Board set to propose pension scheme revamp

RULES governing defined benefit pension schemes, which provide for employees to receive a set percentage of their salary when they retire, are set for a revamp.

The Pensions Board, the Government-sponsored body responsible for monitoring pension schemes to ensure they are adequately funded, has invited unions, employers, individuals and consumer groups to submit their views on the future of defined benefit schemes before September 10.

Pensions Board chief executive Anne Maher said yesterday that the consultation process aimed to get a wide a range of views before deciding on a minimum standard for funding pension schemes.