The Pensions Authority has issued revised statutory guidance, approved by the Minister, regarding applications to the Authority under sections 49 and 50 of the Pensions Act.
Section 49 of the Act concerns funding proposals that trustees of underfunded pension schemes must prepare. The updated guidance introduces funding rules and additional technical changes.
Section 50 of the Act relates to the use of benefit reductions to resolve funding difficulties. The Authority’s guidance is being updated to reflect the fact that section 50 of the Act now permits pensions in payment to be reduced, subject to prescribed limits.
Revised section 49(3B) and section 50 application forms will be posted on the Authority’s website shortly.
Please see the Pensions Authority website (Revised statutory guidance) for more information.