Details of pension fund due ‘shortly’

SOCIAL Protection Minister Joan Burton has said the Government will publish final details of its much anticipated sovereign annuity pension initiative “shortly”.

Initially proposed by the Irish Association of Pension Funds and the Society of Actuaries in Ireland, the relevant legislation for the scheme — whichlifts investment restrictions for Irish-managed pension funds and allows them to invest more in the domestic economy — was passed last December, but the regulations still haven’t been finalised.

Addressing an Irish Life conference on pensions yesterday, Ms Burton said: “This is another area where a lot of work has been done over the past year or so. This work is ongoing, but I expect the final details to be concluded shortly.”