The Occupational Pension Schemes (Duties of Trustees in Connection with Bulk Transfer) Regulations 2009 (“the Regulations”) were signed into law on the 7 May 2009. The Regulations impose various requirements on trustees to give certain information when carrying out a bulk transfer from a pension scheme for which the consent of the members is not required. It includes a bulk transfer arising from the winding up of such a scheme. A bulk transfer is a transfer of an amount of money or other resources by the trustees of a scheme in discharge of their liability under the scheme to provide benefits for a group of members. The Regulations come into effect on the 1st August 2009.
Last September, the Pensions Board granted a six month extension to the deadline for defined benefit schemes to submit funding proposals for approval. For some schemes, this extended period expires at the end of June, 2009.
Regulation (EC) No 2056/2002 of the European Parliament and of the Council of 5 November 2002 amending Council Regulation (EC, Euratom) No 58/97 concerning structural business statistics requires all EU member states to furnish specified information to Eurostat. For pension schemes and trust RACs the required information includes details of the scheme type, benefits, status, membership, fund value and contributions and benefits.
Mary Hanafin TD, Minister for Social and Family Affairs today announced further changes to the rules governing defined benefit schemes to enable them to better cope with recent investment losses. As outlined in the attached press release from the Department of Social and Family Affairs, The Pensions Board will publish technical details of the revisions in early January.
Wednesday 24 September 2008: The Pensions Board brought a prosecution against Limestone Construction Limited, a company incorporated in Ireland and with a registered address at 2 Kilreesk Lane, St Margarets, Co Dublin. The Board also prosecuted Colm McNulty, a director of the Limestone Construction Limited, who also gives his home address as 2 Kilreesk Lane. The case was heard by Judge David McHugh in the Dublin District Court, Court 49, Dolphin House, East Essex Street, Dublin 2
With effect from 1 November 2008 the trustees of every scheme, including large trust RAC schemes, must appoint a registered administrator to provide various services to the scheme known as “core administration functions”.
Wednesday 7 May 2008: 33% of staff working in the hotel and restaurant sector do not know what their main source of income will be in retirement, according to Mr. David Malone, Head of Information Services, The Pensions Board.
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