Readers should take note of an important issue about which the Law Society of Ireland has recently alerted the Pensions Authority and legal practitioners. It relates to the serious effect of new EU pension legislation on death-in-service benefits for
former spouses. Please
click here for a link to the Law Society’s website which provides the background. In summary the arising issue means that no payment will be made to the beneficiary of a Contingent Benefit Pension Adjustment Order on the death in service of a member of a scheme which has moved to a Master Trust. The Law Society has met with the Irish Pensions Authority and believes that the issue is of such severity that emergency legislation is required.
It has also issued a bulletin to practitioners and made available a letter it wrote to the Pensions Authority both of which readers can access by following the above link to its website.
Anyone who may potentially be affected by this issue should contact their pension and /or other professional adviser for further advice.