S50 Application Form
Section 50 Application Form
Completed application form should be e-mailed to dbfunding@pensionsauthority.ie
Scheme Name (“the
Scheme”):
PENSIONS
AUTHORITY
REFERENCE NO. PB
Section 1: Trustee Application and Statement
The Trustees of the Scheme hereby request that the Pensions Authority issues a direction under s50
of the Pensions Act 1990, as amended (“the Act”), on the terms set out in this Application.
The Trustees confirm that they have:
 undertaken the comprehensive review of the Scheme described in paragraph 3.1 of the
prescribed guidance issued by the Pensions Authority under s50(4) of the Act (the
“Guidance”);
 requested from the Employer* under the Scheme, contributions sufficient to ensure the long
term stability and sustainability of the Scheme without the reductions sought in this Application
and the Employer has declined to pay those contributions;
 carried out the review referred to above in consultation with the Employer except to the extent
that the Employer has failed to engage in that review;
 provided the information to members, other persons and any authorised trade union required
under paragraph 4 of the Guidance and did not make a decision on this Application until the
time limit for making observations had passed;
 considered all available options to address the deficit within the Scheme;
 sought legal and actuarial advice in accordance with the Guidance;
and, in light of the Scheme review and having considered any observations made by members, other
persons or any authorised trade union, the views of the employers and the legal and actuarial advice
received, they have concluded that the Application for a s50 direction described in Section 8 of this
Application is in the best interests of the beneficiaries under the Scheme.
Where the Employer has not completed Section 2 of this form, the Trustees confirm that they have
consulted with the Employer (except to the extent the Employer has failed to engage with the
Trustees) and the Employer is aware of the details of this Application.
The Trustees confirm that all information contained in, or provided with, this Application Form is true,
complete and up to date and that they have disclosed to the Pensions Authority all information which
might reasonably be considered relevant for the purposes of this Application.
* Where the term “Employer” is used in this Application Form, it should be given the meaning set out in the Authority’s
Guidance under s50.
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S50 Application Form
Signed and dated (by at least two trustees or, in the
case of a corporate trustee, by at least two directors)
Signature:
Date:
Name (printed):
Signature:
Name (printed):
Vers: 02 – April 2014
Date:
S50 Application Form
Section 2: Employer Details and Statement
Legal title/name of the Employer
(“the Employer”)
Legal basis upon which the
Employer is established, e.g. limited
company, association, partnership
If a company, the company
registration number
Business of Employer
The Employer hereby confirms that:
 the Trustees of the Scheme have requested from the Employer, contributions sufficient to
ensure the long term stability and sustainability of the Scheme without the reductions sought
in this Application and the Employer has declined to pay those contributions,
 the Trustees of the Scheme have consulted with the Employer in relation to the options being
considered by the Trustees (including the s50 process) to enable the Scheme to satisfy the
funding standard and funding standard reserve set out under s44 of the Act, and

the Employer is aware of the details of this Application including details relating to proposed
funding policy, investment policy and benefit reductions (including the level of member and
employer contributions).
Signed and dated
(by or on behalf of the Employer)
Signature:
Date:
Name (printed):
Note:
If the Employer is unable or unwilling to sign in the spaces provided, the spaces may be left blank.
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S50 Application Form
Section 3: Scheme Actuary’s Statement
The Scheme Actuary confirms that,
(a) in the case of a Scheme where a funding proposal has not been submitted with the s50
Application, immediately following the benefit reductions, in the opinion of the Actuary, the Scheme
will satisfy the funding standard and, in cases where the benefit reduction occurs on or after 1
January 2016, the funding standard reserve as set out under s44 of the Act,*
(b) in the case of a Scheme where a funding proposal has been submitted with the s50 Application,
(i) where the funding proposal is submitted before 1 January 2016, and the effective date of
the next Actuarial Funding Certificate or any later date specified under the said subsection
(3B) is before 1 January 2016, in the opinion of the Actuary, the Scheme could reasonably be
expected to satisfy the funding standard at the effective date of the next Actuarial Funding
Certificate or any later date specified under subsection (3B) of s49*, or
(ii) in any other case, in the opinion of the Actuary, the Scheme could reasonably be expected
to satisfy the funding standard at the effective date of the next Actuarial Funding Certificate or
any later date specified under subsection (3B) of s49 and the funding standard reserve at the
effective date of the next Funding Standard Reserve Certificate or any later date specified
under the said subsection (3B).
Indicate which one of the above, (a), (b)(i) or (b)(ii), is being confirmed by you.
Signed and dated by the Scheme Actuary
Signature:
Date:
Name (printed):
Scheme Actuary Certificate No.:
* Note: Paragraph 3.5 of the Guidance under s50 also requires Schemes to satisfy the funding standard
reserve where the benefit reduction occurs prior to 1 January 2016. Scheme Actuaries will be expected to
demonstrate this in Section 7 of the Application Form.
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S50 Application Form
Section 4: Grounds on which Section 50 Direction is sought
Please
indicate by
responding
Yes or No
The Trustees failed to submit an Actuarial Funding Certificate within the period
specified in s43 of the Act.
The most recent Actuarial Funding Certificate submitted to the Authority certifies that
the Scheme does not satisfy the funding standard, and the Trustees have not
submitted a funding proposal to the Authority in accordance with s49 of the Act.
