In recent years, Government has discouraged very high individual retirement funds. Since 1 January 2014, individuals are penalised if they build up funds higher than the Standard Fund Threshold of €2m, unless they can avail of a ‘grandfathering’ facility for funds already over that level. For many there is wriggle room to go a little […]
Minister Fitzgerald publishes heads of bill to provide for Periodic Payment Orders
A long overdue measure from the Government to provide for periodic payments where a claimant is in need of regular support during their lifetime. View the press release here: The Department of Justic…Periodic Payment Orders
The Pensions Authority publishes financial management guidelines for defined benefit schemes
The Pensions Authority today, 22 May 2015, published this guidance which describes practices which are followed in the main by defined benefit pension schemes already…DB_Financial_Management_Guidelines
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 […]
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 […]