The Pensions Board has announced that a number of provisions in the new Social Welfare and Pensions Bill will update the Pensions Act to bring it into line with EU law.
The changes to the Pensions Act will also include amendments to the funding standard for defined benefit schemes.
The bill will change the powers of the Pensions Board, to ensure that it has sufficient power to investigate pension schemes and to ensure that the Pension Board's powers are generally in line with EU law.
The new bill prohibits people who are undischarged bankrupts, or who have been convicted of an offence involving fraud or dishonesty, from acting as trustees of a scheme.
It also proposes to extend the cooling off period for PRSAs from 15 to 30 days.
The Irish Association of Pension Funds (IAPF) has welcomed the changes, but said that other more substantive changes should be considered, such as the introduction of a state supported annuity scheme.
