Data protection rules already apply to the trustees of pension schemes as a result of the Data Protection Acts 1988 and 2003. The existing data protection legal framework will be significantly strengthened from 25 May 2018 when the EU General Data Protection Regulation (GDPR) comes into force. If trustees have not already started to consider
Ireland's Pensions Law Blog
Blog Authors
Latest from Ireland's Pensions Law Blog
General Scheme of the Social Welfare and Pensions Bill 2017: statutory notice periods, debt on the employer and implications for scheme funding
By Aoife Malone
The Minister for Social Protection, Leo Varadkar, has this week published the General Scheme of the Social Welfare and Pensions Bill 2017. The General Scheme is an initial draft of a bill which is then subject to pre-legislative scrutiny before being finalised. While in the normal course it could take some months for a General…
Financial Services and Pensions Ombudsman Bill
By Aoife Malone
We have previously commented on legislation introduced as part of the process to amalgamate the offices of the Financial Services Ombudsman and the Pensions Ombudsman (see post of 27 May 2016 below). The decision to amalgamate the offices was made by the Government in 2013 following a recommendation from the OECD. Two draft bills (The…
Pensions Authority to host Pension Reform Consultation Forum
By Aoife Malone
The Pensions Authority has recently published a consultation document that proposes several reforms in relation to private pension schemes in Ireland. The stated aim of the Authority is to ensure that pension schemes are fit for purpose which, in the Authority’s view, means the schemes should be “well managed, cost efficient and understandable to their…
Implications of Brexit for Irish Occupational Pension Schemes
It is not clear that there will be any immediate significant legal implications for Irish occupational pension schemes of the UK exiting the EU. However, the effect on the investment market and the continued uncertainty around Brexit is likely to have more immediate and significant consequences for Irish defined benefit schemes and their sponsoring employers.…
Pensions Authority releases statistics for defined benefit schemes
Since June 2012, under the Occupational Pension Schemes (Disclosure of Information) Regulations 2006, trustees of schemes which are subject to the statutory funding standard are required to submit an Annual Actuarial Data Return each year. Details of the Return are set out in the Disclosure Regulations which must be completed by the scheme actuary and…
Pensions Act amended to allow Financial Services Ombudsman to hold the office of Pensions Ombudsman
Statutory Instrument No.229 of 2016, signed by the Minister for Social Protection on 5 May, represents another step towards the amalgamation of the offices of the Financial Services Ombudsman and the Pensions Ombudsman. The Government made the decision to merge the two agencies in May 2013, after a recommendation from the OECD.…
Pensions Authority Engagement with Trustees of Defined Benefit Schemes
At the Irish Association of Pension Funds Annual Investment Conference held last week, Brendan Kennedy, the Pensions Regulator, reiterated the Pensions Authority’s continued focus on good governance and its plans for ramping up the Authority’s programme of engagement with trustees of defined benefit schemes. This engagement includes continuing to invite such trustees to meet with…
Pensions Authority Codes of Governance for Defined Contribution Pension Schemes
By Aoife Malone
As part of its remit, the Pensions Authority is responsible for the monitoring and supervision of, and the issuing of guidelines or guidance notes on, the operation of the Pensions Act. One of the key objectives of the Pensions Authority for 2016 and the coming years is to provide further guidance for trustees of occupational…
The Omega Pharma case – Trustee and Employer Guidance
What is the Omega Pharma case?
The Omega Pharma case has confirmed that the scheme’s governing documentation and not the Pensions Act minimum funding standard determine the employer’s liability to contribute to defined benefit schemes on wind-up.
On 25 July 2014, Mr Justice Moriarty in the Commercial Court handed down judgment in the case of…