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Pensions Act, 1990 (No. 25)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-7A)1. Short title and commencement.2. Interpretation.3. Offences.3A. Notice by Board of intention to prosecute.3B. Prosecutions.3C. Admissibility of certain documents in proceedings for an offence.3D. Presumptions in proceedings for an offence.4. Exchange of information.5. Regulations generally.5A. Regulations.5B. External schemes.6. Laying of regulations before Houses of Oireachtas.7. Expenses.7A. Professional Guidance of the Society of Actuaries in Ireland.Part II Establishment of Pensions Board (ss. 8-26B)8. Establishment day.9. Establishment of Board.9A. Change of name of Pensions Board and chief executive10. Functions of Board.11. Conferral of additional functions on Board.12. Consultants and advisers.13. Gifts.14. Committees of Board.15. Chief executive.16. Staff of Board.17. Superannuation of staff of Board.18. Authorised persons.19. Membership of either House of Oireachtas or of European Parliament by members or staff of Board.20. Advances by Minister to Board.20A. Borrowing by Board.21. Disclosure by member of Board of interest in proposed contract.22. Accounts and audits of Board.22A. Attendance before Committee of Public Accounts.23. Reports and information to Minister.24. Disclosure of information.25. Fees payable to Board.26. Provision in relation to determinations by Board under sections 38, 53, 58, and 75.26A. Indemnity.26B. Pensions Council.Part IIA Prudential supervision (ss. 26C-26AB)Chapter 1 General (ss. 26C-26E)26C. Interpretation for Part.26D. Conflict between Part and schemes or trust RAC.26E. Service of documents for purpose of Part.Chapter 2 Prudential supervision (ss. 26F-26I)26F. Objective of prudential supervision.26G. Scope of prudential supervision.26H. General principles of prudential supervision.26I. Prudential supervision: functions relating to powers of intervention and duties of Pensions Authority.Chapter 3 Supervisory review process (ss. 26J-26L)26J. Supervisory review process.26K. Monitoring tools for financial condition of scheme or trust RAC.26L. Stress-test.Chapter 4 Advisory Notice and External Report (ss. 26M-26S)26M. Advisory Notice.26N. Notice to trustees to provide External Report.26O. External Report reviewer.26P. Contract with External Report reviewer.26Q .Completion of External Report.26R. External Report: supplemental provisions.26S. Pensions Authority not bound by External Report nor liable for it.Chapter 5 Part VIB compliance statement (ss. 26T-26U)26T. Part VIB compliance statement.26U. Section 26T: supplemental and transitional provisions.Chapter 6 Information to be provided to Pensions Authority (ss. 26V-26W)26V. Information to be provided to Pensions Authority.26W. Transparency and accountability.Chapter 7 Professional secrecy and exchange, and transmission, of information (ss. 26X-26AB)26X. Professional secrecy and use, and exchange, of confidential information.26Y. Transmission, by Pensions Authority, of information to Central Bank, and other persons.26Z. Disclosure of information to certain persons: financial requirements.26AA. Conditions for exchange of information.26AB. Provision of information, etc. to EIOPA.Part III Preservation of Benefits (ss. 27-39A)27. Interpretation (Part III).28. Entitlement to preserved benefit.29. Preserved benefit - defined benefit scheme.30. Preserved benefit - defined contribution scheme.31. Payment of preserved benefit.32. Non-entitlement to refund of contributions.32A. Entitlement to refund of contributions where no entitlement to preserved benefit33. Revaluation of preserved benefit.34. Entitlement to transfer payment.35. Power of trustees to effect transfer payment.35A. Minimum Value of Contributory Retirement Benefit.36. Provisions of schemes relating to forfeiture and lien to be disregarded.37. Exclusion from and modification of Part III and Second Schedule.38. Conflict between Part III and schemes.39. Schemes may provide higher benefits.39A. Waiting periodPart IV Funding Standard (ss. 40-53)40. Interpretation (Part IV).41. Application.42. Actuarial funding certificate.43. Effective dates for actuarial funding certificates.44. Provisions relating to funding standard.45. Provisions relating to schemes commencing before 1 June 2002.46. Matters to which actuary is to have regard.47. Limitations on calculation of resources of relevant scheme.48. Priorities on winding up of relevant scheme.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).48B. Payment of moneys by Minister for Finance in respect of liabilities accruing under certain relevant schemes49. Funding proposal.50. Direction by Board to trustees.50A. Power to amend relevant scheme.50B. Direction by Board to trustees to wind up scheme.50C. Application to High Court51. Qualification for appointment as actuary of scheme.51A. Review of actuarial work.52. Exclusion from and modification of Part IV and Third Schedule.53. Conflict between Part IV and schemes.Part IVA Certification of Certain Policies or Contracts of Assurance (ss. 53A-53D)53A. Definition.53B. Certification of certain policies or contracts of assurance.53C. Register of policies or contracts of assurance certified under section 53B.53D. Existing Policies or Contracts of Assurance.Part IVB Regulatory Own Funds Schemes (ss. 53E-53N)53E. Interpretation.53F. Application.53G. Regulatory own funds trust RAC technical provisions certificate.53H. Requirement to hold additional resources.53I. Amount of regulatory own funds requirement.53J. Certification of regulatory own funds requirement.53K. Notification of regulatory own funds status.53L. Failure to satisfy funding standard, technical provisions requirement or regulatory own funds requirement.53M. Supervisory regulatory own funds certificate.