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18 2002

PENSIONS (AMENDMENT) ACT, 2002

Chapter 2

Amendments to Part II of Principal Act

Amendment of section 10(1) of Principal Act.

13. —Section 10(1) of the Principal Act is amended—

(a) by the substitution for paragraph (a) of the following paragraph:

“(a) to monitor and supervise the operation of this Act and pension developments generally, including the activities of PRSA providers as such providers, the provision of PRSA products and the operation of Personal Retirement Savings Accounts;”,

(b) by the substitution for paragraph (c) of the following paragraph:

“(c) to—

(i) issue guidelines or guidance notes on the duties and responsibilities of trustees of schemes and codes of practice on specific aspects of their responsibilities; and

(ii) issue guidelines or guidance notes on the duties and responsibilities of PRSA providers in relation to PRSA products and with respect to such products;”,

and

(c) by the substitution for paragraph (e) of the following paragraph:

“(e) to advise the Minister on all matters arising in relation to this Act and, in particular, on standards for trustees of schemes and on their implementation;”.

Amendment of section 18 of Principal Act.

14. —Section 18 of the Principal Act is amended—

(a) by the insertion after “a scheme” in subsection (1) of “or the state of a PRSA product”;

(b) by the insertion after “a scheme” in subsection (3A) of “or a PRSA product”;

(c) by the insertion after “a scheme” in subsections (6) and (7) of “or a PRSA provider”;

(d) by the insertion after “the scheme” in subsection (3A)(c) of “or the PRSA product”;

(e) by the insertion after “the scheme” in subsections (3A)(d) and (5)(c) of “or the activities of the PRSA provider as such a provider”;

(f) by the insertion after “the scheme” in subsections (6) and (7) of “or the PRSA provider”;

(g) by the substitution for subsection (2) of the following subsection:

“(2) The Board or an authorised officer may in relation to—

(a) a scheme, require the employer concerned or the trustees of the scheme,

(b) a PRSA provider, require the officers and employees of the PRSA provider in respect of its PRSA activities, and

(c) an employer, require him in relation to his obligations under section 121,

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 or, as the case may be, PRSA products provided by the PRSA provider as may be specified.”;

(h) by the insertion after “trustee” in subsection (3A)(a) of “,PRSA provider”;

(i) by the insertion after “the employer” in subsection (4) of “or the PRSA provider in relation to its activities as such a provider”; and

(j) by the insertion after “the employer” in subsection (5) of “or the PRSA provider”.