Funding Proposal Update
11 November 2011

The Pensions Board has announced that recovery plans submitted to the Pensions Board by 12 noon Friday 16 December 2011 will continue to be considered by the Board under the current funding standard and guidance.

For later submissions, the Pensions Board has confirmed that guidelines will be published by the end of the year. The updated guidelines will take account of the recent changes introduced by the Minister (these include the introduction of risk reserves, the ability to take credit for sovereign annuities and other changes).  Deadlines for the submission of proposals will also be reintroduced. The earliest such date will be no earlier than 1 July 2012.

The trustees should now decide whether to avail of the time period to submit a funding proposal under the old regime or to wait until the guidelines are published (considerations will differ for different schemes). If you are considering submitting a funding proposal before 16 December and you wish to discuss this in more detail please contact Roma Burke at 01 614 4393 or the normal partner who advises you.