IBEC welcomes pension proposals

IBEC has described as helpful new modifications by the Pensions Board to its guidelines for Section 50 pension scheme funding applications, but has said they don’t go far enough to safeguard the future of many defined-benefit schemes.

The employers’ representative body has been one of the fiercest critics of the Pensions Board’s recent change to Section 50 application guidelines (which are made to seek permission from the body to reduce benefits previously offered within occupational pension schemes, to meet the minimum funding standard requirement).

IBEC and industry consultant Mercer have suggested a more rigorous set of rules could lead to the end of many existing schemes.