Changes To The Risk Reserve Requirements

Author:Mr Bryan Dunne, Brian Buggy, John Dunne and Paul Glenfield
Profession:Matheson
 
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The Social Welfare and Pensions Act 2012 introduced a requirement for defined benefit pension schemes to maintain a risk reserve of 15% over and above current liabilities. Under the Occupational Pension Schemes (Funding Standard Reserve) Regulations, 2013 (the "Funding Standard Regulations") the risk reserve requirement is to be reduced to 10% of the scheme's liabilities. Given the funding difficulties being experienced by many defined benefit schemes, this change is to be welcomed. The Funding Standard Regulations also provide that additional...

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