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ARTICLE · 23 JANUARY 2018

2017 Review And 2018 Predictions

Mason Hayes & Curran LLP
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2017 saw a focus on possible legislative changes to rules on the winding up of defined benefit pension schemes in Ireland.

IrelandEmployment and HR
Peggy Hughes
Peggy Hughes
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Winding up defined benefit schemes in Ireland

2017 saw a focus on possible legislative changes to rules on the winding up of defined benefit pension schemes in Ireland. A number of private members bills were introduced to the Dáil, the lower house of Ireland's legislature.

Between them the headline proposals included those:

  • "To prevent solvent companies walking away and reneging on their pensions obligations to their employees"
  • "To provide for an appeals mechanism where a pension scheme is being wound up by the trustees ..."
  • To make it "illegal for a solvent company to wind up a defined benefit pension scheme without the consent of the Pensions Authority ..."
  • To require "the Pensions Authority to prepare a report on the feasibility of changing the minimum funding standard for defined benefit pension schemes and establishing a pension protection scheme."

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