Ireland’s Pensions Authority has today published occupational pension schemes fee rates for 2022.
The Minister for Social Protection, with the consent of the Minister for Public Expenditure and Reform, approved the revised Pensions Authority fees for occupational schemes with effect from 1 January 2022, it was announced.
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, it said.
| Occupational pension scheme fee rates | |||
|---|---|---|---|
|
Year |
Fee per member for schemes with 500 or less active members |
Flat fee for schemes with 501-1000 active members |
Fee per member for schemes with 1001 plus active members |
|
2022 |
€12.00 |
€6,000.00 |
€6.00 |
|
2021 |
€8.00 |
€4,000.00 |
€4.00 |
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% 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 personal retirement savings accounts (PRSA) fees.
More information on occupational pension scheme fees is available here.
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