IORP II compliance deadlines are fast approaching and we are pleased to announce our solution for Synergy Executive Pensions established on or after 22 April 2021.
There are two options available for transfers from a Synergy Executive Pension to a Synergy PRSA. Find out more here and speak to your business manager today about complying with IORP II regulations.
IORP II
The IORP II Directive became law in April 2021, impacting all occupational schemes including executive pension plans. Executive pension plans started on or after 22 April 2021 must meet the following compliance deadlines:
- Schemes which gave a formal commitment to wind up prior to 1 Jan 2023 must have wound up and transferred to an alternative arrangement by 30 June 2023
- Schemes which did not give a formal commitment to wind up prior to 1 January 2023 are required to be fully compliant with IORP II legislation from 1 July 2022
Scheme trustees must take action by the relevant deadline using one of the following options:
- Trustees make their own arrangements to comply with IOPR II regulations or
- Appoint a professional trustee who will ensure the scheme is IORP II compliant or
- Wind up the scheme and transfer to a suitable alternative pension arrangement
PRSA - the preferred solution for your customers?
The Finance Act 2022 was enacted in December and its PRSA changes came into effect from 1 January 2023, which means that the PRSA is now well suited to clients who previously would have been best served by an Executive Pension. Choosing a PRSA in these cases helps you to keep a direct one-to-one relationship with your valued clients.
Synergy Executive pension with Lane Clark and Peacock Trustee Services Ltd (LCP) as trustee
We informed the Pensions Authority that LCP (as trustee) and Standard Life (as registered administrator), have determined the best course of action is the wind up of these schemes. They agreed to accept our letter issued to employers in December 2022, in lieu of formal notice of intent to wind up. These schemes must take action to wind up the scheme and transfer to an alternative arrangement by 30 June 2023.
Update on solutions for other schemes affected by IORPS II legislation
We're developing suitable solutions for Synergy Executive Pensions that were set up on or before 21 April 2021 and group schemes. We'll communicate our solutions for these in due course.
Find out more about IORP II and when schemes must be compliant with IORP II regulations on brokerzone.ie |
