Defined benefit schemes

Guidance note for scheme applicants under the Pensions Insolvency Payment Scheme (PIPS).

Pensions Insolvency Payment Scheme

Section 42 guidance prescribes the manner in which the actuary may value pensions in payment when completing an actuarial funding certificate and/or funding standard reserve certificate, where a scheme holds sovereign bonds and/or sovereign annuities.

Section 42 – Sovereign annuity and sovereign bond statutory guidance Version 2 (14 June 2013)

Section 42 – Sovereign annuity and sovereign bond statutory guidance Version 1 (29 May 2012)

Section 47 guidance in relation to employer undertakings prescribes the manner in which trustees may include an unsecured undertaking as a scheme resource for the purpose of determining whether the scheme satisfies the funding standard reserve.

Section 47 – Contingent asset statutory guidance

Section 47 guidance in relation to contingent assets prescribes the requirements which a contingent asset must satisfy to be included as a scheme resource for the purpose of determining whether the scheme satisfies the funding standard or the funding standard reserve.

Section 47 – Employer undertaking statutory guidance

Section 48A guidance prescribes the requirements in relation to the preparation of the actuarial statement under section 48A(1) and the trustees’ application to the Authority under section 48A(2) of the Pensions Act.

Section 48A – prescribed statutory guidance

Section 48A – Information note on statutory guidance

Section 49 guidance prescribes the requirements with which the actuary must comply with when certifying a funding proposal; the circumstances in which the Authority may specify a later date for submission of a funding proposal; the circumstances in which trustees are not required to submit a funding proposal; the trustees’ obligations on failure to comply with a funding proposal; and the circumstances in which the Authority may declare a funding proposal invalid.

Section 49 – Funding proposal statutory guidance Version 2 (27 March 2014)

Section 49 – Funding proposal statutory guidance Version 1 (29 May 2012)

Section 50 guidance prescribes the requirements with which trustees must comply with when making an application to the Authority under section 50 of the Pensions Act.

Section 50 – Prescribed Guidance – Version 3 (February 2015)

Section 50 – Prescribed Guidance Version 2 (27 March 2014)

Section 50 – Prescribed Guidance Version 1 (29 May 2012)

These guidelines set out the Authority’s view of good practice in the process of setting the investment strategy of a defined
benefit (DB) scheme.

Setting investment strategy for DB schemes

This guidance sets out the Authority’s view of good practice for trustees of defined benefit (DB) schemes in preparing and maintaining a statement of investment policy principles (SIPP).

Guidance on the SIPP for DB schemes

This information note provides general information on the changes introduced by the Social Welfare and Pensions No. Act, 2013 to the Pensions Act.  It includes information on the two new wind-up priority orders and expands the type of benefit reductions which the Authority may direct under section 50 of the Pensions Act.

Social Welfare and Pensions No 2 Act, 2013