FAQs on Trust Based Retirement Annuity Contracts (RACs)
Friday 31 August 2007: These FAQs are intended to provide assistance to trustees and beneficiaries under trust based RACs following from amendments made to the Pensions Act 1990 by the Social Welfare and Pensions Act 2007. Hard copy and online versions are available under Related Files and Related articles below.
Directive 2003/41/ EC on the activities and supervision of institutions for occupational retirement provision (“the IORPs Directive”) establishes a common minimum level of supervision of pension schemes across EU member states. The IORPs Directive imposes regulatory requirements on schemes and these requirements apply to Trust RACs. To comply with the IORPs Directive trust RACs have been brought under the remit of certain provisions of the Pensions Act.