The most recent Actuarial Funding Certificate submitted to the Authority certifies that
the Scheme does not satisfy the funding standard and the Trustees have submitted a
funding proposal to the Authority in accordance with s49 of the Act.
The Trustees failed to submit a Funding Standard Reserve Certificate within the period
specified in s43 of the Act.
The most recent Funding Standard Reserve Certificate submitted to the Authority
certifies that the Scheme does not satisfy the funding standard reserve, and the
Trustees have not submitted a funding proposal to the Authority in accordance with
s49 of the Act.
The most recent Funding Standard Reserve Certificate submitted to the Authority
certifies that the Scheme does not satisfy the funding standard reserve and the
Trustees have submitted a funding proposal to the Authority in accordance with s49 of
the Act.
Section 5: The funding and investment policies to be adopted by the Scheme
Description
The funding policy to be
adopted by the Scheme
(to include the reasons why
the proposed future
operation of the Scheme is
sufficiently robust to make
any future application
under s50 unlikely)
The investment policy to be
adopted by the Scheme
(to include specific
reference to any recent or
proposed changes in
investment policy)
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S50 Application Form
Section 6: Scheme Details, Calculation Assumptions and Funding Projections
Assumptions used to calculate proposed future contribution rate
post Section 50 reduction
Effective date of calculation of contribution rate
Investment return - pre retirement( %)
Investment return - post retirement (%)
(Pensionable) Salary Increases (%)
Inflation (if relevant) (%)
Normal pensionable age for this Scheme
Current male life expectation at normal pensionable age
Proposed future/ongoing contribution rate
Pensionable salary roll, if applicable (€)
Proposed total annual contribution rate (% or € or description)
Normal rate (% or € or description)
Amortisation rate (% or € or description)
Employer annual contribution rate (% or € or description)
Employee annual contribution rate (% or € or description)
Are risk costs included in contribution rates? (Y/N)
Are expense costs included in contribution rates? (Y/N)
Contribution rate (% or € or description) as calculated using the basis set
out in paragraph 3.4 of the Guidance.
Where the proposed future total contribution rate differs from the
contribution rate as calculated using the basis set out in paragraph 3.4 of
the Guidance, please provide a detailed explanation of how the proposed
contribution rate supports the long term stability and sustainability of the
Scheme and the factors, if any, which the Trustees have taken account of
in forming this view.
Pensioners in payment from the fund
Number of pensioners
Average age
Active members
Number of active members
Average age
Average service
Deferred members
Number of deferred members
Average age
Scheme details
Does guaranteed pensions escalation apply to the majority of members?
(Y/N)
Are scheme benefits integrated with State benefits? (Y/N)
Is this Scheme contributory for the majority of active members? (Y/N)
Is this Scheme closed/closing to new entrants? (Y/N)
Is this Scheme closed/closing to future accruals of pension benefit? (Y/N)
Is this Scheme a cross border scheme for the purposes of the IORP
Directive (Directive 2003/41/EC)? (Y/N)
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S50 Application Form
Section 7 - Funding and Projections
PENSIONS AUTHORITY REFERENCE NO. PB
0
Scheme name
Current position
dd/mm/20xx
7.01
7.02
7.03
7.04
7.05
7.06
7.07
7.08
7.09
7.10
7.11
Liability value of pensions in payment from the fund (€)
Liability value of deferred pensioners (€)
Liability value of active service members (€)
Wind-up expenses (€)
Total liabilities (€)
Funding Standard Reserve Requirment (€)
Total liabilities and reserve (€)
Liability value of pensions in payment from the fund (%)
Liability value of deferred pensioners (%)
Liability value of active service members (%)
Wind-up expenses (%)
7.12
Funding Standard Reserve Requirement (%)
7.13
7.14
Total assets (excluding unsecured employer undertaking) (€)
Unsecured employer undertaking (€)
(Assets allowable for reserve funding only)
7.15
7.16
7.17
7.18
Funding Standard Deficit (€)
Funding Standard Reserve Deficit (€)
Total funding level (%) (7.13 ÷ 7.05)
Total contributions per annum (€)
7.19
7.2
7.21
7.22
7.23
7.24
7.25
7.26
Allocation of assets held for funding standard pruposes
EU Sovereign Bonds (%)
Other Bonds (%)
Cash (%)
Current assets (%)
Property (%)
Equities (%)
With profits (%)
Other (%)
7.27
7.28
Gross investment return assumed on assets (%) (see paragraph 3.4
of the S50 Guidance.)
Investment expenses (%)
7.29
Nature of "Other" assets (referred to in 2.27), if any
dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx dd/mm/20xx
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
*The purpose of Section 7 is to illustrate the sustainability of the scheme. Projections should be included for at least 3 years after the application date.
If this s50 application is accompanied by a s49(3B) application, Section 7 does not need to be completed, as the information will be contained in Section 2 of that application.
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S50 Application Form
Section 8: Proposed Benefit Changes
CATEGORY OF
BENEFICIARY
CURRENT BENEFITS
UNDER THE SCHEME
PROPOSED CHANGES
TO ACCRUED BENEFITS
PROPOSED CHANGES
TO FUTURE BENEFITS*
* Please note that s50 of the Act only facilitates reductions in benefits designed to enable the Scheme to satisfy the funding standard/funding standard
reserve (as appropriate) either immediately or at the effective date of the next AFC/FSRC or any later date specified under s49(3B) (as appropriate).
The Application refers to any proposed reductions in future benefits purely for information purposes.
Vers: 02 – April 2014