Time to talk Pensions!
As you’ll be aware, IORP II regulations have significantly changed how occupational pension plans and Trust Based RACs (Retirement Annuity Contracts) will operate in the future.
As these Regulations will bring about higher trustee and governance costs for single employer trust (SET) plans we would strongly encourage you to immediately engage with your group pension scheme contacts, advising them on the legislative changes and the options available.
In light of these significant changes, we fully expect Trustee Companies to engage with their clients well ahead of the Pensions Authority beginning its supervisory role of occupational pension plans from the beginning of 2023.
The New Ireland Master Trust
The New Ireland Master Trust offers strong and sustainable governance while avoiding higher employer costs. This is a defined contribution pension plan set up under trust that multiple employers can join. The master trust is governed by one trustee.
MyPension digital platform
As well as offering lower costs and taking care of the new regulatory obligations, the New Ireland Master Trust provides access for employers, employees and Financial Brokers & Advisors to our market leading interactive online pension platform, MyPension365.
What happens next?
Our dedicated Pension Transition team are in place to support you in transitioning existing schemes to our Master Trust and MyPension365.
We will be in touch over the coming weeks to discuss your schemes’ needs and help you to deliver robust, compliant and engaging solutions to your clients.