Ireland’s Pensions Authority has increased occupational pension schemes fee rates for 2022, due to the additional staffing and IT costs as a result of the implementation of the IORP II Directive.

The Minister for Social Protection, with the consent of the Minister for Public Expenditure and Reform, has approved revised Pensions Authority fees for occupational schemes with effect from 1 January 2022.

“The increased fees are necessary to meet the authority’s staffing and IT costs arising from the implementation of the EU IORP II Directive and the implementation of forward-looking risk-based supervision,” the authority said.

For 2022, the fee per member for schemes with 500 or less active members will be €12 compared to €8 in 2021. The flat fee for schemes with 501-1000 active members is €6,000, compared to €4,000, and the fee per member for schemes with 1001 plus active members is €6, up from €4.

“For group schemes, the revised fees are payable by 31 March 2022. Certain public sector schemes excluded from the application of the funding standard (by virtue of section 52 of the Pensions Act) pay 40 per cent of the above rates. Fees for single member schemes are payable yearly in arrears and the revised fee rate will apply with affect from 1 January 2023. There is no change to PRSA fees,” the authority stated.

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