Submission of defined benefit scheme recovery plans
Following the announcement on 28 October by Joan Burton TD, Minister for Social Protection, on changes to the funding standard for defined benefit schemes, 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, trustees should note that the Board expects to publish updated guidance by the end of the year in relation to applications under both Section 49(3) and Section 50/50A of the Pensions Act.
The updated guidelines will take account of the changes introduced by the Minister and will inform trustees of schemes which are not in compliance with the funding standard of the dates by which recovery plans must be submitted to the Board. The earliest such date will be no earlier than 1 July 2012.