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Ireland's Pensions Law Blog

Category Archives: Pensions Board

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Check your Rules before 31 December 2013: Change to State Pension Age – Implications for Integrated Pensions and Bridging Pensions

Posted in Funding, Legislation, Pensions Board, Scheme Restructuring, Trusteeship

Where a scheme is operated on an integrated basis, it reduces the pension entitlements of members to account for their State pension. A bridging pension is a supplemental pension which is sometimes paid to members who retire before the age at which the State pension is payable. Schemes may also reduce the contributions payable by… Continue Reading

Future of DC scheme regulation

Posted in Pensions Board, Scheme Restructuring, Trusteeship

The Pensions Board has published a consultation paper on the future regulation of defined contribution schemes in Ireland.  The paper sets out the Pensions Board’s concerns with the current system.  Those concerns relate, among other things, to the level of scheme costs borne by members, the appropriateness of investment choice, the independence of trustees from… Continue Reading

Creative DB scheme funding approaches – contingent assets and unsecured undertakings

Posted in Funding, Investment, Pensions Board, Scheme Restructuring

The funding difficulties facing defined benefit schemes in this country at the moment as well as the strengthening of the Pensions Act funding requirements and re-introduction of funding standard deadlines has seen both scheme sponsors and trustees adopt an increasingly more creative approach to satisfying statutory obligations as well as providing a sustainable basis for… 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

Pension Simplification

Posted in Pensions Board, Uncategorized

The Pensions Board’s deadline for the submission of responses to its consultation on the simplification of defined contribution pension provision passed at the end of February.  The consultation sought views on a number of different issues. These ranged from the number of different pension vehicles to pension adjustment orders to disclosure requirements. A&L Goodbody have… 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