19/01/2012
By Adam Cadle
The publication of revised guidance for defined benefit schemes in deficit has been delayed, the Irish Pensions Board has announced.
On 28 October 2011, the Board announced that 70 per cent of DB schemes were in substantial deficit and new proposals would have to be published so that trustees could prepare effective recovery strategies and revise member contribution values.
The Pensions Board chief executive Brendan Kennedy said: “The Board apologises for the delay in publishing this information. However, the Board in conjunction with the Department of Social Protection continues to work on the complex requirements of updating the technical guidance for Section 49(3), Section 50/50A and sovereign annuities.
“The new guidelines will provide all the technical information needed by trustees and their advisers to prepare a recovery plan. I can also confirm that the new deadlines will also give the trustees adequate time to prepare funding plans in light of the new funding requirements.”
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