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Irish Pensions Legislation Crosswalk

IORP II compliance is not the entirety of an Irish pension trustee’s legal obligation. The primary legislative framework for Irish occupational pension schemes is the Pensions Act 1990 (as amended), which contains obligations that predate IORP II and operate alongside it. This crosswalk covers the Pensions Act obligations that PensionPortal.ai supports beyond the IORP II governance requirements — including annual reporting, funding standards, disclosure to members, Revenue approval, and the trustee’s general obligations under trust law.
Part VIB of the Pensions Act 1990 (Sections 64S–64AO), inserted by the Occupational Pensions (IORP II) Regulations 2021, contains the Irish transposition of IORP II. These provisions are covered in detail in the IORP II Crosswalk. This page covers the rest of the Pensions Act and the broader Irish legal framework.

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Pensions Act 1990 (As Amended): Overview

The Pensions Act 1990 remains the cornerstone of Irish occupational pensions regulation. Key amendments include:
  • Pensions (Amendment) Act 1996: Funding standard regime for DB schemes
  • Social Welfare and Pensions Acts (multiple): Various governance amendments
  • Occupational Pensions (IORP II) Regulations 2021 (S.I. 128/2021): IORP II transposition, inserting Part VIB
  • Pensions (Amendment) Act 2022: Further governance enhancements
The Act regulates the establishment, operation, supervision, and wind-up of occupational pension schemes. It divides obligations between the trustees (who have primary fiduciary and statutory duties), employers (who have contribution and funding obligations), and the Pensions Authority (which has supervisory and enforcement powers).

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Key Pensions Act Obligations Beyond IORP II

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Scheme Registration

Every occupational pension scheme established under trust law must be registered with the Pensions Authority. Registration is a condition of tax approval (TCA 1997, Part 30) and a prerequisite for scheme operation.PensionPortal.ai support: The Scheme Setup module includes registration status and scheme details, ensuring scheme registration information is current and accessible. Changes to scheme structure that require notification to the Pensions Authority are tracked in the Compliance Calendar.Key obligation: Registration details must be kept current. Material changes to the scheme (name, trustees, rules) must be notified to the Pensions Authority.

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Annual Report Requirements

Trustees must prepare and make available an annual report for each scheme year. The report must comply with the Occupational Pension Schemes (Annual Report) Regulations 2006 (S.I. 299/2006) and include:
  • Financial statements (accounts) showing contributions received, benefits paid, and scheme assets
  • Trustee report on scheme activities
  • Investment report
  • Actuarial statement (for DB schemes)
  • Auditor’s report (for schemes with 100+ members or where required by scheme rules)
The annual report must be made available to members within nine months of the scheme year end.PensionPortal.ai support: Annual report generation is supported through the Operations module. Financial data aggregation, member communication module for distribution, and document versioning. The Compliance Calendar tracks the nine-month deadline from scheme year end.

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Funding Standard

The minimum funding standard (MFS) applies to defined benefit (DB) occupational pension schemes. It requires schemes to hold sufficient assets to meet a statutory minimum funding level, calculated by reference to the cost of securing accrued benefits with an insurance company (the “wind-up test”).Key provisions:
  • Section 43: Schemes must satisfy the MFS at all times
  • Section 44: Actuarial Funding Certificates (AFC) must be submitted to the Pensions Authority every three years (or annually if the scheme has failed the standard)
  • Section 49/50: Recovery plans must be submitted where the MFS is not met
  • Section 48E: Risk Reserve requirement for DB schemes above a threshold
The funding standard is separate from IORP II governance requirements — a DB scheme must comply with both.PensionPortal.ai support: The ACS module tracks the Actuarial Funding Certificate status and due dates. The Compliance Calendar flags AFC submission deadlines. The Risk Register includes funding risk as a category for DB schemes.
The minimum funding standard applies to DB schemes only. DC scheme trustees should ensure they are not conflating MFS obligations with IORP II governance requirements — the two regimes operate independently.

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Disclosure Obligations

The Occupational Pension Schemes (Disclosure of Information) Regulations 2006 (and successor regulations) require trustees to provide members and other beneficiaries with specified information, including:
  • Basic information (scheme information document): provided automatically to all members on joining
  • Annual benefit statement: provided to each member each year showing accrued benefits, projected benefits, and transfer value
  • Transfer value statement: on request, within 2 months
  • Scheme information during significant events: wind-up, merger, transfer of undertaking
  • Annual report: available on request
PensionPortal.ai support: The Member Management module automates benefit statement generation, tracking dispatch and member acknowledgement. The Compliance Calendar tracks annual statement deadlines. The document management module stores the scheme information document with version control.

