UK investment matters under investigation following FCA referral

Last week, the Financial Conduct Authority (FCA) in the UK referred the Investment Consultancy and Fiduciary Management* businesses to the Competition and Market Authority. *Where the investment management and investment consultancy are provided by the same firm. This action followed an investigation by the FCA which gave rise to a number of concerns including that: Trustees have […]

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, […]

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.

2017 rates of USC

€12,012 @ 0.5%; next €6,760 @ 2.5%; next €51,572 @ 5%; balance @8% However, these standard rates are modified in certain circumstances. In the case of an individual whose total income in the year does not exceed €60,000 and is either (i) aged 70 or over, or (ii) holds a full medical card, the 2.5% […]

State Pension (Contributory) Rates for 2017

Budget 2017 was announced on 11 October 2016. A €5 per week increase in the State Contributory Pension was announced. The rates are per the table below. Further information on budget 2017 is available from http://www.citizensinformation.ie/en/money_and_tax/budget_2017.html and further information on social welfare rates generally is available from http://www.welfare.ie/en/Pages/a-retired-or-an-older-person.aspx. Maximum Weekly Rates 2017 Personal rate Increase for a qualified […]