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)54. Disclosure of information in relation to schemes.54A. Provision of information by trustees of scheme or trust RAC in respect of certain stress-tests54B. Provision of information generally by trustees of scheme or trust RAC55. Annual reports.56. Audited accounts and actuarial valuations.56A. Indexation of pensions when in payment.57. Modification of Part V.58. Conflict between Part V and schemes.58A. Obligation of employer to remit contributions under scheme.Part VI Trustees of Schemes (ss. 59-64A)59. General duties of trustees of schemes.59A. Qualifications of trustees.59AA. Trustee training.59AB. Investment rules59B. Reduction of benefit.59C. Increases to pensions in payment.59D. Duties of trustees on winding-up of scheme.59E. Duties of trustees in connection with bulk transfer.59F. Invalidity of amendments to scheme rules and of exercises of discretion in certain circumstances.59G. Trustee consent for early retirement.59H. Power to amend scheme rules in certain circumstances59I. Accessibility of information on ESAP (SFD Regulation)59J. Accessibility of information on ESAP (duties of trustees)60. Duty to register scheme.61. Restriction of Perpetual Funds (Registration) Act, 1993.61A. Rule against perpetuities.61B. Restriction on borrowing.62. Selection by members of funded schemes of persons for appointment as trustees.63. Appointment and removal of trustees by High Court.63A. Suspension of trustees.63B. Offence.64. Appointment and removal of trustees by Board.64A. Conflict between Part VI and schemes.Part VIA Registered Administrators (ss. 64B-64P)64B. Interpretation (Part VIA).64C. Register of Administrators.64D. Registration.64E. Renewal of registration.64F. Disqualifications.64G. Duties of registered administrators.64H. Termination of registration.64I. Appeals.64J. Offences.64K. Address for service.64L. Publication of termination, non-renewal or restriction.64M. Effect of registration or renewal.64N. Effect of termination or non-renewal.64O. Obligations of registered administrator following notification from Board.64P. Services of registered administrator and sale of other products.Part VIB Conditions governing activities (ss. 64AA-64AU)General (s. 64AA)64AA. Interpretation for PartSystem of governance: general provisions (ss. 64AB-64AK)64AB. General governance requirements64AC. Governance: requirements in respect of number of trustees64AD. Requirements for fit and proper management: key function holder and persons to whom key function outsourced64AE. 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 outsourced64AF. Section 64AE: supplementary provisions relating to evidence of compliance with proper requirements64AG. Remuneration PolicySystem of governance: key functions (ss. 64AH-64AK)64AH. Key functions: general provisions64AI. Key function: risk management function64AJ. Internal Audit function64AK. Key function: actuarial function for regulatory own funds scheme and regulatory own funds trust RACGovernance requirements: documents concerning governance (s. 64AL)64AL. Own-risk assessmentChapter 2 Outsourcing and investment management (ss. 64AM-64AO)64AM. Outsourcing64AN. Request by Pensions Authority in relation to section 64AM arrangement64AO. Investment managementChapter 3 Depositary (ss. 64AP-64AU)64AP. Appointment of depositary64AQ. Depositary: safekeeping of assets and depositary liability64AR. Depositary: oversight duties64AS. Certain requirements where no depositary appointed by trustees of scheme or trust RAC64AT. Conflict between Part and scheme or trust RAC64AU. Application of Part to one-member arrangement: transitional provisionsPart VII Equal Pension Treatment in Occupational Benefit Schemes (ss. 65-81J)65. Interpretation (Part VII).66. Discriminatory grounds for the purposes of this Part.67. Categories of persons to whom this Part applies.68. Indirect discrimination for the purposes of this Part.69. Obligation to comply with the principle of equal pension treatment.70. Principle of equal pension treatment.70A. Benefits granted under a scheme at discretion of its management body.71. Savings in relation to the gender ground.72. Savings in relation to the age, family and civil status grounds.73. Special provisions relating to the disability ground.74. Procuring, etc. discrimination or victimisation is an offence.74A. Equal treatment: contract of employment.75. Compliance with statutory requirements, etc.76. Burden of proof.77. Exclusion of discrimination on particular grounds in certain employments.78. Equal pension treatment and access.79. Benefits granted under a scheme at discretion of its management body.80. Non-compliance, compulsory levelling-up - gender.81. Non-compliance, compulsory levelling-up - grounds other than the gender ground.81A. Maternity provisions.81B. Family leave provisions.81C. Principle of equal pension treatment and collective agreements, etc.81D. Principle of equal pension treatment and contracts of employment.81E. The forum for seeking redress.81F. The forum for seeking redress - supplemental provisions.81G. Disputes as to whether a scheme is defined benefit or defined contribution.81H. Redress which may be ordered.81I. Reports to the Director General of the Workplace Relations Commission.