There are “a number” of Irish one-member arrangements (OMA) that have made a formal commitment to wind up but are still awaiting approval from the Revenue Commissioners, the Irish Pensions Authority has said.

In September 2022, the Pensions Authority advised trustees of OMAs established on or after 22 April 2021 who made a formal commitment to wind up and transfer assets that they are not expected to prepare an annual report or audited accounts if they made that commitment before 31 December 2022 and the OMA is wound up no later than six months after the commitment was made.

However, the authority said it was aware that several OMAs that had been submitted to the Pensions Data Register (PDR) for registration were still awaiting Revenue approval, and therefore wind-up cannot be commenced.

In a statement, the Pensions Authority told trustees that schemes have six months from the date of approval from Revenue in which to complete their wind-up and transfer of assets.

“It should be noted that this facilitation only applies to schemes where approval has already been sought through PDR prior to the publication of this notice,” the authority stated.

“Any further OMAs are expected to be fully compliant with immediate effect. The authority will continue to actively monitor the establishment of any new OMAs.”

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