all moneys received or expended by the Board including an income and expenditure account and balance sheet and, in particular, shall keep all such special accounts as the Minister may from time to time direct. (2) Accounts kept in pursuance of this section shall be submitted as soon as may be after the end of the financial year of the Board to which they relate to the Comptroller and Auditor General for audit and a copy of the income and expenditure account and of the balance sheet and of such other (if any) of its accounts as the Minister may direct and a copy of the Comptroller and Auditor General's report on the account shall be presented to the Minister as soon as may be and the Minister shall cause copies of each of the documents aforesaid to be laid before each House of the Oireachtas. Reports and information to Minister. 23.—(1) The Board shall furnish to the Minister such information regarding its income and expenditure as he may from time to time require. (2) As soon as may be after the end of each financial year of the Board, but not later than 6 months thereafter, the Board shall make a report to the Minister of its activities during that year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas. (3) Each report under subsection (2) shall include information in such form and regarding such matters as the Minister may direct. (4) The Board shall, whenever so requested by the Minister, furnish to him information in relation to such matters as he may specify concerning or relating to the scope of its activities generally, or in respect of any account prepared by the Board or any report specified in subsection (2) or (4) or section 22 (2) or the policy and activities, other than day to day activities, of the Board. Disclosure of information. 24.—(1) A person shall not, without the consent of the Board, disclose any information obtained by him while performing (or as a result of having performed) duties as a member, or member of the staff of, or an adviser or consultant to, the Board. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £1,000. (3) Nothing in subsection (1) shall prevent the disclosure of information in a report made to the Board or by or on behalf of the Board to the Minister. Fees payable to Board. 25.—The trustees of a scheme shall pay annually to the Board out of the resources of the scheme fees of such amount as may be prescribed with the consent of the Minister for Finance and different fees may be prescribed under this section in respect of different classes of schemes. Provision in relation to determinations by Board under sections 38 , 53, 58, and 7 5. 26.—(1) (a) A question falling to be determined by the Board under section 38 , 53 , 58 or 75 shall be determined by it either, in its absolute discretion, without or after an oral hearing by the Board (or such member or members of the Board or other person or persons as the Board may authorise for that purpose). (b) Any person concerned may make representations to the Board in relation to such a question as aforesaid and in reaching its determination the Board shall take account of any such representations. (2) Representations under subsection (1) shall be made in writing or, if an oral hearing is being held under subsection (1) in relation to the question concerned, at the hearing. (3) The person or persons holding an oral hearing under this section shall have power to take evidence on oath and for that purpose any of the persons aforesaid may administer oaths to persons attending as witnesses at the hearing. (4) (a) The person or any of the persons holding an oral hearing under this section may, by giving notice in that behalf in writing to a person, require the person to attend on such day and at such time and place as is specified in the notice to give evidence at the hearing in relation to the question to be determined by the Board or to produce at the hearing any documents in his possession, custody or control relating to any such question. (b) A notice under paragraph (a) may be given either by delivering it to the person to whom it relates or by sending it by post in a prepaid registered letter addressed to the person at the address at which he ordinarily resides. (c) A person to whom a notice under paragraph (a) has been given and who refuses to give evidence or gives false evidence at an oral hearing under this section or refuses or wilfully fails to produce any document to which the notice relates at such a hearing shall be guilty of an offence and shall be liable— (i) on summary conviction, to a fine not exceeding £1,000 or to imprisonment for a term not exceeding one year, or to both, (ii) on conviction on indictment, to a fine not exceeding £10,000 or to imprisonment for a term not exceeding 2 years, or to both. (5) The person or persons holding an oral hearing under this section may order a person concerned to pay to any other person concerned a reasonable sum in respect of expenses occasioned by the person in relation to the hearing and any such sum may be recovered by the person concerned from the other person concerned, as a simple contract debt in any court of competent jurisdiction. (6) Subject to the provisions of this Act, the procedure at oral hearings under this section shall be such as may be prescribed and regulations for the purposes of this subsection may, without prejudice to the generality of the foregoing, make provision for the notification of persons concerned of the making of representations under this section, of the date, time and place of such hearings and of determinations of the Board under section 38 , 53 , 58 or 75 , for the circumstances (if any) in which persons concerned may present their cases at such hearing through representatives (including legal representatives), for the making of a sufficient record of the proceedings at such hearings and for such other matters as the Minister considers necessary or expedient for the purposes of this section and for giving full effect to it. PART III Preservation of Benefits Interpretation (Part III). 