Social Welfare and Pensions Act 2012 (No. 12 of 2012)
An Achta Leasa Shóisialaigh agus Pinsean, 2012
This Act gives legislative effect to a number of changes to the social welfare code arising from the Budget Statements of 5th and 6th December 2012, including a change in the method of calculating the daily rate of Jobseeker’s Benefit, a curtailment on access to the Mortgage Interest Supplement scheme for the first 12 months while a person is involved in the Mortgage Arrears Resolution Process and the phased reduction in the maximum age of the youngest child for One-Parent Family Payment purposes. It also amends the provisions relating to PRSI liability in the case of people who qualify for income tax relief under the Special Assignee Relief Programme and in relation to share-related remuneration. This Act makes a number of other miscellaneous amendments to the social welfare code, including the strengthening of the powers of social welfare inspectors to make enquiries of landlords, where Rent Supplement is being paid, and to make enquiries at ports and airports to ensure that certain social welfare claimants comply with the requirement of having to live in the State.
The Social Welfare and Pensions Act 2012 also amends the Pensions Act 1990 to require defined benefit pension schemes to hold a risk reserve which will act as a buffer in assisting pension schemes to absorb financial shocks in the future. This Act also provides that the annual revaluation of defined pension benefits for deferred scheme members (i.e. former employees) can take account of negative changes in the Consumer Prices Index.