Proposed publication of the Pensions (Amendment) Bill, 2013
Tuesday 19 November 2013: Today, on foot of the proposed publication of the Pensions (Amendment) Bill, 2013, The Pensions Board Chief Executive, Mr Brendan Kennedy, commented: “We note the proposed changes to the Pensions Act concerning the wind up priority order and benefit reduction provisions for defined benefit schemes.
These proposed changes will require the Board to review its current statutory guidance on sections 49 and 50 of the Act. The Board will issue revised statutory guidance where necessary.”
In relation to schemes that currently have funding proposal and benefit reduction applications before the Board, Mr Kennedy stated: “The Board will defer making a decision on these applications until this legislation is passed, any revised Statutory Guidance is published and the trustees concerned have had an opportunity to consider what course of action is in the best interests of the members of the scheme. The Board will make direct contact with these trustees.”
Mr Kennedy went on to say: “The Board expects there will be no lessening of the efforts by trustees to resolve scheme deficits and that funding proposals can be submitted to the Board at any time.”
The proposed Pensions (Amendment) Bill, 2013, is available on the Related Files below.
For further information, please contact:
Head of Operations
The Pensions Board
Tel: (01) 613 1900 /087 6857743