Friday 11 February 2005: The Pensions (Amendment) Act, 2002 requires a report on pensions to be completed by September 2006. Mr. Séamus Brennan, TD, Minister for Social and Family Affairs, has decided to bring the timing of this report forward and has asked the Pensions Board to undertake a full review of coverage and associated issues without delay. The Board recognises the importance of the review and welcomes the opportunity of being involved. Work on the review has commenced and a comprehensive progress report will be made to the Minister in June and the full report will be submitted by late summer.
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).
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.
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.
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.
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