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)81K. Interpretation81L. Satisfaction of certain requirements relating to marriage or civil partnership in certain circumstances81M. Contributions required for benefits referred to in section 81L(1)(a)81N. Enforcement of entitlement of beneficiaryPart VIII Compulsory and Voluntary Reporting to the Board (ss. 82-85)82. Definition (Part VIII).83. Obligation to disclose misappropriation, etc., of resources of schemes to Board.84. Protection of person making report to Board.85. Privilege for Board publishing reports made to it under section 83, etc.Part IX Miscellaneous Applications to the High Court (ss. 86-90)86. Definition.87. Court may order employer to pay arrears of contributions.88. Court may order restoration of resources of scheme or trust RAC.89. Court may order disposal of investment.90. Injunctions.Part X Personal Retirement Savings Accounts (ss. 91-125)91. Interpretation (Part X).92. Application required for approval of PRSA product.93. Procedures for the granting of approval of PRSA products.94. Grant of approval of a PRSA product and code of conduct.95. Misleading statements.96. Application requirements.97. Suspension and withdrawal of approval of a PRSA product.98. Ownership of assets.99. Reporting obligations of PRSA providers.100. Unapproved PRSA products.101. PRSA products: supplemental provisions.102. Personal Retirement Savings Account product and Review of Coverage.103. Investment.104. Charges.105. Suspension or variation of contributions.106. Contributions.107. Security of contributions.108. Transfers between PRSA providers.109. Payment of PRSA assets to contributor.110. Marketing and sale of PRSAs.111. Preliminary disclosure certificate.112. Obligation to furnish Statements of Reasonable Projection.113. Disclosure before transfer from a scheme to a PRSA.114. General disclosure obligations.115. Power of Minister to prescribe information to be disclosed.116. Statement of Reasonable Projection.117. Functions of Board in relation to PRSAs.118. Functions of the auditor.119. Functions of the PRSA actuary.120. Functions of the administrator.121. Obligation of employer to provide access and to pay and to remit contributions.122. Replacement of buy-out bonds.123. Additional voluntary contribution arrangements.124. Transfers to defined benefit schemes and defined contribution schemes.125. Retirement annuity contracts and defined contribution schemes.Part XI Pensions Ombudsman (ss. 126-147)126. Interpretation (Part XI).127. Establishment of Pensions Ombudsman.128. Appointment of Pensions Ombudsman.129. Term of office of Pensions Ombudsman.130. Salary and superannuation.131. Functions of Pensions Ombudsman.132. Procedures for internal resolution of disputes.133. Consultants and advisers.134. Exchange of information.135. Death or disability of actual or potential beneficiary.136. Staying court proceedings where a complaint is made or a dispute referred.137. Powers of Pensions Ombudsman in respect of investigations.138. Conduct of investigations.139. Determinations of Pensions Ombudsman.140. Appeal to High Court from determinations of Pensions Ombudsman.141. Enforcement of determinations of Pensions Ombudsman.142. Notices.143. Accounts and audits of Pensions Ombudsman.143A. Attendance before Committee of Public Accounts.144. Reports and information to Minister.145. Disclosure of Information.146. Staff of Pensions Ombudsman.147. Expenses of Pensions Ombudsman.Part XII Cross-border Schemes (ss. 148-154)148. Interpretation (Part XII).148A. Service of documents for purpose of Part149. Authorisation to operate cross-border schemes.150. Revocation of authorisation.151. Approval to accept contributions.151A. Transfer from IORP in another Member State to receiving scheme or trust RAC.151B. Transfers from scheme or trust RAC to IORP in another Member State.152. Miscellaneous provisions relating to monitoring and enforcement.153. Functions of the Board in relation to institutions in another Member State.154. Application of this Act to members in another Member State.Part XIII Co-operation by Pensions Authority (ss. 155-156)155. Interpretation.156. Co-operation generally.First Schedule An Bord Pinsean - The Pensions BoardSecond Schedule Preservation and Revaluation of Benefits and Minimum Value of Contributory Retirement BenefitThird Schedule Funding Standard - BenefitsFourth Schedule Application of Employment Equality Act 1998
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AI Summary of 26O. External Report reviewer.

