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E-Update 10 May 2017

10/05/2017 Posted by IAPF | Comments(0)

The Social Welfare and Pensions Bill 2017 was published yesterday. It contains a number of proposed amendments to the Pensions Act:

  1. 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.
  2. Employers will be required to give twelve months’ notice to the Pensions Authority and trustees before ceasing contributions to a DB scheme.
  3. 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.

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