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Ireland's Pensions Law Blog

Tag Archives: pension

8 Key Pensions Issues to be aware of in Public Sector Outsourcing

Posted in Corporate Transactions, Legislation, Unions

Pensions in the context of outsourcing can give rise to complex and potentially costly issues.  Currently no special pension rules apply to public sector outsourcing, but it may be that future legislative changes, any legislation setting up the public body in question (or its pension scheme) or pursuant to which a given outsourcing is to… Continue Reading

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

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

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

Five Key Irish Pension Issues in Corporate Transactions

Posted in Corporate Transactions, Funding, Scheme Restructuring

Pension issues can be a major factor influencing merger and acquisition activity.  Companies may pull out of deals due to uncertainty around pensions (especially uncertainty over the funding of defined benefit plans).  Pension plan deficits are now part of corporate life and how the deficit and the other pension issues will be dealt with needs to… 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

Grappling with the Pensions Levy

Posted in Funding, Tax

The pension levy was introduced under a seemingly innocuous piece of legislation, the Finance (No.2) Act 2011. The Act, insofar as it provides for the levy, is just 10 pages long.  Less is more?  Not in this case. While the dust hasn’t quite settled on the financial impact of the levy on struggling pension schemes, practitioners are still struggling to… Continue Reading