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Ireland delays guidance for defined benefit pension funds in deficit

IRELAND - The announcement of new deadlines for Irish defined benefit (DB) schemes in deficit is being delayed, the Pensions Board has announced.

The regulator had previously said it would publish revised guidelines for DB schemes in deficit, and announce new deadlines by which schemes in deficit must submit a recovery plan to the board, by the end of 2011.

Brendan Kennedy, chief executive of the Irish pensions regulator, 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.”

He added: “We are well aware of the importance of this matter, and I can confirm the updated guidance and the new deadlines will be issued as soon as possible.

“I can also confirm the new deadlines will also give the trustees adequate time to prepare funding plans in light of the new funding requirements.”

The new guidelines would give all the technical information trustees and their advisers needed to prepare a recovery plan, he said.

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