Ireland’s Pensions Authority has published procedures in relation to changes to approved personal retirement savings accounts (PRSA) products.

Then updated procedures, which are available on the PRSA Providers section of the Authority’s website, are a result of a review by the Interdepartmental Pensions Reform and Taxation Group (IDPRTG). The IDPRTG’s report recommended that the authority review its procedures for processing applications from providers wishing to make changes to an existing approved PRSA product.

In 2021, the authority carried out a review of its internal procedures and identified where delays in processing such applications can arise. The authority aims to complete the application process within 10 working days of receipt of an application; however, this is delayed if required information is omitted by a provider.

Following on from the review, the authority has published procedures for providers wishing to make the following changes to an approved PRSA product: where a fund is to be added, removed or closed, or the charging structure is to be changed.

“Publishing the procedures ensures the process is transparent, clarifies the processing timelines to be expected by providers and will help avoid delays due to incomplete applications. Providers are also advised that it is more efficient to submit requests electronically rather than by post,” the authority stated.

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