27.—(1) In this Part and the Second Schedule , except where the context otherwise requires— “qualifying service”, in relation to a member of a scheme, means the aggregate of every period of reckonable service, whether or not continuous in each case, under— (a) the scheme, (b) every other scheme relating to the same employment, (c) every other scheme relating to any other employment in respect of which rights to long service benefit have been granted under the scheme in substitution for accrued rights under such other scheme: Provided that no such period, or part thereof, shall be counted more than once; “transfer payment” has the meaning assigned to it by section 34 (2). (2) Where the rate or amount of part of the long service benefit payable under a defined benefit scheme is directly determined by an amount of contribution paid by or in respect of the member, then, for the purposes of this Part and the Second Schedule , the scheme in so far as it relates to such part of the long service benefit shall be treated as a defined contribution scheme and, in so far as it relates to other benefits (including the remaining part of the long service benefit) shall be treated as a defined benefit scheme. (3) References in this Part and the Second Schedule to a defined contribution scheme or a defined benefit scheme shall be construed as including references to a part of such scheme. Entitlement to preserved benefit. 28.—(1) Subject to section 37 , this Part and the Second Schedule shall apply to any member of a scheme who has service in relevant employment after the commencement of this Part. (2) A member of a scheme whose service in relevant employment terminates otherwise than on death after the commencement of this Part but before normal pensionable age and who has completed at least 5 years' qualifying service of which at least 2 such years fall after the commencement of this Part, shall be entitled to a benefit (in this Act referred to as a “preserved benefit”). Preserved benefit — defined benefit scheme. 29.—(1) In this section— “contingent pension” has the meaning assigned to it by subsection (5); “scheme” means a defined benefit scheme. (2) A preserved benefit shall be provided under a scheme only in respect of— (a) a long service benefit, or (b) where, by the exercise of an option under subsection (5), the trustees so determine, a contingent pension. (3) A preserved benefit shall be calculated in accordance with Part A of the Second Schedule . (4) Subject to subsection (5), on the death of a member of a scheme who is entitled to a preserved benefit under the scheme before such benefit commences to be payable, an amount shall be payable under the scheme to his personal representative in respect thereof equal to the actuarial value of the preserved benefit (including any preserved benefit under subsections (6) and (7) immediately before the death of the member concerned. (5) (a) Where a scheme provides for a pension payable to, or for, either or both the widowed spouse or any dependants of the member concerned in the event of that member's death while in relevant employment prior to his attaining normal pensionable age (in this section referred to as “a contingent pension”) the trustees of the scheme may, in lieu of the benefit specified in subsection (4), provide under the scheme a contingent pension calculated in accordance with paragraph 1 of Part A of the Second Schedule and such benefit shall be deemed to form part of that member's preserved benefit. (b) For the purposes of paragraph (a), references in paragraph 1 of Part A of the Second Schedule to long service benefit shall be construed as references to a contingent pension within the meaning of this section. (6) Where a member of a scheme is entitled to additional long service benefit under the scheme by virtue of the payment of additional voluntary contributions, a preserved benefit in respect of such benefit shall be calculated in accordance with paragraph 3 of Part A of the Second Schedule and shall be provided in addition to the preserved benefit under subsection (2): Provided that if the member has received a refund of any such contributions paid by him during any period of reckonable service prior to the commencement of this Part, then, in calculating the amount of any preserved benefit under this subsection, any period of reckonable service prior to the commencement of this Part shall be disregarded. (7) Where additional long service benefit has been granted under a scheme to a member in respect of a transfer of accrued rights from another scheme, that benefit shall be provided in addition to the preserved benefit under subsection (2): Provided that if the member has received a refund of the contributions paid by him to the other scheme prior to the commencement of this Part which were included in the rights transferred from the other scheme then, in calculating the amount of any preserved benefit under this subsection, any additional long service benefit accrued under that other scheme prior to the commencement of this Part, shall be disregarded. Preserved benefit—defined contribution scheme. 