The Social Welfare and Pensions Bill 2017 was published yesterday. It contains a number of proposed amendments to the Pensions Act:
- When a DB scheme is in deficit, trustees will have to submit a funding proposal to the Pensions Authority within six months of the date of the actuarial funding certificate.
- Employers will be required to give twelve months’ notice to the Pensions Authority and trustees before ceasing contributions to a DB scheme.
- The Pensions Authority will have the power to determine a contribution schedule where an employer will not engage with the trustees on agreeing a funding proposal.
Full details of the bill are here.