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ARTICLE · 20 APRIL 2012

Pensions Update

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

Mason Hayes & Curran LLP

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Welcome to the Mason Hayes & Curran Pensions Update which will briefly outline the proposed changes for pensions contained in the Social Welfare and Pensions Bill 2012 (the "Bill").

IrelandEmployment and HR
Peggy Hughes
Peggy Hughes
Deborah McHugh
Deborah McHugh
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Welcome to the Mason Hayes & Curran Pensions Update which will briefly outline the proposed changes for pensions contained in the Social Welfare and Pensions Bill 2012 (the "Bill").

Background to this Update

The funding standard for defined benefit pension schemes has been in abeyance for some time. On 28 October 2011, the Irish Government announced changes to the funding standard. Legislation to effect those changes has since been awaited. On 5 April 2012, the Bill was finally published incorporating some of the proposed changes to defined benefit pension schemes.

The Government plans to introduce a risk reserve requirement over an extended period of time from the re-introduction of the funding standard. The Department of Social Protection issued an accompanying press release to the Bill which states that the requirement to provide for a risk reserve will take effect from 1 January 2016. Some of the previously proposed changes have not been included in the

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