30.—(1) In this section— “appropriate contributions” shall be construed in accordance with subsections (4), (5) and (6); “scheme” means a defined contribution scheme. (2) A preserved benefit shall be provided under a scheme and it shall be such that its actuarial value at the date on which payment of it commences is equal to the accumulated value on that date of the appropriate contributions in respect of the member concerned under the scheme. (3) On the death of a member of a scheme who is entitled to a preserved benefit before such benefit commences to be payable, an amount shall be payable under the scheme to his personal representative in respect thereof equal to the accumulated value of the appropriate contributions under the scheme in respect of the member immediately before his death. (4) Subject to subsections (5) and (6), the appropriate contributions shall be the contributions paid by or in respect of the member concerned for the purposes of long service benefit from the commencement of this Part, or, if later, the date of the commencement of the relevant employment, but excluding additional voluntary contributions and any payment representing a transfer of accrued rights from another scheme. (5) Where a member of a scheme is entitled to additional long service benefit under the scheme by virtue of the payment of additional voluntary contributions, the appropriate contributions shall be all such contributions: Provided that if the member has received a refund of any such contributions paid by him prior to the commencement of this Part, the appropriate contributions shall be the contributions paid by him from the commencement of this Part. (6) Where additional long service benefit has been granted under a scheme to a member in respect of a transfer of accrued rights from another scheme, the appropriate contributions shall be the amount of the payment received by the trustees of the scheme in respect of such accrued rights: Provided that if the member has received a refund of contributions paid by him, prior to the commencement of this Part, under that scheme which were included in the rights transferred, the appropriate contributions shall be the portion of the payment received by the trustees which represented rights accrued after such commencement. (7) Where benefits under a scheme are secured under one or more policies of assurance, the accumulated value, on the date on which payment of preserved benefit commences, of the appropriate contributions paid by or on behalf of a member shall, for the purposes of this Part, be the proportion of the proceeds of every such policy applicable to those contributions. Payment of preserved benefit. 31.—(1) A preserved benefit shall be payable out of the resources of the scheme. (2) Except as provided for in this Part, a preserved benefit shall be payable in accordance with, and subject to, the rules of the scheme being the rules as at the date of the termination of the relevant employment. Non-entitlement to refund of contributions. 32.—A member of a scheme who is entitled to preserved benefit under the scheme in accordance with the provisions of this Part shall not be entitled to receive a refund of any contributions paid to that scheme after the commencement of this Part. Revaluation of preserved benefit. 33.—(1) In this section and Part B of the Second Schedule “revaluation year” means a year beginning not less than 5 years after the commencement of this Part. (2) Where in respect of any preserved benefit payable under a defined benefit scheme to or in respect of a member and calculated in accordance with paragraph 1 or 3 or both of Part A of the Second Schedule , there is a period of at least one year between— (a) the commencement of the first revaluation year or the date of the termination of the member's relevant employment, whichever is the later, and (b) the date on which he attains or would attain normal pensionable age or the date of his death, whichever is the earlier, then, the preserved benefit shall be revalued annually as soon as may be after the end of each revaluation year in accordance with the provisions of Part B of that Schedule. (3) A revaluation shall not be made under this section in respect of a member of a scheme after— (a) the date of payment of preserved benefit to or in respect of him, or (b) the date of his attainment of normal pensionable age, or (c) the date of his death, whichever is the earliest. (4) The Minister, after consultation with the Minister for Finance, shall, in respect of each revaluation year, prescribe the percentage (in this Act referred to as “the revaluation percentage”) by which the preserved benefit is to be increased by the revaluation thereof under this section for that year. (5) The percentage prescribed under subsection (4) in respect of a revaluation year shall be— (a) the percentage that equals the increase in the general level of consumer prices during that year calculated by the Minister in such manner as he thinks appropriate, or (b) 4 per cent, whichever is the lesser. (6) The Minister may by regulations vary the percentage specified in subsection (5) (b), but any such variation shall not apply in the case of preserved benefit the entitlement to which arises before the date of the making of the regulations concerned. (7) Where, in the opinion of the Minister, no increase in the general level of consumer prices occurred during a revaluation year, he shall not prescribe a percentage under subsection (4) in relation to that year and the revaluation of any preserved benefit that, but for this subsection, would fall to be made as soon as may be after the end of that year shall not be made. Entitlement to transfer payment. 