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Notes on Changes to the Funding Standard
Friday 11 February 2005: The purpose of this note is to clarify, in broad terms, the changes to be made to the Funding Standard arising from the Pensions Board’s Report (Review of the Funding Standard – Report to the Minister for Social and Family Affairs, December 2004) and the Social Welfare and Pensions Bill, 2005 ( published on 11 February 2005).
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Notes on the Social Welfare Bill, 2005
Friday 11 February 2005: Part 3 of the Social Welfare and Pensions Bill 2005 makes a number of changes to the Pensions Act 1990 (the “Act”). This note summarises the changes.
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Report to Minister on Review of Funding Standard
Friday 11 February 2005: At its meeting on 1 November 2002, The Pensions Board decided to initiate a review of the Funding Standard as part of a long-term response to the difficulties being experienced by defined benefit schemes. Initially, this review took the form of an examination, commencing in January 2003, by an Expert Funding Group under the auspices of the Board’s Policy Committee.
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Section 113 – guidelines re: preparation of Certificates of Benefits Comparison with regard to schemes in wind up
Monday 29 August 2005: Section 113 of the Pensions Act, 1990 to 2002, provides that where a transfer from a scheme to a PRSA is being undertaken then the provider, or an intermediary on its behalf, must present a comparison of the benefits which may accrue if the member remains in the scheme as against those which may accrue should the member transfer to the PRSA.