The Pensions Authority has published this paper on defined benefit pension schemes covering the number still in existence and the profile of membership and funding: Pensions Authority review of 2014 defined benefit stats
The statutory revaluation order for 2014 is 0.2%, announced on 30 January 2015 “I, JOAN BURTON T.D., Minister for Social Protection, in exercise of the powers conferred on me by sections 5 and 33 (as amended by section 21 of the Pensions (Amendment) Act, 2002 (No. 18 of 2002)) of the Pensions Act, 1990 (No. […]
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 […]
On 13 December 2014, a meeting of Unite members in Waterford approved a deal brokered by Kieran Mulvey of the Labour Relations Commission which resolves the long-running pension dispute. The deal provides benefits for approximately 1,770 persons who were active / deferred members of the Waterford Crystal Factory and Staff Schemes as at 31 March […]
On 9 December 2014, the Cabinet approved a deal aimed at ending the Waterford Crystal pension dispute. The deal must be accepted by members of Unite at a meeting to be held on 13 December 2014. The settlement applies to active and deferred members (or their personal representatives in respect of deceased members) who held […]
The Pensions Authority has announced that it is to take action in respect of defined benefit schemes that fail to meet the statutory funding standard. Their powers allow them to direct benefit reductions or scheme wind-up. The Pensions Authority -…tutory funding standard
On 27 March 2014, the Pensions Authority issued Revised statutory guidance for DB schemes which makes it more difficult for very underfunded schemes to continue without benefit reductions.
On 30 January 2014, the Minister for Social Protection announced that the statutory revaluation order for 2013 would be 0.5%. See www.irishstatutebook.ie_…014_en.si.2014.0071
On 4 February 2014, Mr Justice Charleton delivered his judgment: Element Six judgment delivered 4 February 2014. A number of important issues were raised during the case.
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 […]