The Social Welfare and Pensions Act 2012 implements a range of reforms aimed at enhancing the sustainability and efficiency of Ireland’s social protection system amidst fiscal challenges. A significant aspect of this legislation is the reform of occupational pension schemes, particularly defined benefit schemes, which empowers the Pensions Authority to oversee and intervene in underfunded schemes. Trustees are now required to submit realistic funding proposals with stricter timelines for corrective actions, thus safeguarding members’ entitlements and fostering long-term viability.

On the social welfare front, the Act incorporates several measures from Budget 2012, including adjustments to the One-Parent Family Payment and reforms to Child Benefit. These changes clarify eligibility rules for various supports, aiming for greater consistency. Additionally, the Act fortifies fraud prevention, expands information-sharing, and modernises penalties to enhance compliance. The amendments to PRSI contributions and governance of the Social Insurance Fund further support efficient administration of benefits.