The PSPC has published its report on pay which includes recommendations with regard to public service pensions. It may be accessed through this link: http://paycommission.gov.ie/wp-content/uploads/Report-of-the-Public-Service-Pay-Commission-May-2017.pdf

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 […]

The UK supreme court has backed a Northern Irish woman’s right to receive her late partner’s pension A Coleraine woman who was refused payments from her former partner’s pension has won her battle to extend benefits automatically to those who are unmarried. Her victory at the UK supreme court marks a significant extension of the rights […]

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 […]

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.

€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% […]

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 […]

In recent days, an amendment to the Social Welfare Bill 2017 was proposed, the intention of which was to prevent measures being taken by solvent companies which would result in the wind-up of defined benefit pension schemes unless the pension scheme was at least 90% funded on a minimum funding standard basis. The amendment was […]

Section 13 of the Finance Bill 2016 makes a number of amendments to Part 30 of, and Schedule 23B to, the Taxes Consolidation Act 1997 for the purposes of preventing certain tax avoidance opportunities in relation to Personal Retirement Savings Accounts (PRSAs). The amendments ensure that, where benefits are not taken by the PRSA owner on or […]

As always, the future direction of investment markets cannot be known. However, bond markets have had a very long period of growth boosted by declining yields (which increase capital values). The opposite – capital losses – would happen if bond yields increase. The US has seen an increase in bond yields since the US election. […]