The Irish Pensions Authority has published a statement on the duties of trustees of group pension schemes with less than 100 members regarding annual reports and accounts when transferring to a master trust or personal retirement savings account (PRSA).

It noted that trustees of group schemes with less than 100 active and deferred members who have made a formal commitment to wind up the scheme and transfer its assets to the scheme of a master trust or PRSA would not be expected to prepare a full annual report and audited account in certain circumstances.

If a formal commitment to wind up the scheme is made before 1 January 2023 and the scheme is wound up no later than 31 December 2023, trustees will not need to complete a full report and accounts.

Furthermore, if a final alternative annual report is prepared or the authority is notified in accordance with Article 16 of the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006, and a report containing the information specified in Schedule G of those regulations is produced in accordance with Article 16(3)(b), trustees do not need to complete a full report and accounts.

The authority noted: “A formal commitment to wind-up a scheme would include a written instruction from the employer to the trustees to wind-up the scheme or a notification from the trustees to the members notifying them of their intention to wind-up the scheme.”

Last month, the Irish Pensions Authority also published information in relation to exit charges, trustee annual reports and audited accounts for one-member arrangement to master trust transfers.

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