Assessing Employer Covenants

The IAPF's Benefits Committee has published Guidelines on Assessing Employer Covenants to assist Trustees. While there is no statutory obligation to assess the employer covenant in Ireland, such assessment would be expected as part of the trustees' general duty of care. The assessment will also assist the Trustees in complying with the mandatory provisions of the Pensions Authority's Financial Management Guidelines. These  Guidelines will explain the process, give considerations and outline potential difficulties facing Trustees. Find the link to the Guidelines here. 

Pensions Authority Response to Master Trust Consultation

In July 2018, the Pensions Authority published a consultation paper on the regulation of DC master trusts, to which the IAPF responded. The Authority has now published a further document that can be found here.

Revenue has published a number of eBriefs relating to pensions

Pensions - Employer Contributions

The Pensions Manual Chapter-04 - Contributions by Employers -  has been updated to include a new paragraph on contributions in corporate groups and following corporate re-organisations. Click here for more. 

Approved Retirement Funds

Paragraph 5 of Chapter-23 of the Pensions Manual has been amended to advise that certain payments by the Department of Employment Affairs and Social Protection to individuals may be taken into account in determining the amount of their pension or annuity income for the purposes of the income threshold. Click here for more. 

Tax Relief for Pension Contributions: Application of Earnings Limit

Chapter-26 of the Revenue Pensions Manual - Tax Relief for Pension Contributions: Application of Earnings Limit - has been updated. The update removed material which is no longer current, concerning transitional arrangements in 2008 and 2009 for the reduction of the earnings limit for pension tax relief. Click here for more. 

Imputed distributions from ARFs and Vested PRSAs

Chapter-28 of the Revenue Pensions Manual (Imputed Distributions from Approved Retirement Funds and Vested Personal Retirement Savings Accounts) has been updated by removing material that is no longer current and which concerned transitional arrangements for calculating imputed distributions from 2011 to 2013. Click here for more.