The Minister for Social Protection, Joan Burton announced yesterday a number of regulatory changes to the Pensions Acts 1990 to 2010. A copy of the press release is attached here.
The proposed changes announced relate to Section 44(2)(a)(iv) of the Pensions Acts and seek to provide greater flexibility for pension schemes as they prepare their funding proposals for the Funding Standard on June 30, 2013.
The Minister stated that if a pension scheme does not meet the Funding Standard, then a funding proposal must be presented to the Pensions Board to show how the deficit will be addressed. It is expected that the proposed regulatory changes will reduce the level of risk that such schemes are obliged to maintain.