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ARTICLE · 12 OCTOBER 2015

Pensions Update, Autumn 2015

Arthur Cox
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This update applies to deferred benefit schemes and concerns the recently published Pensions Authority Financial Management Guidelines for Defined Benefit Schemes.

IrelandEmployment and HR
Arthur Cox
Arthur Cox
Philip Smith
Philip Smith
Sarah McCague
Sarah McCague
Michael Shovlin
Michael Shovlin
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This update applies to deferred benefit schemes and concerns the recently published Pensions Authority Financial Management Guidelines for Defined Benefit Schemes.

SUMMARY ACTIONS

  • Review governance arrangements for compliance with the guidelines.
  • Revise business plan to ensure an annual check against the guidelines occurs.

BACKGROUND

  • On 22 May 2015 the Pensions Authority (the "Authority") published financial management guidelines for defined benefit schemes. The guidelines set out what the Authority sees as good practice for trustees to follow in order to understand and manage the funding and investment of their defined benefit scheme.
  • Trustees should ensure that they have access to adequate actuarial and investment advice. However, the responsibility for the scheme always rests with the trustees, who should therefore ensure that they understand the advice they receive and the decisions they as trustees are required to take.

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