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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Published date: 24 July 1990

Pensions Act, 1990 (No. 25)

Introductory Text
Acts Referred to
Part I Preliminary and General (ss. 1-7A)
In force
1. Short title and commencement.
In force
2. Interpretation.
In force
3. Offences.
In force
3A. Notice by Board of intention to prosecute.
In force
3B. Prosecutions.
In force
3C. Admissibility of certain documents in proceedings for an offence.
In force
3D. Presumptions in proceedings for an offence.
In force
4. Exchange of information.
In force
5. Regulations generally.
In force
5A. Regulations.
In force
5B. External schemes.
In force
6. Laying of regulations before Houses of Oireachtas.
In force
7. Expenses.
In force
7A. Professional Guidance of the Society of Actuaries in Ireland.
Part II Establishment of Pensions Board (ss. 8-26B)
In force
8. Establishment day.
In force
9. Establishment of Board.
In force
9A. Change of name of Pensions Board and chief executive
In force
10. Functions of Board.
In force
11. Conferral of additional functions on Board.
In force
12. Consultants and advisers.
In force
13. Gifts.
In force
14. Committees of Board.
In force
15. Chief executive.
In force
16. Staff of Board.
In force
17. Superannuation of staff of Board.
In force
18. Authorised persons.
In force
19. Membership of either House of Oireachtas or of European Parliament by members or staff of Board.
In force
20. Advances by Minister to Board.
In force
20A. Borrowing by Board.
In force
21. Disclosure by member of Board of interest in proposed contract.
In force
22. Accounts and audits of Board.
In force
22A. Attendance before Committee of Public Accounts.
In force
23. Reports and information to Minister.
In force
24. Disclosure of information.
In force
25. Fees payable to Board.
In force
26. Provision in relation to determinations by Board under sections 38, 53, 58, and 75.
In force
26A. Indemnity.
In force
26B. Pensions Council.
Part IIA Prudential supervision (ss. 26C-26AB)
Chapter 1 General (ss. 26C-26E)
In force
26C. Interpretation for Part.
In force
26D. Conflict between Part and schemes or trust RAC.
In force
26E. Service of documents for purpose of Part.
Chapter 2 Prudential supervision (ss. 26F-26I)
In force
26F. Objective of prudential supervision.
In force
26G. Scope of prudential supervision.
In force
26H. General principles of prudential supervision.
In force
26I. Prudential supervision: functions relating to powers of intervention and duties of Pensions Authority.
Chapter 3 Supervisory review process (ss. 26J-26L)
In force
26J. Supervisory review process.
In force
26K. Monitoring tools for financial condition of scheme or trust RAC.
In force
26L. Stress-test.
Chapter 4 Advisory Notice and External Report (ss. 26M-26S)
In force
26M. Advisory Notice.
In force
26N. Notice to trustees to provide External Report.
In force
26O. External Report reviewer.
In force
26P. Contract with External Report reviewer.
In force
26Q .Completion of External Report.
In force
26R. External Report: supplemental provisions.
In force
26S. Pensions Authority not bound by External Report nor liable for it.
Chapter 5 Part VIB compliance statement (ss. 26T-26U)
In force
26T. Part VIB compliance statement.
In force
26U. Section 26T: supplemental and transitional provisions.
Chapter 6 Information to be provided to Pensions Authority (ss. 26V-26W)
In force
26V. Information to be provided to Pensions Authority.
In force
26W. Transparency and accountability.
Chapter 7 Professional secrecy and exchange, and transmission, of information (ss. 26X-26AB)
In force
26X. Professional secrecy and use, and exchange, of confidential information.
In force
26Y. Transmission, by Pensions Authority, of information to Central Bank, and other persons.
In force
26Z. Disclosure of information to certain persons: financial requirements.
In force
26AA. Conditions for exchange of information.
In force
26AB. Provision of information, etc. to EIOPA.
Part III Preservation of Benefits (ss. 27-39A)
In force
27. Interpretation (Part III).
In force
28. Entitlement to preserved benefit.
In force
29. Preserved benefit - defined benefit scheme.
In force
30. Preserved benefit - defined contribution scheme.
In force
31. Payment of preserved benefit.
In force
32. Non-entitlement to refund of contributions.
In force
32A. Entitlement to refund of contributions where no entitlement to preserved benefit
In force
33. Revaluation of preserved benefit.
In force
34. Entitlement to transfer payment.
In force
35. Power of trustees to effect transfer payment.
In force
35A. Minimum Value of Contributory Retirement Benefit.