34.—(1) This section shall apply to a member of a funded scheme who is entitled to a preserved benefit under this Part. (2) A member of a scheme to whom this section applies shall be entitled to the transfer of an e (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 on the date on which the relevant application under subsection (3) is received by the trustees, and (b) in the case of a defined contribution scheme, to the accumulated value on that date of the appropriate contributions under the scheme in respect of the member: Provided that where benefits under such a scheme are secured under one or more policies of assurance, the accumulated value of the appropriate contributions shall be the proportion of the proceeds of every such policy applicable to those contributions. (3) A member of a scheme who is entitled to a transfer payment under subsection (2) may exercise such right by making an application in writing to the trustees of the scheme providing them with such information as they may reasonably require and directing them to apply the transfer payment— (a) in the making of a payment to another scheme, or (b) in the making of one or more payments falling to be made under policies or contracts of assurance that are effected on behalf of the member with one or more undertakings (within the meaning of the Insurance Act, 1989 ) and that are approved of by the Revenue Commissioners under Chapter II of Part I of the Finance Act, 1972 . (4) Where the trustees of a scheme receive an application under subsection (3), they shall apply the transfer payment concerned, within the period of 3 months following the date of the receipt of the application, in the manner directed by the application under subsection (3). (5) Where— (a) a person has exercised the entitlement conferred on him under subsection (2), and (b) the trustees of the scheme from which the transfer payment is being made have complied with the provisions of subsection (4), then, they shall be discharged from any obligation to provide benefits to which the transfer payment relates. (6) Where a member of a scheme directs the application of a transfer payment in accordance with subsection (3) (a), the trustees of the scheme to which the transfer payment is being made shall accept such payment and shall provide benefits of an actuarial value that is equivalent to the amount of the transfer payment in such form as they may determine. (7) A member of a scheme shall not be entitled to a transfer payment under this section if— (a) payment of his preserved benefit has commenced, or (b) he fails to exercise the entitlement within a period of 2 years (or such longer period as may be provided for by the scheme or determined by the trustees of the scheme) after the date of the termination of the relevant employment concerned. Power of trustees to effect transfer payment. 35.—(1) Notwithstanding anything contained in section 34 , the trustees of a scheme may, in such circumstances as may be prescribed, instead of providing a preserved benefit out of the resources of the scheme, effect, without the consent of the member concerned, a transfer payment from the scheme by making one or more payments referred to in section 34 (3) (b). (2) Where the trustees of a scheme have effected a transfer payment in accordance with subsection (1) they shall be discharged from any obligation to provide benefits to which the transfer payment relates. Provisions of schemes relating to forfeiture and lien to be disregarded. 36.—Any provision of a scheme— (a) providing for the forfeiture of a preserved benefit, or (b) enabling the employer of a member to exercise a lien on the member's preserved benefit, shall be disregarded for the purpose of this Part. Exclusion from and modification of Part III and Second Schedule . 37.—(1) Where the Minister is of the opinion that the benefits provided under schemes or categories of schemes during a period that the Minister considers to be of reasonable length for the purposes of this subsection are no less favourable to the members concerned than those required by this Act to be provided under the schemes or categories of schemes, he may by regulations made with the consent of the Minister for Finance exclude those schemes or categories of schemes from the application of this Part and the Second Schedule . (2) Where the Minister considers that it would be unreasonable, having regard to their nature and character, and would be contrary to the interests of their members, to require specified schemes or categories of schemes to comply fully with specified provisions of this Part and the Second Schedule , he may by regulations made with the consent of the Minister for Finance provide that those provisions shall apply in relation to those schemes or categories of schemes with specified modifications, being modifications that in the opinion of the Minister are reasonable and do not materially alter those provisions. (3) Where the Minister so provides by regulations, then notwithstanding anything in this Part, in the cases specified in the regulations— (a) a period of a person's reckonable service under a scheme in different employments may be treated for the purposes of this Part as a period of reckonable service under the scheme in such one or more of those employments as may be specified; (b) a person's reckonable service in any employment may be treated in the case of interruption of such employment as terminated or not terminated. (4) The Minister may by regulations specify the method of calculating preserved benefit payable under schemes and for such adjustments of the amounts of such benefit as may be necessary to facilitate its computation. Conflict between Part III and schemes. 