Update from Pensions Board on the re-introduction of funding standard obligations for defined benefit pension schemes

The following is an extract from the Pensions Board website.  Full details can be found here:

On 28 October 2011, The Pensions Board announced that it expected to publish revised guidelines for defined benefit schemes in deficit and announce new deadlines by which schemes in deficit must submit a recovery plan to the Board by the end of 2011.

Brendan Kennedy, Chief Executive of The Pensions Board stated today: “The Board apologises for the delay in publishing this information. However, the Board in conjunction with the Department of Social Protection continues to work on the complex requirements of updating the technical guidance for Section 49(3), Section 50/50A and Sovereign Annuities.

We are well aware of the importance of this matter, and I can confirm that the updated guidance and the new deadlines will be issued as soon as possible.

The new guidelines will provide all the technical information needed by trustees and their advisers to prepare a recovery plan. I can also confirm that the new deadlines will also give the trustees adequate time to prepare funding plans in light of the new funding requirements.”