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ARTICLE · 01 AUGUST 2016

Pensions Update: "Negative" Result For Pensions

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

Mason Hayes & Curran LLP

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Brexit is bad news for pension schemes. Since 23 June, we have seen falls in equity markets and increases in the cost of purchasing annuities.

IrelandEmployment and HR
Stephen Gillick
Stephen Gillick
Peggy Hughes
Peggy Hughes
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Brexit is bad news for pension schemes. Since 23 June, we have seen falls in equity markets and increases in the cost of purchasing annuities. In this environment, the appearance of "negative" revaluation may actually be viewed in a positive light. We examine what "revaluation" is and explain how recent changes may benefit pension scheme solvency.

The trustees of defined benefit pension schemes apply a statutory annual percentage, known as the revaluation rate, to the preserved benefits of deferred members. The applicable revaluation rate is decided by the Minister for Social Protection (the "Minister") and is notified to the industry in a statutory instrument that is published each year.

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