Information in relation to group schemes transferring to a master trust or PRSAs

6 October 2022: Today, the Pensions Authority publishes information for trustees in relation to trustee annual reports and audited accounts for group schemes with less than 100 active and deferred members transferring to a master trust or PRSAs.

Trustee annual report and audited accounts

Where the trustees of a group scheme with less than 100 active and deferred members have made a formal commitment to wind-up the scheme and transfer the assets of the scheme to a master trust or PRSAs, the Authority will not expect the trustees to prepare a full trustee annual report and audited accounts provided that:

• a formal commitment has been made by the trustees before 1 January 2023 to wind-up the scheme and the scheme is wound up no later than 31 December 2023, and
• a final alternative annual report is prepared or a notification is made to the Authority in accordance with Article 16 of the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006 and a report containing the information specified in Schedule G of those regulations is produced in accordance with Article 16(3)(b).

A formal commitment to wind-up a scheme would include a written instruction from the employer to the trustees to wind-up the scheme or a notification from the trustees to the members notifying them of their intention to wind-up the scheme.

Ends

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For further information, contact:

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