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27/04/2009
Government Moves To Support Pension Schemes
The Government has announced new measures to support the pension schemes of companies that have become insolvent.
The new Pension Insolvency Payment Scheme is to be run by the National Treasury Management Agency.
It is to be finalised in the Oireachtas this week, along with changes to the Pensions Act.
Minister for Social and Family Affairs, Mary Hanafin, said last March that up to 90% of private sector-defined benefit pension schemes were in deficit, and that the total could be has high as €30bn.
Now she has announced proposed amendments to the Pension Act.
Instead of buying annuities from insurance companies, the trustees of a scheme can now pay a sum to the Government, which would cover the cost of paying the pensions of their retired members.
The change is aiming at achieving significant savings that could be put towards the pensions of those people who have yet to retire.
It is thought that the measure could ensure that any 'pain' is shared more equally among members of schemes that either need to be restructured or that are wound up with a deficit.
Complaints to the Pensions Ombudsman were at 43% last year.
(AC/BMcC)
The new Pension Insolvency Payment Scheme is to be run by the National Treasury Management Agency.
It is to be finalised in the Oireachtas this week, along with changes to the Pensions Act.
Minister for Social and Family Affairs, Mary Hanafin, said last March that up to 90% of private sector-defined benefit pension schemes were in deficit, and that the total could be has high as €30bn.
Now she has announced proposed amendments to the Pension Act.
Instead of buying annuities from insurance companies, the trustees of a scheme can now pay a sum to the Government, which would cover the cost of paying the pensions of their retired members.
The change is aiming at achieving significant savings that could be put towards the pensions of those people who have yet to retire.
It is thought that the measure could ensure that any 'pain' is shared more equally among members of schemes that either need to be restructured or that are wound up with a deficit.
Complaints to the Pensions Ombudsman were at 43% last year.
(AC/BMcC)
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