S.I. No. 357/2006 - Social Welfare Law Reform and Pensions Act 2006 (Item 6 of Schedule 8) (Commencement) Order, 2006
Social Welfare Law Reform and Pensions Act 2006 (Item 6 of Schedule 8) (Commencement) Order, 2006 |
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The Minister for Social and Family Affairs, in exercise of the powers conferred on him by section 1(4) of the Social Welfare Law Reform and Pensions Act 2006 (No.5 of 2006), hereby orders as follows: |
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Citation. |
1. This Order may be cited as the Social Welfare Law Reform and Pensions Act 2006 (Item 6 of Schedule 8) (Commencement) Order, 2006. |
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Commencement. |
2. Item 6 of Schedule 8 of the Social Welfare Law Reform and Pensions Act 2006 (No. 5 of 2006) comes into operation on 30 June 2006. |
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EXPLANATORY NOTE |
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(This note is not part of the Instrument and does not purport to be a legal interpretation). |
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The order provides for the commencement, with effect from 30 June 2006 of Item 6 of Schedule 8 of the Social Welfare Law Reform and Pensions Act 2006 . |
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Section 55 of the Pensions Act requires trustees of a scheme to prepare an annual report containing such information as may be prescribed. Subsection 55(2) exempts schemes, which have commenced winding up, from this requirement. Paragraph (a) of item 6 of Schedule 8 amends subsection 55(2) to provide that, where the Pensions Board considers it necessary, certain schemes in wind-up will be required to produce an annual report. |
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Section 55(4) and (5) of the Pensions Act provide for the inclusion of a statement in the annual report by the scheme actuary, as to whether he or she is satisfied that an under-funded scheme will be in a position to meet its liabilities no later than the effective date of the next actuarial funding certificate. Item 6 amends this provision to provide that where an extension to the date on which the next actuarial funding certificate is due has been granted by the Pensions Board under section 49(3) of the Pensions Act, it shall apply to that later date. |