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25 1990

PENSIONS ACT, 1990

PART V

Disclosure of Information in Relation to Schemes

Disclosure of information in relation to schemes.

54. —(1) It shall be the duty of the trustees of a scheme to furnish. information to the persons specified in subsection (2) on the following, that is to say—

(a) the constitution of the scheme,

(b) the administration and finances of the scheme,

(c) the rights and obligations that arise or may arise under the scheme, and

(d) such other matters as appear to the Minister to be relevant to schemes in general or to schemes of a particular description to which the scheme belongs and are prescribed.

(2) The persons to whom subsection (1) relates are—

(a) the members and prospective members of the scheme,

(b) the spouses of members and prospective members of the scheme,

(c) persons within the application of the scheme and qualifying or prospectively qualifying for its benefits,

(d) an authorised trade union representing the members concerned.

(3) Notwithstanding subsection (1), the Minister may by regulations provide that information in relation to such of the matters aforesaid as may be specified shall be furnished by the trustees of the scheme to such of the persons specified in subsection (2) as may be specified in the regulations only if so requested by those persons.

(4) (a) The trustees, the actuary or the auditor of a scheme may request an employer to whom the scheme relates to furnish them or him with such information as they or he may reasonably require for the purposes of their or his functions under this Act or regulations thereunder and the employer shall comply with any such request.

(b) The actuary or the auditor of a scheme may request the trustees of the scheme to furnish him with such information as he may reasonably require for the purposes of his functions under this Act or regulations thereunder and the trustees shall comply with any such request.

(5) A person who contravenes subsection (1) or (4) or regulations under subsection (3) shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £1,000.

(6) In this section “authorised trade union” means a body to whom a negotiation licence (within the meaning of Part II of the Trade Union Act, 1941 ) was issued under the said Part II.

Annual reports.

55. —(1) The trustees of a scheme shall prepare an annual report containing information in relation to such matters as may be prescribed with the consent of the Minister for Finance concerning the operation of the scheme during whichever of the following periods the trustees may select, that is to say:

(a) each year beginning on the date specified for the purpose of the scheme—

(i) in any document comprising the scheme or which is included among the documents comprising it, or

(ii) in the rules of the scheme,

(b) each year beginning on the 1st day of January, or

(c) each year beginning on such other day as may be agreed upon by the trustees and the Board.

(2) Subsection (1) of this section shall not apply to a scheme—

(a) the only benefit under which is in respect of death prior to normal pensionable age, and

(b) the members of which have been notified in writing by the trustees that service by a member in the relevant employment after the date of the notification does not entitle the member to long service benefit.

Audited accounts and actuarial valuations.

56. —(1) The trustees of a scheme shall cause the accounts of the scheme in respect of such periods as may be prescribed to be audited by the auditor of the scheme and shall cause the resources and liabilities of the scheme to be valued by the actuary of the scheme at such times as may be prescribed and, in respect of each such audit and valuation, shall cause to be prepared the documents to which this section applies.

(2) The documents to which this section applies are—

(a) the audited accounts of the scheme concerned,

(b) the auditor's report on the accounts specified in paragraph (a), and

(c) the actuary's report on his valuation of the assets and liabilities of the scheme.

(3) A person shall not be qualified for appointment as auditor for the purposes of this Act of a scheme—

(a) unless he is a member of a body of accountants, membership of which is recognised by the Minister for Industry and Commerce under the Companies Acts, 1963 to 1986, as qualifying a person to be an auditor of a company, or is otherwise for the time being authorised by the said Minister under the said Acts to be appointed auditor of a company, or

(b) if he is a member of a class of persons standing prescribed for the time being for the purposes of this section.

(4) A person shall not act as auditor of a particular scheme at a time when he is disqualified under this section, for appointment to that office and, if an auditor of the scheme becomes so disqualified during his term of office as such auditor, he shall thereupon vacate his office and give notice in writing to the trustees of the scheme that he has vacated his office by reason of such disqualification.

(5) The form and content of any document to which this section applies may be prescribed with the consent of the Minister for Finance and those documents shall comply with any regulation under this subsection.

(6) (a) Paragraphs (a) and (b) of subsection (2) shall not apply to a scheme—

(i) that is not a funded scheme,

(ii) the only benefit under which is in respect of death prior to normal pensionable age, and

(iii) the members of which have been notified in writing by the trustees that service by a member in relevant employment after the date of the notification does not entitle the member to long service benefit under the scheme.

(b) Paragraph (c) of subsection (2) shall not apply to a scheme—

(i) that is a defined contribution scheme,

(ii) that is not a funded scheme,

(iii) the only benefit under which is in respect of death prior to normal pensionable age, and

(iv) the members of which have been notified in writing by the trustees that service by a member in relevant employment after the date of the notification does not entitle the member to long service benefit under the scheme.

Modification of Part V .

57. —Where the Minister considers that it would be unreasonable, having regard to their nature and character and the size of their membership, to require specified schemes or categories of schemes to comply fully with sections 54 , 55 and 56 , he may by regulations made with the consent of the Minister for Finance provide that those sections 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 are not such to relieve the trustees of the obligation to furnish such information under those sections as is appropriate in all the circumstances.

Conflict between Part V and schemes.

58. —(1) The provisions of this Part and of any regulations made thereunder 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) or any regulation made thereunder 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 who, in relation to the scheme, corresponds to a person mentioned in section 38 (3) in relation to the scheme mentioned therein.

(3) 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).