This section contains guidance (known as “statutory guidance”) issued by The Pensions Board and prescribed by the Minister for Social Protection under the Occupational Pension Schemes (Funding Standard) Regulations 1993 to 2009 (as amended or replaced).
Statutory guidance has the force of law and shall not be altered without the prior consent of the Minister for Social Protection. It should be read in conjunction with the provisions of the Pensions Act 1990, as amended and Regulations made thereunder to which it relates.
- Section 42 guidance prescribes the manner in which the actuary may value pensions in payment when completing an actuarial funding certificate and/or funding standard reserve certificate, where a scheme holds sovereign bonds and/or sovereign annuities.
- Section 47 guidance in relation to employer undertakings prescribes the manner in which trustees may include an unsecured undertaking as a scheme resource for the purpose of determining whether the scheme satisfies the funding standard reserve.
- Section 47 guidance in relation to contingent assets prescribes the requirements which a contingent asset must satisfy to be included as a scheme resource for the purpose of determining whether the scheme satisfies the funding standard or the funding standard reserve.
- Section 49 guidance prescribes the requirements with which the actuary must comply when certifying a funding proposal; the circumstances in which The Pensions Board may specify a later date for submission of a funding proposal; the circumstances in which trustees are not required to submit a funding proposal; the trustees’ obligations on failure to comply with a funding proposal; and the circumstances in which The Pensions Board may declare a funding proposal invalid.
- Section 50 guidance prescribes the requirements with which trustees must comply when making an application to The Pensions Board under section 50 of the Pensions Act 1990, as amended.
To ensure that you have an up-to-date and unaltered copy of this statutory guidance you should download it directly from www.pensionsboard.ie.