Social Welfare Bill 2017 – defined benefit pension measures

The Bill also introduces a number of measures which respond to the ongoing difficulties in Defined Benefit (DB) Occupational Pension schemes.  Firstly, it requires employers who sponsor DB schemes – whether or not those schemes are in deficit – to give 12 months’ notice of their intention to cease contributions. For a scheme in deficit, […]

OECD view on financial markets outlook

Interesting 2016 OECD report “The global economy is caught between two major headwinds: the reversal of the investment-heavy commodity supercycle; and the “L-shaped” recovery in advanced economies caused by the aftermath of the financial crisis and the interaction of re-regulation with low and negative interest rates. The zero and even negative time value given to […]

Revaluation of defined benefit leaving service benefits for 2016 is zero

Every year the Minister for Social Protection makes the Regulations required under Section 33 of the Pensions Act 1990 to maintain the spending power of these pension entitlements by specifying the percentage which will determine the amount by which this preserved pension benefit is to be increased or decreased. Under Section 33 the revaluation percentage […]

UK Pension Protection Fund Levy Consultation

An article from Quantum Advisory, our UK network partners relating to the operation of the UK Pension Protection Fund: PPF Levy Consultation 2018/19 – 2020/21 The Pension Protection Fund (PPF) first came into existence in 2006, providing a lifeboat for members of defined benefit (DB) pension schemes. They review the levy rules triennially, and last […]

Pensions (Amendment) (No. 3) Bill 2017

A Bill to amend the Pensions Act 1990, was passed by the Dail on 9th February 2017 and to have legal effect must be passed by the Seanad and signed into law by the President, neither of which have yet happened. Text of Bill as below: Amendment of Part IV (“Funding Standard”) of Pensions Act 1990 […]

Easier to take a career break without losing your State pension

Minister for Social Protection Leo Varadkar has reformed the PRSI system to make it easier to take a career break without losing your State pension entitlements. The reforms also benefit self-employed people, those who move abroad temporarily, and people who take early retirement. The reforms make it easier for people to make voluntary contributions under […]

Trustee training requirements

The attached Pensions Authority document is useful in summarising the regulatory requirements: http://www.pensionsauthority.ie/en/Trustees_Registered_Administrators/FAQs/Trustee_Training_Requirements.pdf. For those who require training, the Pensions Authority has an e-learning system (http://trusteetraining.pensionsauthority.ie/) while many organisations including Trident Consulting provide training to individuals or groups.