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ARTICLE · 14 NOVEMBER 2020

Pensions Autumn Update 2020

The EWSS has replaced the Temporary Wage Subsidy Scheme (the "TWSS") with effect from 1 September 2020 and will operate until 31 March 2021.

IrelandEmployment and HR

The Employment Wage Subsidy Scheme (the "EWSS") and pension contributions

The EWSS has replaced the Temporary Wage Subsidy Scheme (the "TWSS") with effect from 1 September 2020 and will operate until 31 March 2021. The EWSS provides a flat-rate subsidy to qualifying employers. Employee pension contributions can be deducted from the EWSS where they could not from the TWSS.

Budget 2021

The budget was announced on 13 October 2020. The budget did not make any changes to private pension provisions. There was no change to the State Pension Age (currently 66). There was however, a ?5 increase to the weekly Living Alone allowance from ?14 to ?19.

Pensions Authority Guidance

IORPs II - new guidance for DB schemes issued for Trustees (available here)

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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