Since our last update, the Occupational Pension Schemes
(Funding Standard Reserve) Regulations, 2013 and the
Financial Emergency Measures in the Public Interest Act,
2013 have come into force and the Social and Welfare and
Pensions (Miscellaneous Provisions) Act, 2013 has been
enacted. In addition, on 29 May last, the Minister for Social
Protection made a public statement in relation to the calculation
of transfer values. Further details on each of these are set out
below.
THE OCCUPATIONAL PENSION SCHEMES (FUNDING STANDARD RESERVE)
REGULATIONS, 2013 (THE "REGULATIONS")
The Regulations were brought into force on 27 May 2013 and
reduce the amount of the risk reserve that must be held by defined
benefit pension schemes from 15% to 10%. This means that schemes in
respect of which funding proposals were submitted by the deadline
of 30 June 2013 or at a future date, will only have to hold
matching risk reserve assets up to 10% of their liabilities in
order to satisfy
