The Minister for Social Protection has announced that the 30 November 2010 – 31 May 2011 deadline for the submission of defined benefit pension scheme funding proposals is being extended.  The Pensions Board has deferred this deadline for all schemes but has not yet announced the revised deadline.  This will have to take account of the legislative changes to be introduced by the Government and allow schemes time to prepare new submissions in light of any changes. The Board will contact all schemes which have made submissions asking them if they want to withdraw the applications.  

The Government has also announced that work on the defined benefit aspects of the National Pensions Framework is being speeded up and that new legislation will be introduced no later than 1 July 2011.  This will involve considering strategies for moving schemes to a new defined benefit model.