The Principal Act is amended by inserting the following section after section 26A:

"Pensions Council

26B.

(1) On the commencement of section 29 of the Social Welfare and Pensions (Miscellaneous Provisions) Act 2013 there shall stand established a body to be known, in the English language, as the Pensions Council or, in the Irish language, as An Chomhairle Pinsean to perform the functions assigned to it by this section.

(2) The functions of the Pensions Council shall be to advise the Minister, either on its own initiative or at the Minister’s request, on matters relating to pensions generally.

(3) The Pensions Council shall consist of the following members -

(a) a chairperson, and

(b) not fewer than 8, and not more than 12, ordinary members.

(4) The members of the Pensions Council shall be appointed by the Minister in accordance with this section.

(5) The Minister shall designate one member of the Pensions Council as chairperson.

(6) An ordinary member of the Pensions Council shall hold office for such period, not exceeding 5 years from the date of his or her appointment, as the Minister shall determine.