The Irish Pensions Authority has published changes to the calculation of fees for occupational pension schemes with 20 or more participating employers.
The minister for social protection, with the consent of the minister for public expenditure, national development plan delivery and reform, has approved a revised definition of ‘active member’ for the purposes of the Occupational Pension Schemes (Fees) (Amendment) Regulations 2002, with effect from 1 January 2024.
As per the statutory document, ‘active member’ in relation to a scheme, other than a north-south scheme, that commenced prior to the year of account is defined as “any member who is resident in the state and in reckonable service at the commencement date, preceding the year of account, of the scheme year”.
For a scheme, other than the north scheme, that commenced prior to the year of account which has not less than 20 participating employers on 31 December in the preceding year of account, an ‘active member’ is defined as “any member who is resident in the State and in reckonable service on 31 December in the preceding year of account”.
The statutory document said that from 1 January 2024, where a scheme has 20 or more participating employers on 31 December in the preceding year of account, fees must be calculated based on the number of active members in the scheme as at 31 December in the preceding year of account.
There is no change to the fee rates for the 2024 year of account.
Read the digital edition of IPE’s latest magazine
No comments yet