changes defined pension scheme

[dewdrop]

abroad on hols at prsent. saw above heading and at a glance it would seem that if such a scheme was wound up existing pensioners would suffer. So i can relax for the remainder of the hols some kind person might be kind enough to briefly explain the changes. I am retired from one of the "former" major banks.

 

[DerKaiser]

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The Pensions Act will be amended to provide for a more equitable outcome for all scheme members who have contributed to the pension fund. This amendment to the Pensions Act will be subject to detailed drafting considerations:

o Continue to prioritise existing pensioners and ensure that they receive their benefits, but only up to a level of €30,000 (two and half times the State pension) or 75% of expected benefits whichever is the lower.

o Assets in the scheme would then be distributed among active and deferred members to the same limits.

o Pensioners would then get priority in the distribution of the remaining assets before any further assets are distributed to active and deferred scheme members