In force
36. Provisions of schemes relating to forfeiture and lien to be disregarded.
In force
37. Exclusion from and modification of Part III and Second Schedule.
In force
38. Conflict between Part III and schemes.
In force
39. Schemes may provide higher benefits.
In force
39A. Waiting period
Part IV Funding Standard (ss. 40-53)
In force
40. Interpretation (Part IV).
In force
41. Application.
In force
42. Actuarial funding certificate.
In force
43. Effective dates for actuarial funding certificates.
In force
44. Provisions relating to funding standard.
In force
45. Provisions relating to schemes commencing before 1 June 2002.
In force
46. Matters to which actuary is to have regard.
In force
47. Limitations on calculation of resources of relevant scheme.
In force
48. Priorities on winding up of relevant scheme.
In force
48A. Payment of certain amounts by Minister for Finance where resources of relevant scheme are not sufficient to discharge liabilities in respect of benefits referred to in section 48(1D).
In force
48B. Payment of moneys by Minister for Finance in respect of liabilities accruing under certain relevant schemes
In force
49. Funding proposal.
In force
50. Direction by Board to trustees.
In force
50A. Power to amend relevant scheme.
In force
50B. Direction by Board to trustees to wind up scheme.
In force
50C. Application to High Court
In force
51. Qualification for appointment as actuary of scheme.
In force
51A. Review of actuarial work.
In force
52. Exclusion from and modification of Part IV and Third Schedule.
In force
53. Conflict between Part IV and schemes.
Part IVA Certification of Certain Policies or Contracts of Assurance (ss. 53A-53D)
In force
53A. Definition.
In force
53B. Certification of certain policies or contracts of assurance.
In force
53C. Register of policies or contracts of assurance certified under section 53B.
Repealed
53D. Existing Policies or Contracts of Assurance.
Part IVB Regulatory Own Funds Schemes (ss. 53E-53N)
In force
53E. Interpretation.
In force
53F. Application.
In force
53G. Regulatory own funds trust RAC technical provisions certificate.
In force
53H. Requirement to hold additional resources.
In force
53I. Amount of regulatory own funds requirement.
In force
53J. Certification of regulatory own funds requirement.
In force
53K. Notification of regulatory own funds status.
In force
53L. Failure to satisfy funding standard, technical provisions requirement or regulatory own funds requirement.
In force
53M. Supervisory regulatory own funds certificate.
In force
53N. De facto regulatory own funds scheme or regulatory own funds trust RAC.
Part V Disclosure of Information in relation to Schemes and Trust RACs and Remittance of Contributions by Employers (ss. 54-58A)
In force
54. Disclosure of information in relation to schemes.
In force
55. Annual reports.
In force
56. Audited accounts and actuarial valuations.
Not yet in force
56A. Indexation of pensions when in payment.
In force
57. Modification of Part V.
In force
58. Conflict between Part V and schemes.
In force
58A. Obligation of employer to remit contributions under scheme.
Part VI Trustees of Schemes (ss. 59-64A)
In force
59. General duties of trustees of schemes.
In force
59A. Qualifications of trustees.
In force
59AA. Trustee training.
In force
59AB. Investment rules
In force
59B. Reduction of benefit.
In force
59C. Increases to pensions in payment.
In force
59D. Duties of trustees on winding-up of scheme.
In force
59E. Duties of trustees in connection with bulk transfer.
In force
59F. Invalidity of amendments to scheme rules and of exercises of discretion in certain circumstances.
In force
59G. Trustee consent for early retirement.
In force
59H. Power to amend scheme rules in certain circumstances
In force
60. Duty to register scheme.
In force
61. Restriction of Perpetual Funds (Registration) Act, 1993.
In force
61A. Rule against perpetuities.
In force
61B. Restriction on borrowing.
In force
62. Selection by members of funded schemes of persons for appointment as trustees.
In force
63. Appointment and removal of trustees by High Court.
In force
63A. Suspension of trustees.
In force
63B. Offence.
In force
64. Appointment and removal of trustees by Board.
In force
64A. Conflict between Part VI and schemes.
Part VIA Registered Administrators (ss. 64B-64P)
In force
64B. Interpretation (Part VIA).
In force
64C. Register of Administrators.
In force
64D. Registration.
In force
64E. Renewal of registration.
In force
64F. Disqualifications.
In force
64G. Duties of registered administrators.
In force
64H. Termination of registration.
In force
64I. Appeals.
In force
64J. Offences.
In force
64K. Address for service.
