Pensions, mergers and acquisitions and reconstructions. The terms, conditions and status of a pension scheme, in particular, the employer’s funding obligations, may impact critically upon the value of the employer company. Accordingly, a review of the pension scheme’s obligations, funding and compliance status is essential for a purchaser of the company or the business, in order to understand the liabilities, […]
Pensions and Discrimination Historically, many pension schemes contained provisions that were discriminatory on the basis of gender. These included different retirement ages, members benefits, survivors’ benefits, accrual rates and entry conditions. Men and women were usually treated differently. In some cases, women were treated more favourably. The principle of equal pay men and women for equal work is set out […]
Pensions and family law On judicial separation and divorce, the courts may designate and/or transfer part of one spouse’s pension benefits to the other. The court order is a pension adjustment order. A pension adjustment order is available to a spouse, dependents and civil partners. A pension adjustment order may overrule the terms of the scheme. The spouse or other […]
Winding up Winding up requires that the pension fund’s assets are ascertained, got in and distributed in the manner required, for the benefit of the present and prospective beneficiary. The trust should make provision for shortfalls and surpluses. Costs and expenses of winding will have priority, subject to provisions to the contrary. The trust deed should provide generally for the […]
General Insolvency issues I The employers insolvency legislation may cover unpaid contributions, at least to an extent. The legislation covers a range of occupational pension schemes. It covers pension arrangements which provide for benefits on retirement for employees. The sums which may be payable from the Insolvency Fund (subject to the post 2007 amendments) are the amounts payable, but unpaid […]
S.I. No. 717/2020 – Occupational Pension Schemes (United Kingdom Members) Regulations 2020 I, HEATHER HUMPHREYS T.D., Minister for Social Protection in exercise of the powers conferred on me by section 5 and section 5A (inserted by Section 44 of the Social Welfare Act, 1993 (No. 5 of 1993)) of the Pensions Act 1990 (No. 25 of 1990) (as adapted by […]
Contribution from EU Sponsor Cross-border activity’ means operating a scheme or trust RAC where the relationship between the sponsoring undertaking (employer), and the members and beneficiaries concerned, is governed by the social and labour law of a Member State other than the State; The trustees of a scheme or trust RAC shall not accept any contributions to a scheme or […]