S.I. No 506 of 2002

PERSONAL RETIREMENT SAVINGS ACCOUNTS (FEES) REGULATIONS, 2002

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by sections 5, 96 and 117 of the Pensions Act, 1990 (No. 25 of 1990) , hereby makes the following Regulations: -

Citation.

1. These Regulations may be cited as the Personal Retirement Savings Accounts (Fees) Regulations, 2002.

Definitions.

2. In these Regulations “the Act” means the Pensions Act, 1990 (No. 25 of 1990) .

Fees.

3.(1) The fees payable under section 96(1)(f) of the Act, at the time of application to the Board by the applicant, shall be:

(a)        in the case of an applicant in respect of whom no PRSA product has yet been approved by the Board, a fee of €20,000 to include approval of one PRSA product, and

(b)       in the case of an applicant in respect of whom a PRSA product has been approved by the Board, a fee of €5,000 to include approval of one PRSA product.

(2) The amount of the annual fee payable by a PRSA provider to the Board under section 117(5) shall be:

(a)    €2000 multiplied by the number of PRSA products of that PRSA provider for the time being approved by the Board, and

(b)    an amount equal to 0.05% of the total PRSA assets held under the terms of PRSA contracts of that PRSA provider.

(3) The fee specified in sub-article (2) shall be remitted to the Board on or before 31 January in each year.

The Minister for Finance hereby consents to the making of the foregoing Regulations.

EXPLANATORY NOTE

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

Pensions Act, 1990 provides for the payment of an annual fee by a PRSA provider. These regulations contain the detailed provisions in relation to the amount of these fees and the time of payment.