Update on one-member schemes set up since April 2021

Richard Lavelle
Richard Lavelle, Head of Proposition
Thursday, 8th December 2022

The new IORPS II regulations apply to any scheme set up since April 2021, including one member schemes.
If the trustees of a one-member scheme established on or after 22nd April 2021 have made a formal commitment to wind up the scheme and transfer the assets to a master trust or PRSA, the Pensions Authority doesn't expect the trustees to prepare an annual report and audited accounts. This is provided that:

  • before the 31st December 2022, a formal commitment has been made by the trustees to wind up the one-member scheme, and 
  • the scheme is wound up no later than six months after the formal commitment was made 

Irish Life will write to your clients shortly, on behalf of Harmony Pension Trustees (the trustee), to confirm that these pension plans will be moved from a one-member Letter of Exchange trust to the Irish Life Retail Master Trust, with Independent Trustee Services DAC as trustee.
Irish Life will communicate with you and your clients early in the new year to confirm how this process will work, and any actions required as part of this process.
In the meantime, your account manager can provide you with information about who we will be writing to. In addition, all of our supports - including a sample of the letter that will issue to members - are available in the Future of Pensions hub on b-line.

The future of pensions

Keeping you updated on the future of pensions as it unfolds