Personal Retirement Savings Accounts (Disclosure) Regulations, 2002
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the Personal Retirement Savings Accounts (Disclosure) Regulations, 2002.
Definitions.
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paragraphs: (1) In these Regulations-
“the Act” means the Pensions Act, 1990 (No. 25 of 1990);
“affiliated company” means a company (the ‘second company’) which is a subsidiary or parent company (within the meaning of section 155 of the Companies Act, 1963 (No 33 of 1963)) of the PRSA provider, or where both the PRSA provider and the second company are under the control of a third company;
“connected person”, in relation to a PRSA provider, intermediary or sales employee shall be construed in accordance with sub-article (2);
“intermediary remuneration”, in relation to a PRSA contract sold to a contributor, means-
(a) the cost of payments, benefits and services paid or provided by a PRSA provider or connected persons of the PRSA provider to an intermediary or connected persons of the intermediary, and
(b) in the case of an intermediary who is a connected person of the PRSA provider, an amount in respect of a notional profit margin sufficient to achieve comparability in the total amount of intermediary remuneration in respect of that PRSA contract with an intermediary who is not a connected person of that PRSA provider;
“life assurance” has the same meaning as in the Life Regulations;
“Life Regulations” means the European Communities (Life Assurance Framework Regulations, 1994 ( S.I. No. 360 of 1994 );
“sales employee” means a person employed by a PRSA provider or an affiliated company for the purposes of either or both the negotiation and conclusion of PRSA contracts with contributors and who receives sales remuneration from the PRSA provider or an affiliated company in respect of his or her employment;
“sales remuneration”, in relation to a PRSA contract sold by a sales employee means -
(a) the cost of remuneration and other payments, benefits and services equivalent to intermediary remuneration, paid or provided by a PRSA provider or connected persons of the PRSA provider to a sales employee of the PRSA provider or connected persons of the sales employee in connection with a PRSA contract sold to a contributor, and
(b) an amount in respect of a notional profit margin sufficient to achieve comparability in the total amount of sales remuneration in respect of that PRSA contract with the intermediary remuneration which would have been payable in respect of that PRSA contract to an intermediary who is not a connected person of the PRSA provider.
(2) Any question whether a person is connected with another shall be determined in accordance with the following provisions of this sub-article (any provision that one person is connected with another being taken to mean also that that other person is connected with the first-mentioned person):
(a) a person is connected with an individual if that person is a relative of the individual;
(b) a person, in his or her capacity as a trustee of a trust, is connected with an individual who or any of whose children or as respects whom any body corporate which he or she controls is a beneficiary of the trust;
(c) a person is connected with any person with whom he or she is in partnership;
(d) a company is connected with another person if that person has control of it or if that person and persons connected with that person together have control of it;
(e) any 2 or more persons acting together to secure or exercise control of a company shall be treated in relation to that company as connected with one another and with any person acting on the directions of any of them to secure or exercise control of the company.
(3) In sub-articles (1) and (2) “control” has the meaning assigned to it by section 432 of the Taxes Consolidation Act, 1997 (No. 39 of 1997).
(4) In these Regulations:-