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ARTICLE · 13 JUNE 2012

Social Welfare and Pensions Act, 2012

Arthur Cox
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The Social Welfare and Pensions Act, 2012 (the "2012 Act") was passed into law in February of this year. The 2012 Act amends the Pensions Act, 1990 in a number of ways.

IrelandEmployment and HR
Philip Smith
Philip Smith
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Summer 2012

The Social Welfare and Pensions Act, 2012 (the "2012 Act") was passed into law in February of this year. The 2012 Act amends the Pensions Act, 1990 in a number of ways. The main changes are:

  • The introduction of a risk reserve into the funding standard. This will apply to the all schemes that did not meet the statutory minimum funding standard ("MFS") on 1 June 2012. The Department of Social Protection have issued a press release indicating that the requirement to provide for a risk reserve will take effect from 1 January 2016. The current statutory minimum funding standard, which has been in abeyance for some time, will be restored and will apply until 1 January 2016. The standard will be revised to provide an allowance for the purchase of sovereign annuities and bonds. The Pensions Board has published deadlines by which schemes that are in deficit must submit funding proposals. Such schemes must submit a funding proposal by the later of 31 December

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