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ARTICLE · 01 MARCH 2017

The Pensions (Amendment) Bill - Stay Of Execution For Defined Benefit Schemes?

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

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We examine the scope of the Pensions (Amendment) (No. 2) Bill 2017 and look at the potential impact on defined benefit pension schemes in Ireland, if enacted.

IrelandEmployment and HR
Stephen Gillick
Stephen Gillick
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We examine the scope of the Pensions (Amendment) (No. 2) Bill 2017 and look at the potential impact on defined benefit pension schemes in Ireland, if enacted. 

The Pensions (Amendment) (No.2) Bill 2017 (the "Bill") has passed the second stage of approval in the lower house of the Irish Government ("the Dáil") by 82 votes to 51. It will now be referred to the Select Committee on Social Protection. The Bill, if passed into law, will result in seismic changes for defined benefit pension schemes in Ireland. Amongst the measures included in the Bill is an appeal mechanism for members of a defined benefit scheme where the wind-up process has been initiated. The Bill also contains provisions that would enable the Irish Pensions Authority (the "Authority") to veto any proposal by a solvent employer to wind-up a defined benefit scheme. 

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