This Act http://www.oireachtas.ie/documents/bills28/acts/2013/a4913.pdf was enacted on 25 December 2013! It changes the priority order on wind-up of a defined benefit pension scheme. The terms depend on whether the employer is solvent or insolvent and in the event that both the pension scheme and employer are insolvent, the Act specifies the basis on which the Minister for Finance may […]
Author Archives: John
Government announcement on changes to priority order
On 19 November 2013, the Government announced changes to the priority order which applies when defined benefit schemes are wound up. The following document summaries the changes which at the date of writing have not yet been implemented: IAPF update 19nov13
European Court of Justice rules against Irish State
The European Court of Justice today ruled that the Irish State has breached its obligations under EU law by not protecting the employees of Waterford Crystal who lost the bulk of the value of their pension when the company became insolvent. The ruling, which is likely to have wider implications can be found here: ECJ Waterford Crystal […]