The Pensions Board is further extending by five months the deadline for defined benefit schemes to submit funding proposals and or section 50 applications for approval by the Board.
This extension allows schemes to take into account the recently implemented Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations 2010 (S.I No. 148 of 2010). This regulation permits schemes to increase the pension scheme's normal retirement age under section 50 of the Pensions Act with immediate and retroactive effect.
The extension will also allow scheme trustees and employers to consider the effect of the proposed changes in the National Pensions Framework.
See the Pensions Board Website for further details of the extension.