The appointment of an External Report reviewer is critical within the regulatory framework governing schemes or trust RACs. This individual, nominated by the trustees or the Pensions Authority, must possess the requisite skills, such as auditing or legal expertise, ensuring an objective evaluation of pertinent matters.

When considering nominations, the Pensions Authority evaluates the candidate's competence, ability to meet deadlines, and potential conflicts of interest, thereby safeguarding the integrity of the reporting process. Timely communication of these approvals is essential to uphold transparency and compliance with regulatory obligations.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 April 2021 - onwards

26O. External Report reviewer.

(1) An External Report shall be prepared by a person (in this Part referred to as the 'External Report reviewer') who is nominated by -

(a) the trustees of the scheme or trust RAC concerned, within the period specified in the notice given under section 26N(1) and approved under subsection (4), or

(b) the Pensions Authority, where -

(i) no person is nominated by the trustees under paragraph (a) within the period specified in the notice given under section 26N(1), or

(ii) the Pensions Authority is not satisfied with the person nominated under paragraph (a).

(2) The External Report reviewer shall be a person appearing to the Pensions Authority to have the skills that are necessary to prepare an objective report on the matters concerned and, without prejudice to the generality of the foregoing, may be an auditor, actuary, accountant, investment manager, lawyer or any other person with relevant business, technical or technological skills required for the purpose of preparing the External Report.

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