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Ireland's Pensions Law Blog

Category Archives: Trusteeship

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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

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

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

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

Managing Occupational Pension Schemes in Crisis: 5 things to Consider

Posted in Funding, Scheme Restructuring, Trusteeship

The continuing economic crisis sees those with responsibility for pension schemes faced with a number of complex issues. There are a number of core issues which we are seeing consistently arise. These include the following: Check the Power of Amendment Check Employment Contracts Check the Effect of the Change Conflict, Confidentiality and Consultation Obtain Advice