38.—(1) The provisions of this Part, of any regulations made there under and of the Second Schedule shall override any rule of a scheme to the extent that that rule conflicts with those provisions. (2) Any question as to— (a) whether any provision of this Part (including the application of any provision as modified by regulations), any regulations made thereunder or the Second Schedule conflicts with any rule of a scheme, or (b) whether a scheme is a defined benefit scheme or a defined contribution scheme for the purposes of this Part, shall be determined by the Board on application to it in writing in that behalf by a person specified in subsection (3). (3) The following persons shall be entitled to make an application under subsection (2) in respect of a scheme: (a) the trustees of the scheme; (b) any person who is an employer of persons in relevant employment to which the scheme applies; (c) any member or prospective member of the scheme; (d) such other persons (if any) as may be prescribed, being persons who, in the opinion of the Minister, ought to be entitled to make such an application. (4) An appeal to the High Court on a point of law from a determination of the Board under subsection (2) in relation to a scheme, may be brought by the person who made or a person who was entitled to make the application concerned under subsection (2). Schemes may provide higher benefits. 39.—Nothing in the other provisions of this Part or in the Second Schedule shall be construed as precluding a scheme from providing benefits, in lieu of preserved benefit, on a higher scale, or payable at any earlier time or otherwise more favourably than is provided for under this Part: Provided that— (a) such benefits are of an actuarial value that is equivalent to or greater than that of preserved benefit, (b) on the death of a member before any such benefit commences to be payable the amount thereof shall not be less than the amount that would, but for this section, have been payable by virtue of section 29 (4) or 30 (3), as appropriate, (c) a member who is entitled to preserved benefit under this Part shall not be entitled to receive a refund of any contributions paid to the scheme after the commencement of this Part. PART IV Funding Standard Interpretation (Part IV). 40.—In this Part and the Third Schedule , except where the context otherwise requires— “an actuarial funding certificate” has the meaning assigned to it in section 42 ; “the effective date” has the meaning assigned to it in section 42 ; “funding proposal” has the meaning assigned to it in section 49 ; “funding standard” shall be construed in accordance with section 44 ; “relevant scheme” means a scheme to which this Part applies by virtue of section 41 ; “certified percentage” means a percentage specified for the purposes of section 45 (4); “specified percentage” has the meaning assigned to it by section 44 . Application (Part IV). 41.—Subject to section 52 , this Part shall apply to any scheme other than a defined contribution scheme. Actuarial funding certificate. 42.—(1) The trustees of a relevant scheme shall, from time to time in accordance with section 43 , submit to the Board a certificate, in this Part and the Third Schedule referred to as “an actuarial funding certificate”. (2) The trustees of a relevant scheme shall cause actuarial funding certificates to be prepared by an actuary who shall certify therein that as at the date, in this Part referred to as “the effective date”, on which the liabilities and resources of the scheme are calculated for the purposes of section 44 either— (a) the scheme satisfies the funding standard provided for in section 44 , or (b) the scheme does not satisfy the funding standard. (3) In the case of a relevant scheme which commenced before the commencement of this Part, the first actuarial funding certificate submitted in accordance with section 43 shall also state the certified percentage in relation to the scheme. (4) An actuarial funding certificate shall be in such form as may be prescribed. Effective dates for actuarial funding certificates. 43.—(1) The first actuarial funding certificate shall have an effective date— (a) in the case of a relevant scheme which commenced before the commencement of this Part, not later than 3 years after such commencement, and (b) in the case of a relevant scheme which commenced on or after such commencement, not later than 3½ years after the commencement of the scheme, and a subsequent actuarial funding certificate shall have an effective date not later than 3½ years after the effective date of the immediately preceding certificate. (2) Unless otherwise prescribed, an actuarial funding certificate shall be submitted to the Board by the trustees of the scheme within 9 months of the effective date of the certificate. Provisions relating to funding standard. 44.—Subject to the subsequent provisions of t …