Pensions Board revises timeframe for funding proposals

The Pensions Board has revised the timeframe for defined benefit schemes with funding deficits to submit funding proposals to the Board. This follows consideration of representations made to The Pensions Board by a number of parties, including the Society of Actuaries in Ireland.

Trustees of all schemes required to submit funding proposals over the period 31 December 2012 to 31 May 2013 will now have until 30 June 2013 to submit their funding proposal to the Board. The revised deadline applies to all relevant schemes irrespective of a scheme’s year end date and irrespective of whether or not the funding proposal is in conjunction with a Section 50 application.

The Board’s purpose in this decision is to allow trustees additional time to fully explore all options available to address scheme funding deficits. The Board has noted that it expects there will be no lessening of the efforts by trustees to resolve scheme deficits as a result of the additional time, and has reminded trustees that, notwithstanding the revised deadline, completed funding proposals can be submitted at any time on an ongoing basis.

The Society of Actuaries in Ireland welcomes this move, which will allow trustees and employers more time in which to make considered decisions on financing scheme liabilities.