The Code of Practice on Longer Working is intended to give clarity to employers, employees and their representatives to what is reasonable as regards retirement. Employees do not have the right to work indefinitely. Employers do not have the right to impose an unjustified retirement age. Further information including how this Code may impact your workplace is available […]
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Code of Practice on Longer Working
This Order (Code of Practice on Longer Working – Order made under the Industrial Relations Act 1990), signed on 20 December 2017 and made under the Industrial Relations Act 1990, declares that the draft code of practice set out in the Schedule to this Order is a code of practice for the purposes of the Industrial Relations […]
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, […]
Publication of report of the Public Service Pay Commission (PSPC)
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
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 […]
Differential benefits depending on marital status past their sell-by date?
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 […]
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% […]