In force
64L. Publication of termination, non-renewal or restriction.
In force
64M. Effect of registration or renewal.
In force
64N. Effect of termination or non-renewal.
In force
64O. Obligations of registered administrator following notification from Board.
Not yet in force
64P. Services of registered administrator and sale of other products.
Part VIB Conditions governing activities (ss. 64AA-64AU)
General (s. 64AA)
In force
64AA. Interpretation for Part
System of governance: general provisions (ss. 64AB-64AG)
In force
64AB. General governance requirements
In force
64AC. Governance: requirements in respect of number of trustees
In force
64AD. Requirements for fit and proper management: key function holder and persons to whom key function outsourced
In force
64AE. Requirements for fit and proper management: requirements in respect of good repute and integrity for appointment as trustee, key function holder; and for person to whom key function outsourced
In force
64AF. Section 64AE: supplementary provisions relating to evidence of compliance with proper requirements
In force
64AG. Remuneration Policy
System of governance: key functions (ss. 64AH-64AK)
In force
64AH. Key functions: general provisions
In force
64AI. Key function: risk management function
In force
64AJ. Internal Audit function
In force
64AK. Key function: actuarial function for regulatory own funds scheme and regulatory own funds trust RAC
Governance requirements: documents concerning governance (s. 64AL)
In force
64AL. Own-risk assessment
Chapter 2 Outsourcing and investment management (ss. 64AM-64AO)
In force
64AM. Outsourcing
In force
64AN. Request by Pensions Authority in relation to section 64AM arrangement
In force
64AO. Investment management
Chapter 3 Depositary (ss. 64AP-64AU)
In force
64AP. Appointment of depositary
In force
64AQ. Depositary: safekeeping of assets and depositary liability
In force
64AR. Depositary: oversight duties
In force
64AS. Certain requirements where no depositary appointed by trustees of scheme or trust RAC
In force
64AT. Conflict between Part and scheme or trust RAC
In force
64AU. Application of Part to one-member arrangement: transitional provisions
Part VII Equal Pension Treatment in Occupational Benefit Schemes (ss. 65-81J)
In force
65. Interpretation (Part VII).
In force
66. Discriminatory grounds for the purposes of this Part.
In force
67. Categories of persons to whom this Part applies.
In force
68. Indirect discrimination for the purposes of this Part.
In force
69. Obligation to comply with the principle of equal pension treatment.
In force
70. Principle of equal pension treatment.
Deleted
70A. Benefits granted under a scheme at discretion of its management body.
In force
71. Savings in relation to the gender ground.
In force
72. Savings in relation to the age, family and civil status grounds.
In force
73. Special provisions relating to the disability ground.
In force
74. Procuring, etc. discrimination or victimisation is an offence.
Deleted
74A. Equal treatment: contract of employment.
In force
75. Compliance with statutory requirements, etc.
In force
76. Burden of proof.
In force
77. Exclusion of discrimination on particular grounds in certain employments.
In force
78. Equal pension treatment and access.
In force
79. Benefits granted under a scheme at discretion of its management body.
In force
80. Non-compliance, compulsory levelling-up - gender.
In force
81. Non-compliance, compulsory levelling-up - grounds other than the gender ground.
In force
81A. Maternity provisions.
In force
81B. Family leave provisions.
In force
81C. Principle of equal pension treatment and collective agreements, etc.
In force
81D. Principle of equal pension treatment and contracts of employment.
In force
81E. The forum for seeking redress.
In force
81F. The forum for seeking redress - supplemental provisions.
In force
81G. Disputes as to whether a scheme is defined benefit or defined contribution.
In force
81H. Redress which may be ordered.
In force
81I. Reports to the Director General of the Workplace Relations Commission.
In force
81J. Application of Employment Equality Act 1998.
Part VIIA Matters relating to satisfaction by certain members or certain persons of certain requirements relating to age at marriage or civil partnership (ss. 81K-81N)
In force
81K. Interpretation
In force
81L. Satisfaction of certain requirements relating to marriage or civil partnership in certain circumstances
In force
81M. Contributions required for benefits referred to in section 81L(1)(a)
In force
81N. Enforcement of entitlement of beneficiary
Part VIII Compulsory and Voluntary Reporting to the Board (ss. 82-85)
