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Pensions Authority Issues Guidance on Operation of Pensions Insolvency Payments Scheme
In April 2016, the Pensions Authority published prescribed guidance in relation to the Section 48A procedure under the Pensions Act 1990 (as amended) (the “Pensions Act”).
Section 48A provides for the payment of certain amounts by the Minister for Finance to a scheme in circumstances where the wind up is taking place after 25 December 2013, where the scheme is insolvent and where the sponsoring employer(s) is also insolvent at the date of wind up. The guidance is to be read in conjunction with the Ministerial Guidelines issued under section 48A(10)(a) of the Pensions Act and sets out details in relation to the actuarial statement to be submitted as well as in relation to the application to be made by trustees to the Pensions Authority for certification of the relevant amount.
This article was authored by Jane McKeever (pictured above), Associate in the Employment, Pensions and Benefits Group.