The Pensions Board has recently announced a revised deadline of 30 June 2013 for defined benefit schemes with funding deficits to submit funding proposals to the Pensions Board.

Prior to this extension, trustees of such schemes were required to submit funding proposals over the period 31 December 2012 to 31 May 2013. The revised deadline will apply to all relevant schemes irrespective of a scheme’s year-end date and irrespective of whether or not the funding proposal is in conjunction with a Section 50 application.

The extension granted and the resulting further time permitted to agree and submit a funding proposal is a welcome relief to trustees.  However it should be noted that notwithstanding the revised deadline completed funding proposals can be submitted at any time on an on-going basis.

Contributed by Mary Greaney, Lorna Osborne and Michael Wolfe.