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Ireland's Pensions Law Blog

Category Archives: Administration

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Finance (No. 2) Act 2013 – Early Access to AVCs and other provisions

Posted in Administration, Executive Benefits, Legislation, Tax, Trusteeship

Since 27 March 2013 members of pension schemes have been able to avail of a once-off early access option to additional voluntary contributions (AVCs) which they have made to their pension scheme. This option is provided for under section 782A of the Taxes Consolidation Act 1997 (the 1997 Act) and allows members to withdraw up… Continue Reading

Nortel – UK regulatory imposed pension liabilities now rank alongside unsecured claims in UK insolvency events

Posted in Administration, Scheme Restructuring

Overview The recent UK Supreme Court judgment in Re Nortel GMBH (in administration) and others; Re Lehman Brothers International (Europe) (in administration) and others [2013] UKSC 52 (the Nortel Appeal) overturned the decisions of the High Court and the Court of Appeal, which previously gave “super-priority” to liabilities under financial support directions and contribution notices… Continue Reading

DB restructuring – managing the unions

Posted in Administration, Funding, Scheme Restructuring, Trusteeship, Unions

The current state of funding of DB schemes has pushed many of the sponsoring employers of these schemes to consider how to minimise their defined benefit liabilities and risks.  In order for the liability management process to be successful, a number of key stakeholders need to be managed.  These are:  the trustees of the scheme;… Continue Reading

Sovereign Annuities – Nearly a Reality

Posted in Administration, Funding, Investment, Pensions Board, Scheme Restructuring, Trusteeship

After much talk over the past 2 or 3 years, at last sovereign annuities have become a reality… nearly.  This week, I was one of the speakers at the launch of the first sovereign annuity approved by the Pensions Board.  Getting to this point is a major milestone in the long journey towards being able to… Continue Reading

Conflicts of interest and trustees

Posted in Administration

The trustees of pension schemes may from time to time find that they have to exercise a discretion where they have a direct personal interest in the outcome of the exercise of the discretion e.g. because they are members who benefit from the exercise of the discretion – possibly at the expense of other classes… Continue Reading

Trustee Training Update

Posted in Administration, Pensions Board, Trusteeship

The Pensions Board has recently confirmed that they will monitor trustee training compliance on an ongoing basis. Trustees are required to record in the scheme’s annual report that they have received the appropriate training as required by the Pensions Act and within the specified time limits. Trustees will be interested to note that the Pensions… Continue Reading

Trustee Training Reminder: Obligations for Trustees and Employers

Posted in Administration, Pensions Board, Trusteeship

1 February 2012 is the cut off time by which trustees, who were trustees prior to and after 1 February 2010, must have completed their trustee training. Trustees appointed since 1 February 2010 had to receive training within six months of their appointment.  Every trustee of an occupational pension scheme (except a death benefit only… Continue Reading

7 Key Questions Trustees and Sponsoring Employers of Pension Schemes should ask when Appointing Professional Advisers

Posted in Administration

As the management and governance of pension schemes continues to increase in complexity and risk both sponsoring employers and trustees of pension schemes are increasingly looking towards appointing professional advisers to bring knowledge, experience, and expertise to the governance and management of their pension schemes in an effort to reduce risk and achieve cost efficiencies…. Continue Reading