Compliance of new one-member arrangements
The Pensions Authority has issued a further reminder to trustees of one-member arrangements (OMAs) established on or after 22 April 2021 of tomorrow's 1 July 2022 compliance deadline. The Authority also sets out its position on the continued establishment of non-compliant OMAs post 1 July 2022 in their publication here.
Chapter 3 of the Pensions Manual - Employee Contributions
Further details have been released, on the operation of Income Tax Relief for workers with Employee Contributions. Full amendendments are noted here.
Pensions Manual - abolition of AMRF requirement
A number of updates have been made to Chapters 22, 23 and 28 of the Revenue Pensions Manual to reflect the abolition of the Approved Minimum Retirement Fund requirement in Finance Act 2021. Details can be accessed here.
PEPP Public Consultation
The Department of Finance is advancing work on transposing the Pan-European Personal Pension Product (PEPP) Regulation into Irish Law. To support this they have launched a public consultation on the exercise of the national discretions contained in the PEPP Regulation.
Part 5 of the consultation document sets out the Departments proposed approach in relation to these discretions. Among this it is proposed that the Central Bank would be designated as the sole National Competent Authority for the purposes of PEPP Regulation. This proposal was arrived at considering that the Central Bank has the knowledge & experience, resources and administrative capacity to effectively regulate PEPP providers and products.
Interested parties are invited to submit their views on the approach the Department of Finance proposes to take in exercising the member state discretions and to detail any issues or concerns they feel should be considered.
The Consultation document and information on how to respond can be found on the gov.ie website linked - here. The consultation will run for three weeks ending on the 14 July.