Pensions Board revises timeframe for DB schemes to submit funding proposals

Issued : 26 September 2012

The Pensions Board has revised the timeframe for defined benefit schemes with funding deficits to submit funding proposals to the Board. This follows consideration of representations made to the Pensions Board.

Trustees of all schemes required to submit funding proposals over the period 31 December 2012 to 31 May 2013 will now have until 30 June 2013 to submit their funding proposal to the Board.

The revised deadline applies to all relevant schemes irrespective of a scheme’s year end date and irrespective of whether or not the funding proposal is in conjunction with a section 50 application.This decision is to allow trustees additional time to fully explore all options available to address scheme funding deficits.

The Board expects there will be no lessening of the efforts by trustees to resolve scheme deficits as a result of the additional time. The Board would also remind trustees that notwithstanding the revised deadline completed funding proposals can be submitted at any time on an ongoing basis

Source: Pensions Board, Irish Republic