In force
82. Definition (Part VIII).
In force
83. Obligation to disclose misappropriation, etc., of resources of schemes to Board.
In force
84. Protection of person making report to Board.
In force
85. Privilege for Board publishing reports made to it under section 83, etc.
Part IX Miscellaneous Applications to the High Court (ss. 86-90)
In force
86. Definition.
In force
87. Court may order employer to pay arrears of contributions.
In force
88. Court may order restoration of resources of scheme or trust RAC.
In force
89. Court may order disposal of investment.
In force
90. Injunctions.
Part X Personal Retirement Savings Accounts (ss. 91-125)
In force
91. Interpretation (Part X).
In force
92. Application required for approval of PRSA product.
In force
93. Procedures for the granting of approval of PRSA products.
In force
94. Grant of approval of a PRSA product and code of conduct.
In force
95. Misleading statements.
In force
96. Application requirements.
In force
97. Suspension and withdrawal of approval of a PRSA product.
In force
98. Ownership of assets.
In force
99. Reporting obligations of PRSA providers.
In force
100. Unapproved PRSA products.
In force
101. PRSA products: supplemental provisions.
In force
102. Personal Retirement Savings Account product and Review of Coverage.
In force
103. Investment.
In force
104. Charges.
In force
105. Suspension or variation of contributions.
In force
106. Contributions.
In force
107. Security of contributions.
In force
108. Transfers between PRSA providers.
In force
109. Payment of PRSA assets to contributor.
In force
110. Marketing and sale of PRSAs.
In force
111. Preliminary disclosure certificate.
In force
112. Obligation to furnish Statements of Reasonable Projection.
In force
113. Disclosure before transfer from a scheme to a PRSA.
In force
114. General disclosure obligations.
In force
115. Power of Minister to prescribe information to be disclosed.
In force
116. Statement of Reasonable Projection.
In force
117. Functions of Board in relation to PRSAs.
In force
118. Functions of the auditor.
In force
119. Functions of the PRSA actuary.
In force
120. Functions of the administrator.
In force
121. Obligation of employer to provide access and to pay and to remit contributions.
Not yet in force
122. Replacement of buy-out bonds.
In force
123. Additional voluntary contribution arrangements.
In force
124. Transfers to defined benefit schemes and defined contribution schemes.
In force
125. Retirement annuity contracts and defined contribution schemes.
Part XI Pensions Ombudsman (ss. 126-147)
Revoked
126. Interpretation (Part XI).
Revoked
127. Establishment of Pensions Ombudsman.
Revoked
128. Appointment of Pensions Ombudsman.
Revoked
129. Term of office of Pensions Ombudsman.
Revoked
130. Salary and superannuation.
Revoked
131. Functions of Pensions Ombudsman.
Revoked
132. Procedures for internal resolution of disputes.
Revoked
133. Consultants and advisers.
Revoked
134. Exchange of information.
Revoked
135. Death or disability of actual or potential beneficiary.
Revoked
136. Staying court proceedings where a complaint is made or a dispute referred.
Revoked
137. Powers of Pensions Ombudsman in respect of investigations.
Revoked
138. Conduct of investigations.
Revoked
139. Determinations of Pensions Ombudsman.
Revoked
140. Appeal to High Court from determinations of Pensions Ombudsman.
Revoked
141. Enforcement of determinations of Pensions Ombudsman.
Revoked
142. Notices.
Revoked
143. Accounts and audits of Pensions Ombudsman.
Revoked
143A. Attendance before Committee of Public Accounts.
Revoked
144. Reports and information to Minister.
Revoked
145. Disclosure of Information.
Revoked
146. Staff of Pensions Ombudsman.
Revoked
147. Expenses of Pensions Ombudsman.
Part XII Cross-border Schemes (ss. 148-154)
In force
148. Interpretation (Part XII).
In force
148A. Service of documents for purpose of Part
In force
149. Authorisation to operate cross-border schemes.
In force
150. Revocation of authorisation.
In force
151. Approval to accept contributions.
In force
151A. Transfer from IORP in another Member State to receiving scheme or trust RAC.
In force
151B. Transfers from scheme or trust RAC to IORP in another Member State.
In force
152. Miscellaneous provisions relating to monitoring and enforcement.
In force
153. Functions of the Board in relation to institutions in another Member State.
In force
154. Application of this Act to members in another Member State.
Part XIII Co-operation by Pensions Authority (ss. 155-156)
In force
155. Interpretation.
In force
156. Co-operation generally.
In force
First Schedule An Bord Pinsean - The Pensions Board
In force
Second Schedule Preservation and Revaluation of Benefits and Minimum Value of Contributory Retirement Benefit
In force
Third Schedule Funding Standard - Benefits
In force
Fourth Schedule Application of Employment Equality Act 1998