The World Health Organisation (WHO) declared COVID-19 as a “pandemic” on March 11, 2020.

The Government has been working to facilitate the conduct of business in the country, thereby permitting a rapid boost to the Indian economy. Attributable to multiple factors such availability of multiple resources, friendly regulatory mechanism, easy availability of labour, has contributed towards the growth of the industrial sector. Numerous efforts made by the employees of the business corporates have accelerated the pace of development in the nation.

Labour welfare

It is timely, with further reform of the new Indian Bankruptcy Code (IBC) in prospect, to outline our thoughts on some of the current issues on which various market participants have requested an understanding of the approach and learnings of overseas practitioners.

Provider Beware! Bankruptcy Payment Order May Be Required to Pay a Bankrupt's Pension to Official Assignee

Welcome to day 3 of our '12 Days of Christmas' series. Today we look back on the effect of bankruptcy on a personal pension policy.

Costello J in the High Court recently gave judgment in the case of In re James Coady (a Former Bankrupt) [2017] IEHC 653. In this case the Official Assignee ("OA") had sought directions in respect of what rights could vest in the OA from the bankrupt's pre-retirement personal pension policy (the "PP"). The bankrupt had reached normal retirement age under the PP after he was adjudicated bankrupt but before he was discharged from bankruptcy.

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 1 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.

We examine the scope of the Pensions (Amendment) (No. 2) Bill 2017 and look at the potential impact on defined benefit pension schemes in Ireland, if enacted.

In April 2016, the Pensions Authority published prescribed guidance in relation to the Section 48A procedure under the Pensions Act 1990 (as amended) (the “Pensions Act”).

NEW GOVERNMENT LEGISLATION PROGRAMME: INDUSTRY & SECTOR SPECIFIC BREAKDOWN 19 JANUARY 2015 The Irish Government has published its legislation programme for the Spring/Summer 2015 parliamentary session. There are 32 Bills which are currently before the Oireachtas. In addition, there are 137 proposed Bills set out in the Programme, 41 of which the Government intends publishing during the Spring/Summer Session.

124 members of the Element Six pension scheme are suing the trustees of the scheme in the Commercial Court for alleged breach of duty arising out of the decision to close the scheme with a significant deficit.  The members claim that the trustees breached their duty to the members by failing to demand that the employer fully fund the deficit in the scheme before wind up.  A number of general issues relating to the obligations of trustees were raised during the 3-week hearing of the case.

Background