News

The Pensions Board has published FAQs on recent changes to the funding standard. This document sets out The Pensions Board's responses to certain questions posed on the recent changes, in June 2012, to the funding standard. The Board continues to receive questions on this matter and this document will be updated as necessary. For further information on the funding standard requirements, please check the Statutory Guidance section of our website.

Joan Burton TD, Minister for Social Protection today (5th April) published the Social Welfare and Pensions Bill 2012 to give effect to a number of reforms including those in the areas of the One-Parent Family Payment scheme and Defined Benefit Pension schemes. The main provisions in the Bill are set out here.

The following Sovereign Annuity Regulations are now in force:

1. The Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.

2. The Pensions Act (Register and Database of Certified Policies or Contracts of Assurance) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.

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

The Government has approved a number of changes to defined benefit (DB) pension provision to help ensure its sustainability, enhance the security of member benefits and increase equity between members of DB schemes.  The note is now attached.

To read the Sociey's note about the same changes - please click here

Note from Pensions Board about Funding Proposal Deadlines

A paper entitled a “Second International Comparative Study of Mortality Tables for Pension Fund Retirees” has been published by T.Z.Sithole (Kingston University), S.Haberman and R.J.Verrall (both Cass Business School, City University London).