Ireland’s Pensions Authority has published updated guidance for determining assumptions used in pension benefit statements (PBS).
The latest guidance, effective from 1 July 2026, has been published to maintain consistency with the Society of Actuaries in Ireland's recently revised guidance on pension projections.
Trustees are required to provide PBS to members under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021.
The statement is intended to provide members with a pension projection based on their specified retirement age, with the disclaimer that the projections may differ from the final value at retirement.
If PBS are based on economic scenarios, then a best estimate scenario and an unfavourable scenario must be included.
Earlier this week, the authority issued a reminder to trustees of one-member arrangements (OMA) that the exemption from certain obligations introduced by the European Union will expire on 21 April 2026.
Trustees of OMAs need to take action to comply with their obligations under the Pensions Act from 22 April 2026.
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