Reminder to Trustees on wind up deadlines, update of scheme status on PDR and the use of alternative annual reports
Wednesday 7 June 2023: Today, the Pensions Authority reminds trustees that pension schemes must be wound up by the relevant deadline or meet the new standards under the Pensions Act.
Trustees are further reminded to update their scheme’s status on the Authority’s Pensions Data Register (PDR).
The Authority also outlines the use of alternative annual reports where trustees have decided to wind up their pension scheme.
Wind up deadlines
For one-member arrangements (OMAs) established on or after 22 April 2021 (new OMAs), trustees must ensure their scheme is fully wound-up by no later than 30 June 2023. The Authority has made an exception for a limited number of trustees of new OMAs awaiting Revenue approval before 11 May 2023. These trustees have six months from the date of Revenue approval to complete the wind up of their scheme.
Trustees of group pension schemes must ensure their pension scheme is fully wound-up by no later than 31 December 2023.
Further information on these deadlines is available in news alerts published on 29 September 2022, 3 November 2022 and 11 May 2023.
Update PDR with scheme status
Trustees are reminded to ensure that their scheme administrator updates PDR with the current status of the scheme. The scheme’s status on PDR must be changed to ‘wound-up’ when the wind up is completed.
Alternative annual report
Trustees of new OMAs and small group schemes with less than 100 active and deferred members can produce an alternative annual report if they complete the wind up within the relevant deadline.
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For further information, contact:
The Pensions Authority
Tel: 01 613 1900