Amendments to the Trust RACs (Disclosure of Information) Regulations 2007

Wednesday 26 January 2022: The Trust RACs (Disclosure of Information) (Amendment) Regulations 2021 (S.I. No. 717 of 2021) (the Regulations) came into effect on 15 December 2021. The Regulations amend the existing Trust RACs (Disclosure of Information) Regulations 2007 (S.I. No. 182 of 2007). Some of these changes are consequential to the transposition of Directive (EU) 2016/2341 (the IORP II Directive).

An overview of the main changes introduced by the Regulations is provided below.

• The Annual Benefit Statement and Statement of Reasonable Projection – Trust RAC provisions will no longer apply once a trust RAC makes the first Pension Benefit Statement (PBS) available to members in accordance with regulations 31 to 37 of the European Union (Occupational Pension Schemes) Regulations 2021. These provisions require trust RACs commenced on or before transposition (22 April 2021) to make the first PBS available by 31 December 2022 and apply to one-member arrangements commenced on or before transposition from 22 April 2026.
• Other changes include:
  • additional disclosure obligations including as regards how and when information is provided, and to whom,
  • revised signing requirements for audited accounts, to reflect the two-trustee rule under section 64AC of the Pensions Act, 1990, as amended, and
  • a new requirement for audited accounts to include disclosure of significant investment holdings.

For further information, contact:

Technical Unit
The Pensions Authority
Tel: 01 613 1900
info@pensionsauthority.ie