Amendment to Section 50/50B regulations

On 22 January 2015, the Minister for Social Protection signed the Occupational Pension Schemes (Sections 50 and 50B) (Amendment) Regulations, 2015 (http://www.irishstatutebook.ie/pdf/2015/en.si.2015.0024.pdf). This short statutory instrument amends the Occupational Pension Schemes (Sections 50 and 50B) Regulations, 2014 (http://www.irishstatutebook.ie/pdf/2014/en.si.2014.0392.pdf). A new definition of “representative group” is introduced as a body representing at least 50% of deferred […]

Social Welfare and Pensions (No 2) Act 2013

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 […]

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 […]