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The Social Welfare and Pensions Bill 2012 was published on Thursday 5 April 2012. It includes a number of provisions to give effect to the proposed changes to the regulatory regime for defined benefit pension schemes. It appears, however, that much of the detail will be contained in regulations and/or guidance which will be provided subsequently by the Minister for Social and Family Affairs or the Pensions Board.
In particular, the Pensions Board will issue prescribed guidance setting out the requirements for funding proposals and has been given wide discretion in this regard. The Bill therefore leaves many key questions unanswered. There may also be changes as the Bill goes through the Oireachtas. It is therefore too soon to assess the precise impact of the new regime.
For further information on the key provisions of the Bill and to request a copy of Mercer's commentary (PDF version) - please contact our Marketing Department.
For further information, please contact your usual Mercer contact.
Alternatively, queries may be directed to our marketing department via
Charlotte House, Charlemont St, Dublin 2
+353 1 603 9700
23/25 South Terrace, Cork
+353 21 491 0900