Wednesday 08 December 2010: In his budget speech on Tuesday 7 December 2010, the Minister for Finance announced that new bonds which will facilitate a sovereign annuity pensions product will be available for pension schemes from January 2011. The Minister for Social Protection provided further information during the Social Welfare budget announcements on Wednesday 8 December 2010.
Thursday 11 November 2010: The Minister has approved the Board’s recommendation to reduce occupational pension scheme fees by 9.1% on a once off basis for 2011 only. There is no change to PRSA fees.
Tuesday 9 November 2010: In Ardee District Court yesterday, Judge Clyne adjourned the Pensions Board case against Louis Tighe, director of H.T.E Limited (In Liquidation), until 9 May 2011. The adjournment is to allow time for Tighe to come up with monies for the Construction Workers Pension Scheme (CWPS).
Wednesday 27 October 2010: The Board is continuing to develop its online services to customers with the implementation of a new data management system. Having pension scheme data submitted electronically will facilitate greater efficiencies for pension scheme administrators and enhance the effectiveness of the Board’s overall regulatory operations.
Thursday 14 October 2010: The Government has announced that work on the defined benefit aspects of the National Pensions Framework is to be brought forward and new legislation will be introduced no later than 1 July 2010.
In Bulletin No. 2 - November 2008, the Pensions Board brought the self investment limits under the IORPs directive to the attention of pension schemes. Article 18 of the IORPs Directive limits the investment by a pension scheme to 5% of total assets in the employer and an additional 5% in other group companies related to the employer. The deadline for the implementation of this measure is 23 September 2010 and the Government has decided that it will not be implemented until the Directive deadline. However, the Board wishes to give advance notice of the application of this measure so that schemes take whatever investment steps are necessary in good time.
The Pensions Board successfully prosecuted B. & C. Engineering Company Limited with an address at Rockgrove Industrial Estate, Little Island, Cork for failure to submit an actuarial funding certificate within 9 months of the effective date of the certificate as required.
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