The Winter 2016 edition of our Pensions Update contains important new information related to Budget 2017, Pensions Authority updates, and Case Law Updates.
1. Budget 2017
Budget 2017 was announced on 11 October 2016 and the implementing Finance Bill was published on 18 October 2016. Together, they contained two pensions-related initiatives.
Benefits for Pensioners Increase
There will be a €5 per week increase in the State pension with effect from 10 March 2017. The timing of the increase will mean that schemes which operate State pension offsets based on the State pension amount in January of a given year will not see a change to the deduction until January 2018.