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Revenue Commissioners: Tax Approval

Occupational pension schemes must be approved by the Revenue Commissioners under Part 30 of the Taxes Consolidation Act 1997 (TCA 1997) to obtain tax-exempt status for employer contributions, investment income, and lump sum benefits.Revenue approval is governed by the Revenue Pensions Manual and is subject to conditions including:
  • Benefits must be within Revenue limits (e.g., maximum pension = 2/3 of final salary)
  • Scheme rules must not provide for assignment or surrender of benefits
  • Trustee obligations under Revenue conditions are ongoing — not just at approval
Revenue has its own reporting requirements (annual returns for certain schemes) and inspects schemes for ongoing compliance.PensionPortal.ai support: The Compliance Calendar includes Revenue reporting deadlines. The Governance module can store Revenue correspondence and approval documentation. Benefit calculation parameters can be configured to enforce Revenue benefit limits.

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Trustee Obligations Under Trust Law

Irish pension trustees are subject to general trust law as well as the Pensions Act. Key trust law obligations include:
  • Fiduciary duty: Trustees must act in the best interests of beneficiaries (members and other beneficiaries), not in their own interests or those of the employer
  • Duty to act unanimously (unless trust deed provides otherwise): All trustees must concur in decisions
  • Duty of prudence: Investment and other decisions must be taken with reasonable care and prudence
  • Duty to maintain accounts and records: Trustees must keep accurate records of all scheme transactions
  • Duty to follow the trust deed: Trustees must administer the scheme in accordance with the trust deed and scheme rules
These trust law obligations underpin and supplement the IORP II governance framework — a trustee who meets IORP II Article 21 requirements will generally also be meeting their trust law governance obligations.PensionPortal.ai support: The Governance module provides trustee meeting minutes templates, resolution records, and decision registers that document trustee decision-making in a manner consistent with both trust law and IORP II requirements.

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Pensions Authority Oversight

The Pensions Authority (pensionsauthority.ie) is the independent body responsible for the supervision and regulation of occupational pension schemes in Ireland. Its powers include:

Inspection Powers

The Pensions Authority can inspect schemes, request documents and information, and interview trustees and other persons with knowledge of scheme affairs. PensionPortal.ai’s Evidence Pack function is specifically designed to enable rapid response to Pensions Authority information requests.

Enforcement

The Authority can issue compliance notices, apply to court for enforcement, appoint a replacement trustee, and in serious cases, prosecute offences under the Pensions Act. Maximum penalties are specified in the Act.

Codes of Practice

The Authority issues binding Codes of Practice on matters including trustee knowledge and understanding (TKU), disclosure, and investment. Non-compliance with a Code is not itself an offence but is admissible in proceedings.

Thematic Reviews

The Authority conducts periodic thematic reviews across the industry. Recent themes have included governance and risk management, IORP II implementation, and OMA transition. Review findings are published and inform inspection priorities.

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PensionPortal.ai Compliance Calendar: Full Pensions Act Coverage

The PensionPortal.ai Compliance Calendar covers all recurring Pensions Act obligations, not just IORP II:
ObligationFrequencyReference
Annual report preparationAnnual — within 9 months of scheme year endS.59 Pensions Act; S.I. 299/2006
Member benefit statementsAnnualDisclosure Regulations
Actuarial Funding Certificate (DB schemes)Every 3 years (or annually if failed MFS)S.44 Pensions Act
Recovery plan review (if applicable)AnnualS.49/50 Pensions Act
IORP II written policy reviewAnnualS.I. 128/2021, Reg. 29
Own Risk AssessmentAs required — minimum at material changeS.I. 128/2021, Reg. 28
KFH CPD recordsAnnualS.I. 128/2021, Reg. 23
BCM plan testAnnualS.I. 128/2021, Reg. 30
OMA deadline22 April 2026 (one-time)Section 64AO Pensions Act
The Compliance Calendar automatically calculates deadline dates based on your scheme’s year-end date and configuration. Trustees receive advance notifications at 90, 30, and 7 days before each deadline. Overdue items are flagged red on the Compliance Dashboard.