The EU (Occupational Pension Schemes) Regulations 2021 came into effect on 22 April 2021 and have a number of practical implications on our Executive Pension business.
A lot more clarity is required from the Pensions Authority on their overall vision for the future of one member occupational pensions (including Executive Pensions) which makes the advice process difficult to navigate for Brokers at the moment. New Ireland is very conscious of this and is here to provide supports to Brokers and their clients while we await clarification.
We are implementing these changes so as to ensure that Financial Brokers and their clients remain compliant with the new Regulations.
New Ireland will continue to establish new Executive Pension Plans but we have made some changes to our new business process.
There are also changes related to the new investment requirements under the Regulations to both future contributions and fund switches on our existing Executive Pension schemes.
Our Guidance on Executive Pensions & IORP II update contains detail on the following;
- New Business (applications received on or after 22 April 2021) and Trusteeship
- Sales process and sales documentation
- Using Broker Portal for new business
- Personal Retirement Savings Accounts (PRSA)
- Investment with effect from 22 April 2021
- Change to investments in the New Ireland Property Fund
- Updates to Executive Pension Product Parameters
- Transfer from one Provider to another
You will appreciate that these changes were a direct result of the Regulations and we hope that New Ireland has provided you with a very practical solution for your clients. New Ireland will continue to engage with the Pensions Authority and will share any new information with Brokers as we know more.
Our recent IORP II and its Implications webinar provides an overview of the new regulation and is available on playback here.
If you have any queries, please contact your Account Manager.