Industry & Business

Remove provisions on defined benefit pensions – Ibec

 Breaking News
  • Cyber attack hits IT systems in Ireland and UK Several organisations including big business and government offices in eastern Europe have been hit by a worldwide cyber attack. It has been reported that companies in Ireland may also have been affected, with computer systems at shipping group Maersk failing across regions including Ireland. Danish, British and Spanish multinationals have also been hit by the [...]...
  • Irish and UK retailers highlight Brexit challenges Retail Ireland, the Ibec group that represents the sector, has joined forces with the British Retail Consortium and the Northern Ireland Retail Consortium to explore the implications for the sector arising from Brexit. They will meet in Dublin with a number of Government Departments, consumer advocates and individual retailers to seek solutions to mitigate the [...]...
  • Best ever month of May for Irish tourism Commenting on figures published today by the CSO for overseas visitors to Ireland for January to May, Niall Gibbons, CEO of Tourism Ireland, said: “I am pleased to see growth of more than +3% for the five-month period January-May, coming on the back of a record performance in 2016 and years of solid growth in [...]...
  • New CEO at Barclays Bank Ireland Barclays Bank Ireland has announced the appointment of Kevin Wall as its new chief executive. He succeeds Sarah Wiggins who will take up a new role within Barclays as head of east and south east in UK corporate banking next month. Mr Wall joined Barclays in 1981 and has held a variety of roles across the business, [...]...
  • €330,000 funding announced for ‘Women’s Rural Entrepreneurial Network’ New funding has been announced for female entrepreneurs living in Cork and Limerick. The Women’s Rural Entrepreneurial Network (WREN) project will see more than €330,000 in funding, provided by the Department of Justice and Equality and the European Social Fund, allocated to promote entrepreneurial skills amongst women in these regions, through a tailored and focused [...]...

Remove provisions on defined benefit pensions – Ibec

Remove provisions on defined benefit pensions – Ibec
June 19
09:00 2017

Ibec, the group that represents Irish business, today appeared before the Oireachtas Joint Committee on Social Protection and called on it to remove flawed provisions on defined benefit pensions from the Social Welfare and Pensions Bill. The hearing was part of the pre-legislative scrutiny process in advance of publication of the detailed provisions of the bill.

Commenting after the meeting, Ibec Director of Policy and Public Affairs, Fergal O’Brien stated: “While we recognise the intention to preserve a sustainable level of retirement savings for those in defined benefit schemes, we believe that the proposed legislation will in fact be counter-productive and could lead to the accelerated closure of such schemes. Employers that have established defined benefit schemes on a voluntary basis to provide retirement income for their employees would be hit with excessive regulation and a retrospective mandatory obligation. This will ultimately penalise employers who have sought to continue to operate defined benefit plans in the most challenging of regulatory and economic environments. This is patently unfair to this group of businesses. Provisions which would put pensions debt on employers constitute a rubicon crossing in pensions policy and will lead to a more rapid decline in defined benefit schemes. This cannot be in the interest of the State or the scheme members.

“The measures would not only impose an extra funding burden on employers, but excessive pension demands could also jeopardise the viability of the businesses involved and the livelihoods of employees. For a certain group of businesses, the provisions could also result in very substantial amounts of pension debt being put on their balance sheets, leading to significant financial and commercial implications. We hope that the Committee members will take on board our concerns and adopt a more sensible approach to supporting employers, trustees and scheme members involved in defined benefit pension schemes.”

About Author

editor

editor

Related Articles






Advertisements

































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4

Join our Newsletter!



By subscribing you agree to receive updates from us by email. You can opt out of receiving emails at any time.