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E-Update 13 August 2020

13/08/2020 Posted by IAPF | Comments(0)

Pensions Authority - Annual Report and Accounts 2019

The Pensions Authority's Annual Report and Accounts 2019 outlines the progress and activity of the Authority last year. You can access the English language report here, agus anseo as Gaeilge.

You can read the accompanying statement from the Pensions Regulator, Brendan Kennedy, here

Pensions Manual Update 

Revenue Pensions Manual Chapter 16 - Group Schemes - has been updated to reflect an amendment in Finance Act 2019, allowing employers to make contributions to pension schemes in respect of employees of another employer, including another company in a group, under a legally binding agreement, in certain defined circumstances. Click here for details. 


The Pensions Authority publishes statistics for DB Schemes

The Pensions Authority published a set of statistics for Defined Benefit schemes which have been compiled from analysis of Annual Actuarial Data Returns (ADDRs) received to 31 March this year.

Some of the findings from the data include:

  • The number of continuing DB schemes subject to the funding standard is 570, a decline of 2% since last year. 
  • The total assets figure for these schemes was €65.3 bn. 
  • Funding standard liabilities totalled €58 bn (excluding funding standard reserve liabilities). 
  • 86% of continuing schemes were reported as meeting the funding standard provided for in section 44(1) of the Pensions Act, 1990. 
  • 76% of schemes were reported to hold sufficient additional resources to satisfy the funding standard reserve provided for in section 44(2) of the Pensions Act, 1990.

Click here for all details. 

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