The Social Welfare and Pensions Bill 2017 was published yesterday. It contains a number of proposed amendments to the Pensions Act which directly impact on Defined Benefit (DB) schemes:
With an increasing legislative burden for DB schemes, we expect to hear more and more about the winding-up of these schemes. This can be harrowing news for those involved and very often, members worry about their years in retirement and the subsequent effect on their standard of living.
However, a question that must be posed is: is this a benefit in disguise? Members of DB schemes can be quietly pleased when they learn of the capital value of their pension benefits with six and often seven figure sums being quoted and the control of these funds can transfer in to their hands.
If you would like Impartial Advice on the options available to you on your DB scheme contact us on 01 2375500 or email email@example.com
To view full details of the bill click here
The material is not intended to provide advice and is provided for general information purposes only.
The legislative information contained herein is based on Harvest Financial Services Limited’s understanding of current practice as at May 2017 and may change in the future.