Notice of the making of this Statutory Instrument was published in

"Iris Oifigiúil" of 13th April, 2010.

I, EAMON Ó CUÍV T.D., Minister for Social and Family Affairs, in exercise of the powers conferred on me by sections 5 (as amended by section 37 of the 37 (4) (as amended by section 25 of the section 17 of the Social Welfare and Pensions Act 2009 (No. 10 of 2009)) of the Act it shall be 100 per cent.".

GIVEN under my Official Seal,

8 April 2010.

EAMON Ó CUÍV T.D.,

Minister for Social and Family Affairs.

EXPLANATORY NOTE

(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation.)

Article 8 of the Occupational Pension Schemes (Preservation of Benefits) Regulations 2002 prescribes how preserved benefits are calculated in the event of a change to the normal retirement age of a defined benefit pension scheme. These regulations specify that changes impacting on the calculation of preserved benefit be restricted for any member who subsequently terminates employment within 10 years of such a change.

This amendment to Regulation 8 prescribes that where a change to normal retirement age occurs following an order under Section 50(1) of the Pensions Act, then subsequent calculations of preserved benefits shall have immediate effect, rather than being phased in over 10 years.