The Irish Pensions Authority has issued a statement reminding trustees that pension schemes must either meet the new standards under the Pensions Act or be wound up by their relevant deadline.

For Irish one-member arrangements (OMAs) established on or after 22 April 2021, trustees must ensure their scheme is fully wound up by 30 June 2023 if they are not compliant with the new standards.

However, the authority has made an exception for a limited number of trustees of these newer OMAs awaiting Revenue approval before 11 May 2023.

These trustees have six months from when they receive Revenue approval to complete the wind up of their scheme.

Group pension scheme trustees must ensure they are compliant with the new standards or wind up their scheme by 31 December 2023.

The authority also reminded trustees to ensure that their scheme administrator updates the authority’s Pensions Data Register with the current status of the scheme.

Once wind up is completed, the scheme status on the PDR must be changed to ‘wound up’.

Finally, the authority noted that trustees of new OMAs and group schemes with less than 100 active and deferred members can produce an alternative annual report if they complete wind up by the relevant deadline.

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