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ARTICLE · 23 MAY 2017

Social Welfare And Pensions Bill 2017

Matheson
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On 9 May 2017, the Irish Minister for Social Protection, Leo Varadkar (the "Minister"), announced the publication of The General Scheme of the Social Welfare and Pensions Bill 2017 (the "General Scheme").

IrelandEmployment and HR
Brian Buggy
Brian Buggy
Deirdre Cummins
Deirdre Cummins
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On 9 May 2017, the Irish Minister for Social Protection, Leo Varadkar (the "Minister"), announced the publication of The General Scheme of the Social Welfare and Pensions Bill 2017 (the "General Scheme"). The General Scheme aims to offer greater safeguards to members of defined benefit pension schemes and, as published, has the potential to significantly alter the funding regime for such schemes. The publication of the General Scheme has particular significance for any defined benefit pension scheme with an immediate termination power, as well as schemes that are underfunded by reference to the statutory minimum funding standard ("MFS").

At this point, we would alert employers and trustees to the following headline issues:

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